Jushi Holdings Inc. (CSE: JUSH) announced this morning that licensed medical marijuana processor Franklin Bioscience OH has started its operations at Jushi’s newly constructed 8,000 sq. ft. facility in Columbus, Ohio. The two companies also applied for a change of ownership to recognize Franklin Bioscience OH as Jushi’s subsidiary.
The company projects that the new facility will be able to process north of 10,000 lbs. of biomass annually.
In April 2021, Jushi also announced the $5.0 million deal to acquire Ohio-based cannabis cultivator OhiGrow. Jushi CEO Jim Cacioppo said that combining the capabilities of the new processing facility with the recently announced cultivation facility acquisition, the company will be “moving one step closer to being vertically integrated” in the Ohio medical cannabis market.
The Ohio Medical Marijuana Control Program recently reported approximately $449 million in total medical cannabis product sales for the year as of June 21, 2021. The state’s pharmacy board also recently approved 73 new dispensary licenses, bringing the state’s total dispensary count to 130.
Jushi Holdings Inc. last traded at $6.94 on the CSE.
Information for this briefing was found via Sedar and Jushi. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.