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Jushi Holdings Inc. Announces Closing of Offering of Subordinate Voting Shares

PRESS RELEASE

BOCA RATON, Florida– Jushi Holdings Inc. (CSE: JUSH) (OTCMKTS: JUSHF), a vertically integrated, multi-state cannabis operator, closed its previously announced overnight marketed offering for total gross proceeds of C$74,750,000. In the United States, Jushi is focused on building a multi-state portfolio of branded cannabis assets through opportunistic acquisitions, distressed workouts, and competitive applications.

Net proceeds will be used for potential strategic transactions, which may include the acquisition of the 93,000 square foot facility in Prince William County, Virginia operated by Jushi’s wholly-owned subsidiary, enabling the efficient production of a consistent supply of medical products as patient access improves and as the medical program matures and expands.

It is anticipated that the purchase price of the facility and adjacent properties will be approximately US$20 million. The deal remains preliminary, with Jushi having entered into certain, but not all, associated definitive agreements, and regulatory approvals necessary to complete the planned build-out have not yet been sought. No assurances can be given that such acquisitions will be completed nor on the terms described above.

In addition, Jushi intends to use up to 33% of the net proceeds to partially repay certain outstanding senior secured notes in accordance with their terms.

We are building a leading multi-state operator through thoughtful capital deployment in attractive limited license markets. Improving availability and access to high-quality cannabis products for medical patients is an important area of focus for the Company and is the driving force behind our expansion efforts. I’d like to thank our shareholders for their support and look forward to continuing to provide best-in-class service to our patients and consumers.

Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi

As a result of the successful Offering, Jushi Holdings Inc. has:

  • 149,871,081 subordinate voting shares issued and outstanding
  • 254,892,034 shares issued and outstanding on an as-converted and fully-diluted basis
  • Approximately $180 million in cash and short-term investments
  • Approximately $86 million in total debt, excluding leases and property, plant and equipment financing obligations.

To read the rest of the press release, please click here.

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