Cannabis and hemp company Jushi Holdings Inc. JUSH JUSHF is planning to open up to five cannabis dispensaries in Virginia now that Senate Bill 976 has been enacted.
The Florida-based company announced Thursday that these dispensaries will operate under its subsidiary Dalitso LLC, which will result in the company having a total of six retail locations in Virginia.
Dalitso is among five applicants that have obtained conditional approval for a pharmaceutical processor permit in the state, enabling it to grow, process, dispense and deliver medical cannabis.
Jushi was assigned to run its business in Health Service Area II in Northern Virginia, where around 30% of the state population resides.
In one of the most densely populated counties there, Prince William County, the company is building a 90,000 square-foot cultivation and processing facility that's expected to begin operating in the summer.
The company said that Senate Bill 976 is set to end the statutory 5% cap on the concentration of THC in cannabis oil formulations. The bill allows for licensed medical marijuana patients to consume up to 10mg THC per dose.
“We believe the enactment of this legislation is a significant event for Virginia cannabis patients and Jushi shareholders," Jim Cacioppo, Jushi's chairman and CEO, said in a statement.
“This legislation provides us the opportunity to improve patient access to medical cannabis products through six locations in Northern Virginia. We also applaud Governor Northam and the Virginia General Assembly for removing the percentage-based cap on THC in cannabis oil, which will expand our product categories and foster more effective dosing for patients.”
Jushi shares were down 1.66% at 92 cents at the time of publication Friday.
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Photo courtesy of Jushi.
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