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Jushi Raises CA$35.5M Equity Offering

October 21, 2020 1:56 pm
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Cannabis and hemp company Jushi Holdings Inc. (CSE:JUSH) (OTCQB:JUSHF) is poised to raise CA$35.5 million through an overnight marketed offering.

The offering of an aggregate of 10 million subordinate voting shares at CA$3.55 per share is scheduled to close on or about Oct. 23. In addition, it will be offered in each of the Provinces of Canada, except Québec.

The Boca Raton, Florida-based company, said Wednesday it would utilize the proceeds to fund opportunistic acquisitions as well as for general corporate purposes.

Meantime, Jushi upsized and closed a debt financing deal worth $33.3 million in July, ahead of reporting its second-quarter results.

The company saw its revenue increasing by 73% over the quarter to $14.9 million, while posting a negative adjusted EBITDA of $1.2 million. According to its preliminary financial results for the third quarter, its revenue reached $24 million.

Jushi continues to "build depth in the markets where we operate today, while thoughtfully driving operational improvements across our footprint," Jushi chair and CEO Jim Cacioppo said in August.

Last week, the company debuted in California by launching BEYOND / HELLO dispensary in Santa Barbara, it's 11th retail location in the country.

Courtesy image

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