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Jushi And Cansortium Each Open New Stores, Harborside Closes San Francisco Dispensary Deal

December 21, 2020 12:44 pm
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Jushi And Cansortium Each Open New Stores, Harborside Closes San Francisco Dispensary Deal

Jushi Opens Third Store in Illinois, Strengthens Balance Sheet

Cannabis and hemp company Jushi Holdings Inc. (CSE:JUSH) (OTCQB:JUSHF) is cutting the ribbon on its second store in Sauget, Illinois.

This is the company's 13th store the Boca Raton, Florida-based company opted to open in the country and third in the Prairie State.

BEYOND / HELLO Route 3 — located at 1401 Mississippi Ave, Suite 17 — is scheduled to start serving customers on Tuesday, Dec. 22.

Jushi CEO and chairman Jim Cacioppo (pictured) noted that the newest dispensary "located in the heart of Metro East's nightlife" would "meet robust consumer demand for high-quality cannabis products in the state."

Separately, the company raised $32 million through warrant exercises.

As of Monday, the company had around $91 million in cash and short-term investments. In addition, its total debt amounted to $93 million, excluding leases and property, as well as plant and equipment financing obligations.

Cansortium Launches 24th Florida Store

Vertically-integrated cannabis company Cansortium Inc. which operates under the Fluent brand, launched yet another retail location in Florida on Friday, Dec. 18.

The new store — located in Fort Pierce — is the 24th dispensary the Miami-based company opened in the Sunshine State and sixth in 2020.

Robert Beasley, the company's CEO, wants to "bring Fluent-branded products to the people of St. Lucie County."

"Based on the store's opening day, we believe this location will be a strong performer," he added.

Meantime, Cansortium recently reported generating $14.3 million in revenue in the third quarter, while its consolidated revenue for the nine months ended Sept. 30 was $37.7 million.

Harborside Acquires Dispensary In Haight Ashbury Area Of San Francisco

Harborside Inc. (CSE:HBOR) (OTCQX:HBORF) confirmed the closing of a previously announced acquisition of the San Francisco-based FGW Haight, Inc.'s cannabis dispensary.

The Oakland-based company closed a previously announced deal to obtain 50.1% of FGW Haight's equity, expanding its footprint in the Golden State to five dispensaries.

In exchange, Harborside paid about $2.2 million, established on post-build-out and proforma working capital enterprise value, amounting to $4.35 million.

Harborside expects to open the social equity retail dispensary in the third quarter of the year to come, or once it finalizes the build-out and receive all regulatory approvals.

The company also opted to buy an additional 29.9% stake in FGW, bringing it to the total of an 80% ownership of the California-based company.

"I'm excited to continue to expand our footprint in California and look forward to serving consumers in Haight Ashbury," disclosed Harborside Interim CEO Peter Bilodeau.