Jushi Acquires Dalitso Facility And 9 Acres Of Land For $22M
Vertically-integrated cannabis company Jushi Holdings Inc. (CSE:JUSH) (OTC:JUSHF) confirmed Wednesday it has acquired a 93,000 sq. ft. facility, operated by its subsidiary, Dalitso LLC, for around $22 million.
Under the purchase agreement, Jushi will obtain the facility and around nine acres of surrounding land in Prince William County, Virginia.
This transaction and Dalitso’s planned buildout of the facility will position the company to manufacture a stable supply of medical cannabis products as the medical cannabis program in the state further develops.
The acquisition should close during the second quarter of 2021.
“The Virginia cannabis market is an area of strategic focus for Jushi given Dalitso’s strong position in the most densely populated region in the Commonwealth,” Jim Cacioppo, chief executive officer, chairman, and founder of Jushi stated.
“Through the completion of this acquisition, Dalitso will have the expansion capacity required to scale cultivation and processing to meet the anticipated patient demand of a growing program. Jushi is dedicated to providing patients with best-in-class products and dispensing experiences that go beyond expectations. To that end, we look forward to the continued build-out of our Facility so we can best serve registered patients.”
Last December 2020, Jushi finalized the purchase of the remaining 21% of the issued and outstanding equity of Dalitso, in that way becoming a full owner. Furthermore, Jushi confirmed that Dalitso started activities at the Manassas facility and commenced serving patients at its Beyond / Hello Manassas store.
Cacioppo also praised Governor Northam’s move to enable home growing cannabis law to take effect July 1st, three years ahead of schedule.
“We hope the Governor and General Assembly will act expeditiously and with similar decisiveness to authorize legal procurement so Virginians without a medical certification have access to safe and controlled cannabis products in a regulated market without material delay.”
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