BOCA RATON, Fla. – Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCMKTS: JUSHF), a globally-focused, multi-state cannabis and hemp operator, announced that Jushi Europe SA (“Jushi Europe”), a European-based, internationally-focused medical cannabis operator, 51%-owned by the Company, was granted a provisional license (the “pre-license”) from INFARMED, I.P., the Portuguese National Authority for Medicines and Health Products (“INFARMED”) through its 100%-owned Portugal-based subsidiary JPTREH Unipessoal Limitada (“Jushi Portugal”).
Jushi Europe was established in March 2020 to develop Jushi’s international expansion strategy. Jushi Europe is led by Daniel Swasbrook, President of Jushi Europe, who brings over 20 years of international finance experience, and Jeff Purcell, who joined as Chief Operating Officer of Jushi Europe in March 2020 and was previously Senior Vice President at Organigram Holdings.
The pre-license grants conditional approval for Jushi Europe to import, cultivate and export medical cannabis from its planned greenhouse cultivation facility, which the Company intends to build near the City of Beja in southern Portugal (“the Beja facility”).
The Beja facility will be constructed with a ‘closed environment,’ offering the environmental control of indoor cultivation and the sun utilization of outdoor cultivation, allowing Jushi Europe to sustainably produce high-quality EU-GMP certified medical cannabis. The Company is intensely focused on environmental sustainability, planning to install solar panels on the roof of non-greenhouse areas and a system that removes, collects, treats and recycles water in the air from the dehumidification process.
Once the final license is granted, Jushi Europe will commence exporting EU-GMP medical cannabis to licensed foreign importers, in accordance with INFARMED guidelines.
Management Commentary
Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi, commented, “We see immense potential for medical cannabis in Europe, given the region’s growing acceptance of cannabis for therapeutic use and the early stages of existing medical programs. According to Prohibition Partners’ latest European Cannabis report, countries like Germany are poised to develop multi-billion-dollar markets in the coming years and will rely on imports to supply an increasing demand for medical cannabis. This is our opportunity to enter the market early and become a leading supplier of high-quality medical cannabis products in Europe.”
Daniel Swasbrook, President of Jushi Europe, commented, “We are thrilled to be awarded the pre-license from INFARMED and to begin development of our sustainable greenhouse production facility. INFARMED is globally renowned for its focus on quality assurance and consumer safety in the pharmaceutical industry, enabling Jushi Europe to operate in a regulatory environment that aligns with our mandate to supply high-quality, EU GMP medical cannabis products to patients internationally. “
About Jushi Europe SA
Jushi Europe is a European subsidiary of Jushi Holdings Inc. and is headquartered in Switzerland. Jushi Europe’s strategy is focused on building large-scale production in Portugal for export to the European medical cannabis market. Jushi Europe represents geographic diversification of the Jushi portfolio and an entrance into early-stage cannabis markets through long-term investments.
About Jushi Holdings Inc.
We are a globally focused cannabis and hemp company led by an industry-leading management team. In the United States, Jushi is focused on building a multi-state portfolio of branded cannabis and hemp-derived assets through opportunistic acquisitions, distressed workouts and competitive applications. Jushi strives to maximize shareholder value while delivering high-quality products across all levels of the cannabis and hemp ecosystem. For more information please visit www.jushico.com or our social media channels, Instagram, Facebook, Twitter and LinkedIn.
