BOCA RATON, Fla. – Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a globally focused, multi-state cannabis and hemp operator, today announced that with the enactment of Senate Bill 976, the Company anticipates adding up to five additional cannabis dispensing facilities to its majority-owned subsidiary Dalitso LLC’s operations in Virginia. The addition of these five facilities will bring the Company’s total number of retail locations to six in Virginia.
Following the Virginia General Assembly’s agreement with Governor Northam’s amendments on April 22nd, Senate Bill 976 will also remove the statutory five percent cap on the concentration of THC within a cannabis oil formulation. Under Senate Bill 976, registered patients may now receive up to 10mg THC per dose.
Dalitso is one of only five applicants to have received conditional approval for a pharmaceutical processor permit issued by the Virginia Board of Pharmacy. Dalitso’s permit allows the Company to cultivate, process, dispense and deliver medical cannabis to registered patients in Virginia. The designated area for Jushi to operate is Health Service Area II, in Northern Virginia. According to the U.S. Census Bureau, Health Service Area II has a population of approximately 2.5 million people or nearly 30 percent of the state population. This area includes two of Virginia’s most densely populated and highest-income counties, Fairfax and Prince William County. The Company is in the process of developing a 90,000 square foot cultivation and processing facility in Prince William County, of which approximately 24,000 square feet will be initially built-out. The facility is expected to be operational in the summer of 2020.
Jim Cacioppo, Chairman and Chief Executive Officer of Jushi said, “We believe the enactment of this legislation is a significant event for Virginia cannabis patients and Jushi shareholders. 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. The legislation will help further Jushi’s growth strategy of becoming a top supplier in limited license states and jurisdictions.” Mr. Cacioppo continued, “We are excited to be able to offer patients a wide variety of medicinal products safely and efficiently in Virginia’s most prosperous and densely populated regions.”
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
