Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator, announced that it has entered into a definitive agreement (the “Agreement”) to acquire 100% of the equity interest of an entity operating an adult-use and medical retail dispensary under the name The Apothecarium2 in Las Vegas, Nevada (“Apothecarium Nevada”). The Apothecarium Nevada acquisition, together with the April 2021 purchase of Franklin Bioscience NV, LLC, a holder of medical and adult-use cannabis cultivation, processing, and distribution licenses, will enable Jushi to become vertically integrated in Nevada, as well as provide significant branding exposure for Jushi’s high-quality product lines, including The Bank, The Lab, Tasteology and Sѐche. This will be the Company’s fourth vertically integrated state, accompanying Pennsylvania (by way of its affiliated subsidiaries), Virginia, and Massachusetts.
Management Commentary
Jushi’s Chief Executive Officer, Chairman, and Founder Jim Cacioppo commented, “The acquisition of Apothecarium Nevada represents an attractive opportunity for Jushi to establish its first retail store in this large, strategic Western market. Apothecarium Nevada is well aligned with our best-in-class retail approach and will continue to provide patients and consumers with the same elevated in-store experience they have come to expect from our other BEYOND / HELLOTM retail locations. Together with the expansion of our cultivation, processing and distribution facility that is currently underway, the acquisition of Apothecarium Nevada will extend our reach with a convenient location off the strip in downtown Las Vegas. We look forward to working with Apothecarium Nevada’s management team and talented workforce as we further expand our footprint in this high-growth, limited license market.”
The Apothecarium Nevada
Located at 7885 W Sahara Ave #112, Las Vegas, NV, Apothecarium Nevada is approximately 6.5 miles west of the Las Vegas Strip. Las Vegas is one of the top tourist destinations in the U.S. drawing over 42 million tourists3 each year, making Nevada one of the most popular states for tourism. Las Vegas is an internationally renowned resort city known for gambling, entertainment, shopping, and nightlife, attracting visitors worldwide year-round. Apothecarium Nevada neighbors Summerlin, a master planned community with nearly 100,000 residents that currently prohibits dispensaries from operating. The dispensary is also located approximately 20 minutes from popular resorts and attractions, and serves customers in-store and online through convenient curbside pick-up and at-home delivery. Apothecarium Nevada is also constructing a drive-thru lane, which is expected to be available to customers later this year.
1 Includes an awarded conditional dispensary license where Jushi owns 49%.
2 The Apothecarium is used under license with an affiliate of TerrAscend Corp.
3 Source: Las Vegas Convention and Visitors Authority (LVCVA)
