Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator announced that since more than 50% of the Company’s issued and outstanding subordinate voting shares were directly or indirectly owned by shareholders of record domiciled in the United States on June 30, 2021, Jushi no longer meets the definition of a “foreign private issuer” under United States securities laws.
As a result, the Company will be deemed a U.S. domestic issuer under United States securities laws and will be subject to SEC reporting requirements applicable to U.S. domestic companies no later than January 1, 2022. These U.S. reporting requirements will require Jushi’s financial statements and financial data to be presented under U.S. GAAP. Jushi has established a task force of internal and external resources to manage the transition.
Although the Company will become a U.S. registrant with the SEC, it will continue to be a British Columbia corporation. Other than officers, directors and 5% or more owners, Jushi’s shareholders are not required to take any action as a result of the Company’s transition to U.S. domestic issuer status. Jushi’s subordinate voting shares and 10.00% senior secured notes will continue to be listed on the Canadian Securities Exchange under the symbol “JUSH” and “JUSH.DB.U”, respectively.