Jushi Holdings Inc. (“Jushi” or the
“Company”) (CSE: JUSH)
(OTCMKTS: JUSHF), a
vertically integrated, multi-state cannabis operator, announced the
first phase of its previously announced expansion project (the
“Expansion Project”) at its Pennsylvania cultivation facility (the
“Facility”) located in Scranton, PA. The Company’s wholly-owned
subsidiary, Pennsylvania Medical Solutions, LLC (“PAMS”), has
entered into an amendment of its existing lease with Innovative
Industrial Properties, Inc. (“IIP”) (NYSE: IIPR), making available
an additional $30 million in funding for the first phase of
property development of the Facility. The funding will be used to
complete the buildout of the existing 89,000 sq. ft. building and
an approximately 40,000 sq. ft. expansion of the Facility for a
total of 130,000 sq. ft. The first phase of the expansion, with an
estimated budget of approximately $40 million, is expected to add
approximately 26,000 sq. ft. of canopy for a total of 45,000 sq.
ft. and is expected to be completed by the fourth quarter of 2021,
subject to regulatory approvals.
PAMS is also in the design stage for the second
phase of the planned expansion, which would add approximately
60,000 sq. ft. to the building and increase total canopy to
approximately 110,000 sq. ft. The Company expects PAMS to begin the
second phase of the expansion in the third quarter of 2021, with a
revised preliminary budget between $25 – $30 million and an
estimated completion date of the second quarter of 2022, subject to
regulatory approvals. The estimated combined cost of the two phases
of expansion has increased to $65 – $70 million, from our prior
preliminary total of $50 million, as the Company has increased the
size and scope of the proposed expansion. The Facility is expected
to be approximately 190,000 sq. ft. after both phases of the
buildout have been completed. In addition to these two contemplated
phases of buildout, PAMS continues to assess and develop further
expansion opportunities at the Facility to meet the needs of
patients and wholesale market demand, now and in the future.
“We are excited to officially commence the first
phase of expansion at our subsidiary’s Pennsylvania
grower-processor facility,” said Jim Cacioppo, Chief Executive
Officer, Chairman and Founder of Jushi. “We continue to see strong
growth in the Pennsylvania medical market and this expansion will
allow PAMS to significantly increase its canopy space and
production capacity to solidify availability of its award-winning,
high-quality branded suite of products to both our eleven BEYOND /
HELLO™ medical marijuana dispensaries as well as into the wholesale
market across an approximately one hundred medical marijuana
dispensaries operating in the Commonwealth. This expansion is also
expected to create over 100 new jobs and generate additional tax
dollars in the Scranton region. We appreciate the strong support of
IIP as a long-term real estate capital partner, teaming with us to
provide strategic real estate capital at an opportune time for our
continued expansion in Pennsylvania.”
The Facility produces high-quality, indoor grown
flower, extracts, and concentrates and is strategically located
within minutes of Interstate 81, Interstate 84 and the Pennsylvania
Turnpike, enabling efficient distribution to the 111 dispensaries
currently operating across the Commonwealth, including the
Company’s eleven operational BEYOND / HELLO™ dispensaries.
About Innovative Industrial Properties
Innovative Industrial Properties, Inc. is a self-advised
Maryland corporation focused on the acquisition, ownership and
management of specialized industrial properties leased to
experienced, state-licensed operators for their regulated
medical-use cannabis facilities. Innovative Industrial Properties,
Inc. has elected to be taxed as a real estate investment trust,
commencing with the year ended December 31, 2017. Additional
information is available at innovativeindustrialproperties.com.
About Jushi Holdings Inc.
We are a vertically integrated cannabis company
led by an industry-leading management team. In the United States,
Jushi is focused on building a multi-state portfolio of branded
cannabis 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 ecosystem. For more information, please
visit jushico.com or our social media channels, Instagram,
Facebook, Twitter, and LinkedIn.
Forward-Looking Information and Statements
This press release contains certain "forward-looking
information" within the meaning of applicable Canadian securities
legislation and may also contain statements that may constitute
"forward-looking statements" within the meaning of the safe harbor
provisions of the United States Private Securities Litigation
Reform Act of 1995. Such forward-looking information and
forward-looking statements are not representative of historical
facts or information or current conditions but instead represent
only the Company’s beliefs regarding future events, plans or
objectives, many of which, by their nature, involve estimates,
projections, plans, goals, forecasts, and assumptions that may
prove to be inaccurate. As a result, actual results could differ
materially from those expressed by such forward-looking statements
and such statements should not be relied upon. Generally, such
forward-looking information or forward-looking statements can be
identified by the use of forward-looking terminology such as
“plans,” “expects” or “does not expect,” “is expected,” “budget,”
“scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or
“does not anticipate,” or “believes,” or variations of such words
and phrases or may contain statements that certain actions, events
or results “may,” “could,” “would,” “might” or “will be taken,”
“will continue,” “will occur” or “will be achieved”.
By identifying such information and statements in this manner,
the Company is alerting the reader that such information and
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
information and statements. In addition, in connection with the
forward-looking information and forward-looking statements
contained in this press release, the Company has certain
expectations and has made certain assumptions. Expectations,
assumptions, and risk factors are more fully described in the
Company’s Management, Discussion and Analysis for the three months
ended September 30, 2020, and other filings with securities and
regulatory authorities which are available at www.sedar.com. Should
one or more of these risks, uncertainties or other factors
materialize, or should assumptions underlying the forward-looking
information or statements prove incorrect, actual results may vary
materially from those described herein as intended, planned,
anticipated, believed, estimated or expected.
The forward-looking information and forward-looking statements
contained in this press release are made as of the date of this
press release, and the Company does not undertake to update any
forward-looking information and/or forward-looking statements that
are contained or referenced herein, except in accordance with
applicable securities laws. All subsequent written and oral
forward-looking information and statements attributable to the
Company or persons acting on its behalf is expressly qualified in
its entirety by this notice.
Not for distribution to United States newswire services
or for dissemination in the United States.
For further information, please
contact:Investor Relations
Contact:Michael PerlmanExecutive Vice President of
Investor Relations and
Treasury561-281-0247Investors@jushico.com
Media Contact:Ellen MellodyMATTIO
Communications570-209-2947Ellen@Mattio.com
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