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Jushi Holdings Inc. Announces Closing Of Deal To Acquire 100% Interest In Pennsylvania Medical Marijuana Dispensary Operators

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Jushi Holdings Inc. (“Jushi” or the “Company”)(NEO: JUSH.B), a globally-focused, multi-state cannabis and hemp operator, today announced the closing of the Company’s previously announced acquisition of all of the membership interests in Franklin Bioscience – Penn LLC and its subsidiaries Franklin Bioscience – NE, LLC, Franklin Bioscience – SE, LLC and Franklin Bioscience – SW, LLC (collectively, the “Purchased Entities”), which together hold one Phase I and three Phase II dispensary permits issued by the Pennsylvania Department of Health’s Medical Marijuana Program (“Program”) allowing for 12 medical marijuana dispensaries in the Commonwealth of Pennsylvania.

“Our investment in Pennsylvania has quickly cemented Jushi as a leader in this northeastern limited license state. These acquisitions include two stores that are already operational with the opportunity for ten more,” Jim Cacioppo, Chairman and CEO of Jushi. “Beyond/Hello currently has two fantastic locations with an established brand in Pennsylvania and a loyal patient base. We are immediately evaluating the locations for our remaining 10 stores within the highly desirable regions of PhiladelphiaPittsburgh and Scranton and we look forward to obtaining the Program’s approval for their openings. Jushi is excited to close this transaction as it is a big achievement for our shareholders as we scale our retail footprint, specifically creating a significant retail market share in Pennsylvania.”

The acquisition includes 100% ownership of the membership interests in four medical marijuana dispensary entities, with each of the entities being allowed to open three separate locations. The existing retail dispensary brand, “Beyond/Hello”, has two operational dispensaries in Philadelphia and Bristol, PA. They are strategically located near major interstate highways and key traffic areas in order to best serve the patients in these areas including Rittenhouse Square, the Reading Terminal Market and leading medical centers.

The retail locations throughout Pennsylvania that are covered by the permits are:

  • Southeast Region (Philadelphia area): allowing for six stores including the two existing and operational marijuana dispensaries
  • Northeast Region (Scranton area): allowing for three stores
  • Southwest Region (Pittsburgh area): allowing for three stores

Blythe Huestis, President of Beyond/Hello, commented, “Franklin Bioscience – Penn LLC had a wide range of companies interested in partnering with us and Jushi’s management team was the one we found most capable of meeting the growing needs of the Commonwealth’s medical marijuana patients. We look forward to Jushi assisting us with providing high-quality products to our patients and allowing for a better and healthier quality of life.”

The regional locations of the planned facilities are among the most densely populated areas of Pennsylvania. Three of the four permits allow for facilities in major metropolitan markets, Philadelphia and Pittsburgh, which together account for approximately 15% of the Pennsylvania’s total population. Pennsylvania is the fifth largest state in the country with approximately 13 million residents, operating with a high barrier of entry and limited number of medical marijuana permits. Pennsylvania’s medical cannabis market is expected to become one of the largest markets in the U.S. In the first year that the program was operational, 2018, the Commonwealth generated over US$132 million in total sales, and is estimated to increase to over US$360 million by 2022 according to Arcview Market Research. Pennsylvania has a robust list of 21 conditions including opioid use disorder and severe chronic pain. For more information on the Pennsylvania medical marijuana program please visit https://www.health.pa.gov.

As previously announced, the aggregate purchase price payable by Jushi for the Purchased Entities is approximately US$63 million, subject to working capital and other adjustments, and is payable:

  • As to approximately US$27.11 million, in cash;
  • As to approximately US$27.50 million, by way of the issuance of certain 10% secured notes to the sellers of the Purchased Entities, due in installments at various dates between September 30, 2019 and March 9, 2021 and US$10 million of which is convertible at the option of the holders on or prior to September 30, 2019 into Subordinate Voting Shares of the Corporation (the “Shares”) at a conversion price of US$3.30 per Share; and
  • As for the balance, by the issuance of approximately 3.38 million Shares to the sellers of the Purchased Companies, of which 1.5 million Shares are to be issued subject to certain escrow provisions.

 

SOURCE Jushi Holdings Inc.

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Digipath CEO Todd Denkin Interviewed by CEO Roadshow

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Digipath, Inc. (OTCQB: DIGP) (“DIGP” or the “Company”), a service-oriented independent testing laboratory, data analytics and formulation firm focused on the developing cannabis and hemp markets, is pleased to announce that Company CEO Todd Denkin was recently interviewed by CEO Roadshow with veteran journalist Mike Elliott.

In this interview, Denkin discusses the Company’s recent provisional patent applications involving terpene technology. He also discusses Digipath’s newest business unit, GroSciences and the molecular assay it has developed to distinguish hemp from drug-type cannabis, and the status of the Company’s expansion into Colombia.

“It’s always a pleasure to sit down with Mr. Elliott, who is a true professional with a significant following,” stated Todd Denkin, CEO, Digipath Inc. “In this interview we covered some of the more exciting things happening for Digipath and its shareholders. “Please take a moment to listen to the interview at http://ceoroadshow.com/digipath-interview/,” added Denkin.

 

SOURCE Digipath, Inc.

 

 

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Vireo Health Launches New York’s First Same-Day Marijuana Delivery Service

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Vireo Health of New York (“Vireo” or the “Company”), a subsidiary of Vireo Health International (CSE: VREO), a leading physician-led, science-focused multi-state cannabis company, today announced that patients living in the New York City metro area, Westchester County, and Nassau County now have access to free, same-day marijuana delivery.

Launched in April 2017, Vireo’s medical marijuana home delivery service has rapidly expanded. Since its inception, the Company has made more than 25,000 home deliveries to patients. With over 1,000 Google reviews with an average 4.9 out of 5 star rating, it is now the first company in New York to offer a free same-day delivery option.

“Our same-day home delivery service is designed to match the convenience that New Yorkers have become accustomed to in the era of Amazon, Uber and Seamless,” said Founder and Chief Executive Officer, Kyle Kingsley, M.D.  “The growing popularity of our home delivery service has allowed us to achieve the economies of scale necessary to offer same-day delivery throughout the Greater New York City area.”

Vireo’s home delivery service was designed by a team of security experts, pharmacists, and health-care providers. “As a physician-led company, our goal is to provide safe and effective products in a trusted and supportive environment, and nothing is safer than one’s own home. We want to ensure that all our patients do not feel stigmatized and can receive the highest quality service and products with the convenience they deserve,” said Stephen Dahmer, M.D., Chief Medical Officer of Vireo Health.

Patients who place orders by 12:00 p.m. EDT will be eligible to receive free same-day delivery. Payment for deliveries can be made using CanPay, a cannabis debit payment app available on iPhone and Android devices. More information is available online at www.vireohealth.com/ny/delivery.

 

SOURCE Vireo Health International, Inc.

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Choom Announces Warrant Extension

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Vancouver-based cannabis brand Choom™ (CSE: CHOO; OTCQB: CHOOF) has amended the expiry date of 2,352,500 outstanding share purchase warrants that were issued pursuant to a private placement completed in February 2018 (the “2018 Warrants”). Each 2018 Warrant currently entitles the holder to purchase one common share (a “Common Share”) in the capital of the Company at a price of $0.75 per Common Share at any time prior to 5:00 p.m. (Vancouver Time) on August 6, 2019 (the “2018 Warrant Expiry Date”). Subject to Canadian Securities Exchange approval, the 2018 Warrant Expiry Date will be extended to August 6, 2020. All other terms of the 2018 Warrants will remain the same.

Say hello to Choom™
Choom™ is an emerging adult use cannabis company whose mission is to establish one of the largest retail networks in Canada. The Choom brand is inspired by Hawaii’s “Choom Gang”—a group of buddies in Honolulu during the 1970’s who loved to smoke weed—or as the locals called it, “Choom”. Evoking the spirit of the original Choom Gang, our brand caters to the Canadian adult use market with the ethos of ‘cultivating good times’. Choom™ is focused on delivering an elevated customer experience through our curated retail environments, offering a diversity of brands for Canadians across a national retail network.

“Chris Bogart” 
President & CEO

Cautionary Statement:

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Forward-looking information           
This news release contains forward-looking information relating to the Company’s proposed activities and other statements that are not historical facts. Forward-looking information relates to management’s future outlook and anticipated events or results and include statements or information regarding the future plans or prospects of the Company. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. These factors include risks and uncertainties associated with or arising as a result of delays in obtaining or an inability to obtain required regulatory approvals, access to sufficient quantities of cannabis, the results of diligence investigations, the actions of third parties, the results of negotiations with third parties, developments in the cannabis sector, the ability to access sufficient capital from internal and external sources, reliance on key personnel, regulatory risks and delays and other risks and uncertainties discussed in the management discussion and analysis section of the Company’s interim and most recent annual financial statement or other reports and filings, including those made with the CSE and applicable Canadian securities regulators. There can be no assurance that such forward looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information.

SOURCE Choom Holdings Inc.

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