Jushi Holdings Inc (OTCMKTS: JUSHF), in a statement, made an official announcement that the company has completed formalities and it has acquired Nature’s Remedy of Massachusetts, Inc. and some of its affiliates.
Details about the acquisition and the facility
It has come to light that Jushi Holdings Inc has acquired Nature’s Remedy, a vertically integrated, single-state operator in Massachusetts. A sum of $91.2 million is the total upfront consideration involved in the deal.
Presently, Nature’s Remedy operates two retail dispensaries. While one is located in Millbury, MA, the second is in Tyngsborough, MA. Besides this, the company owns a cultivation and production facility measuring 50,000 sq. ft. The unit is located in Lakeville, MA and has approximately 22,000 sq. ft. of superior quality indoor flower canopy, and has high-end extraction and manufacturing capabilities. In addition, it is learned that as part of the merger and membership interest purchase agreement, the company paid additional cash of $2.9 million to take possession of inventory, whose value is estimated to be anywhere between $17.5 and $22.5 million.
Chief Executive Officer, Chairman, and Founder of Jushi Holdings Inc comments
The Chief Executive Officer, Chairman, and Founder of Jushi Holdings Inc, Jim Cacioppo, shared that the group is excited to make an official entry into the Massachusetts market by adding Nature’s Remedy to the company’s portfolio. Cacioppo said that Nature’s Remedy is a vertically integrated business operating without compromising quality, and he stated that the group has assets that are well maintained. Chairman and Founder noted that Nature’s Remedy offers enormous growth potential. It will help the corporate house expand its presence in the adult-use market, which is maturing at a rapid pace.
The CEO sounded excited about working with his new colleagues. Cacioppo stated that he is looking forward to introducing the product portfolio, which includes leading brands in the industry, to the wholesale market and at Nature’s Remedy’s retail stores.
Jushi Holdings Inc is a vertically integrated cannabis company headed by an industry-leading management team. The group aims to create a portfolio of branded cannabis assets in many states.