Jushi Holdings Inc. Announces Update on Expansion Project at Pennsylvania Grower-Processor Facility

The Company Commences First Phase of Expansion, Adding at Completion 40,000 sq. ft. to the Existing 89,000 sq. ft. Facility

Strengthens Partnership with Innovative Industrial Properties, Inc. Making Available an Additional $30.0 Million in Real Estate Funding

BOCA RATON, Fla., April 01, 2021 (GLOBE NEWSWIRE) -- 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.