Jushi Holdings Inc. Completes Acquisition of Two California Retail Dispensaries
Builds Depth in California Market with Second and Third, Strategically Located Retail Dispensaries in Palm Springs and Grover Beach, California
BOCA RATON, Fla., May 04, 2021 (GLOBE NEWSWIRE) -- Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCMKTS: JUSHF), a vertically integrated, multi-state cannabis operator, announced that it has closed on its previously announced acquisition of 100%
of the equity of Organic Solutions of the Desert, LLC (“OSD”), an operating dispensary located in Palm Springs, California and approximately 78% of the equity of a retail license holder located in
Grover Beach, California with the option to acquire the remaining equity in the future. Jushi will be implementing its best-in-class, customer focused retail approach that includes the introduction
of its online reservation ordering platform and express pick-up options at the Palm Springs dispensary. The Company expects to complete the build out of the BEYOND / HELLO Grover Beach location in
Q3 2021. The two new locations expand Jushi’s footprint beyond its first California dispensary, BEYOND / HELLO Santa Barbara, which opened in October 2020. Jushi also plans to add an additional
California location in Culver City, which is expected to open by Q2 2022, subject to state and regulatory approvals.
“We are thrilled to close these acquisitions and build depth in California with our second and third retail locations in the state,” said Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi. “Palm Springs and Grover Beach offer premier locations for our expansion as we continue to build our strategic footprint and target limited license market opportunities within the state. We look forward to introducing our BEYOND / HELLO retail brand and experience to the locals and visitors of Palm Springs, Grover Beach and Culver City.”
Palm Springs Dispensary
With more than 14 million tourists per year, Palm Springs is an attractive market and luxury travel destination. Currently operating and conveniently located at 4765 E Ramon Road, one of the busiest streets in the city, OSD has been the leading revenue generator in the city of Palm Springs since the inception of Palm Springs adult-use cannabis program in 2017. OSD is well positioned across from Palm Springs International Airport (over 2.5 million travelers in 2019) and has ample dedicated parking spots. The location will be open Monday through Saturday from 9:00 a.m. to 6:00 p.m. and on Sunday from 10:00 a.m. to 6:00 p.m.