Jushi Holdings Inc., a vertically integrated cannabis firm, has acquired licensed Ohio grower OhiGrow, LLC and Ohio Green Grow LLC for a total of $5 million in assets and stock.
On Thursday, the Florida-based company announced that it had closed the acquisition, including a roughly 10,000-square-foot facility and 1.35 acres of land.
The Toledo OhiGrow’s facility is approximately 100 miles away from Columbus where the newly constructed processing facility operated by Franklin Bioscience OH, LLC is located. The Franklin Biosciences company also employs Jushi to provide operational and consulting services.
Regarding the terms of their agreement, both parties have applied to regulatory authorities for a change in ownership status, which will result in FBS-OH becoming a subsidiary of Jushi.
With a Level II cultivation license, OhiGrow will supply biomass to a Columbus-based processing facility. The biomass will be used to manufacture medical marijuana products sold in Ohio.
Jushi Founder and CEO Jim Cacioppo stated that is a significant step forward in the company’s plan to scale its footprint and “vertically integrate” in Ohio’s medical cannabis trade.
OhiGrow also has the option of obtaining approval to increase the crop production of the facility by up to 9,000 square feet if necessary.
Previous owners of the OhiGrow building, equipment, and land invested approximately $4.5 million. There is also an additional 15,000 square feet of available vacant space on the estate that is ready for further development.
In addition, Cacioppo stated that since their new facility is now fully operational, the company is “well-positioned” to distribute, supply, and sell medical cannabis products for Ohio patients.
Original article: https://markets.businessinsider.com/news/stocks/jushi-holdings-closes-5m-acquisition-of-ohio-cannabis-grower-providing-more-weed-to-state-s-cannabis-dispensaries-1030612210