Jushi Enters California Market With BEYOND / HELLO Dispensary In Santa Barbara

Cannabis and hemp company Jushi Holdings Inc. JUSH JUSHF is about to debut in California by cutting the ribbon on a cannabis dispensary in Santa Barbara.

The new BEYOND / HELLO store – located at 3516 State Street, in the vicinity of Loreto Plaza – is the company’s 11th retail location in the country.

The opening is scheduled for Wednesday, Oct.14.

The Boca Raton, Florida company, noted Thursday that it obtained GSG SBCA Inc. — the Santa Barbara-based licensed cannabis dispensary — earlier this year.

Separately, the company inked a $3.2 million sale-leaseback deal with a financing partner related to the property bought in relation to GSG SBCA’s acquisition, the company said.

The store’s offering will include a wide range of cannabis brands and products, including flower, extracts, edibles, vapes, topicals, tinctures, sublinguals, and merchandise.

Jushi CEO Jim Cacioppo said California represents "a significant growth opportunity” for the company.

The new store has a strategic location, considering that “limited license market that currently only allows for three dispensaries to operate in the city,” Cacioppo added.

“We will also continue to pursue additional M&A opportunities in California, particularly in jurisdictions with high barriers to entry, limited market participants, and strong growth opportunities,” he added.

Meantime, Jushi recently released its preliminary financial results for the third quarter, revealing $24 million revenue, a sequential increase of 61%.

The company expects its 2021 revenue to range between $205 million and $255 million. In addition, it anticipates posting positive operating cash flow in the year to come.

Courtesy image