Vertically-integrated cannabis company Jushi Holdings Inc. JUSH JUSHF confirmed Wednesday it has finalized the previously announced purchase of a 93,000 sq. ft. facility operated by its subsidiary, Dalitso LLC, for around $22 million. The deal also includes nearly nine acres of surrounding land in Prince William County, Virginia.
This purchase, in combination with Dalitso’s planned build-out of the facility, will equip Dalitso to produce a steady supply of medical cannabis products thus meeting the needs of Virginia’s developing cannabis market.
“We are thrilled to complete this acquisition and solidify our position in Virginia’s medical cannabis market ahead of the introduction of adult-use sales,” said Jim Cacioppo, Jushi’s CEO, chairman and founder.
“The Virginia cannabis market remains an area of strategic focus for Jushi and we will work diligently to ensure Dalitso appropriately scales up its cultivation and processing capacity to meet the anticipated patient and future consumer demand of a growing program.”
Cacioppo added that the acquisition combines great cultivation and processing with leading retail experience and high-quality brands, setting them up to lead the Mid-Atlantic market.
At the end of 2020, Jushi completed the purchase of the remaining 21% of outstanding Dalitso equity and became a full owner. The cannabis operator also noted that Dalitso had begun activities at the Manassas facility.
Dalitso is one of five applicants to have obtained conditional authorization for a pharmaceutical processor permit in Virginia, and one of only four to receive final approval. With this permit, Dalitso can grow, process, dispense and deliver medical cannabis to qualifying patients in Virginia.
Jushi shares were trading 1.89% higher at $7.02 per share at the time of writing.
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