Jushi Holdings Begins Activities At Its New Cannabis Processing Facility In Ohio

Jushi Holdings Inc. JUSH JUSHF announced that medical cannabis processor Franklin Bioscience OH, LLC, (“FBS – OH”) obtained approval to begin activities at the company’s newly built processing facility in Columbus, Ohio.   

Both parties have applied to state regulators for a change of ownership status to make FBS-OH a subsidiary of Jushi, which has been providing operational and consulting services to the Ohio company.

According to Jushi, FBS-OH will begin processing raw materials to manufacture premium products for the Ohio medical marijuana market at its facility, which has the capacity to process 10,000 lbs. of biomass per year, using CO2 extraction.

The milestone follows Jushi’s definitive agreement to acquire OhiGrow, LLC, a licensed Ohio grower. The company now plans to use both OhiGrow and the facility to cultivate cannabis and use their biomass supply to produce medical cannabis products.

The initial phase of Jushi’s branded products will consist of The Lab’s cartridges and disposables, Tasteology’s gummies and chewable tablets, as well as Nira + Medicinals’ topical balm. What’s more, FBS-OH runs a state-of-the-art kitchen and lab where it can manufacture all medical cannabis products allowed in the state.

“By combining the capabilities of the new state-of-the-art processing facility with our recently announced cultivation facility acquisition, Jushi will be building scale and moving one step closer to being vertically integrated in the rapidly growing Ohio medical cannabis market,” said Jim Cacioppo, CEO, chairman and founder of Jushi. “This processing facility was thoughtfully designed to produce consistent, high-quality products, enabling the introduction of our award-winning brands and the next generation of cannabis products. We are thrilled to continue our investment into Ohio to support the medical patients and look forward to serving this important market.”

The medical cannabis program in Ohio is booming, with more than 207,000 registered medical patients. The MMJ program raked in $449 million in MMJ sales through June.

Price Action 

Jushi’s shares were trading 0.77% lower at $5.52 per share at the time of writing Wednesday morning. 

Photo: Courtesy of Richard T on Unsplash