Jushi Holdings Closes $5M Acquisition Of Ohio Cannabis Grower, Providing More Weed To State's Cannabis Dispensaries

Vertically integrated cannabis company Jushi Holdings Inc. JUSH JUSHF has purchased OhiGrow, LLC, a licensed Ohio grower and Ohio Green Grow LLC for $5 million in cash.

On Thursday, the Florida-based company reported closing the acquisition that includes a roughly 10,000 square foot facility and 1.35 acres of land.

OhiGrow’s facility is in Toledo, some 100 miles from Columbus, where the newly built processing facility operated by Franklin Bioscience OH, LLC (“FBS – OH”), is located. Jushi also provides operational and consulting services to Franklin Biosciences.

Under the deal, both parties have applied to state regulators for a change of ownership status to make FBS-OH a subsidiary of Jushi.

OhiGrow, which holds a Level II cultivation license, is now expected to provide biomass to the Columbus-based processing facility to create manufactured medical marijuana products to be sold in the Buckeye State.

“This is a substantial step forward in our plan to scale our footprint and vertically integrate into the Ohio medical cannabis market,” said Jim Cacioppo, CEO, chairman and founder of Jushi.

OhiGrow also has the right to obtain approval to expand the facility’s cultivation area up to 9,000 square feet. The previous owners have invested roughly $4.5 million in the OhiGrow building, equipment and land to date. An additional 15,000 square feet of available vacant space on the property is ready for further development.

“With the new processing facility being operational, we are well-positioned to supply high-quality medical cannabis products to Ohio patients,” Cacioppo added.

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