Jushi Holdings Cannabis Co. Will Transition To Domestic Issuer Status In United States, Effective Jan 1, 2022

Vertically integrated cannabis and hemp company Jushi Holdings Inc. JUSH JUSHF announced Thursday that it's ready to become a U.S. domestic issuer under U.S. securities laws.

With more than 50% of its issued and outstanding subordinate voting shares owned by shareholders of record domiciled in the United States on June 30, 2021, the Boca Raton, Florida-based company is no longer deemed a "foreign private issuer."

As a U.S. domestic issuer, Jushi will be subject to SEC reporting requirements by the end of 2021, which will bind the company to present its financial statements and financial data under U.S. GAAP.

Jushi said that it will continue to be a British Columbia corporation, despite becoming a U.S. registrant with the SEC.

In addition, the company's subordinate voting shares and 10% senior secured notes will continue to trade on the Canadian Securities Exchange under the symbol "JUSH" and "JUSH.DB.U," respectively.

Jushi's Recent Moves

Following the purchase of a 93,000 sq. ft. facility operated by its subsidiary, Dalitso LLC, and nearly nine acres of surrounding land in Prince William County, Virginia, for around $22 million in May, the company opted to strengthen its management team.

Jushi recently hired Leonardo "Leo" Garcia-Berg to serve as its new chief operations officer and focus on driving growth strategies and efficiencies as well as coaching and developing team members at its grower-processor facilities in Pennsylvania, Virginia, Nevada 

and Ohio.

According to its latest earnings report, Jushi's revenue spiked 689.6% year-over-year to $80.8 million in 2020. CEO Jim Cacioppo expects revenue to range between $45 million to $48 million in the second quarter of 2021 after the company disclosed a 29% sequential increase in revenue in the first three months of 2021.

In June, Jushi kicked off cannabis sales in its new BEYOND / HELLO dispensaries in Pennsylvania, including shops in Hazleton and Easton, to name a few.

Photo: Courtesy of Esteban Lopez on Unsplash