Jushi Holdings Cannabis Products To Hit Shelves In Virginia, Strengthens Leadership With Brendon Lynch As Exec VP Of Retail

Vertically integrated cannabis company Jushi Holdings Inc. JUSH JUSHF is poised to launch a series of its branded cannabis products in Virginia.

Kicking off with The Lab's .5g and .3g vaporizable cartridges, the company's Tasteology chewables line is expected to hit shelves in stores across the state in the coming weeks. The product Is pending approval from the Virginia Board of Pharmacy.

Jushi also plans to introduce two of its flower brands, The Bank and Sèche, once the state rolls out cannabis flower sales later this year. Jushi will also introduce Nira+ THC and CBD-rich products.

"While it is early days for the VA med program, the introduction of flower this Sept should help boost sales," Cantor Fitzgerald's Pablo Zuanic said in a recent note. Zuanic noted that the company currently has one store in the state and plans to open two more before year-end and three in 2022.

Virginia Footprint

Based in Boca Raton, Florida, the company launched sales of medical marijuana at its first of six planned dispensaries in the state – BEYOND / HELLO medical dispensary in Manassas – in November.

In May, the company substantially strengthened its presence in the Old Dominion by acquiring a 93,000 sq. ft. facility operated by its subsidiary, Dalitso LLC, for around $22 million. That deal included almost nine acres of surrounding land in Prince William County as well.

"After completing the initial build-out of the facility, our focus shifted to cultivation, manufacturing, and processing to improve product availability and diversity of products for medical cannabis patients in Virginia," Jim Cacioppo, CEO and chairman of Jushi said. "As we begin to roll out our full suite of products and brands in the Commonwealth, we mark the moment when Virginia -- 'the sleeping giant' of cannabis markets -- has awoken."

All products will be available for purchase at Manassas retail location and the newly opened BEYOND / HELLO stores, as well as at the company's partner dispensaries across Virginia.

Cacioppo recently said the company's latest earnings report, which revealed a 14.6% sequential and 219.7% year-over-year increase in revenue to $47.7 million, is "in-line with our expectations," as demonstrates the "strength of our operations."

Jushi Strengthens Management Team, Names Brendon Lynch Executive VP Of Retail Operations

Separately, Jushi strengthened its leadership team by appointing Brendon Lynch to serve as executive vice president of retail operations.

Lynch is a seasoned retail expert who sharpened his skills while working with companies such as Anthropologie, TOMS, David Yurman and the Gap, to name a few. Most recently, he served as CEO of Rudy's Barbershop.

Cacioppo praised Lynch's skills, adding that his "deep understanding of the buying experience, along with his ability to identify marketplace trends, will play a pivotal and foundational role in our continued success."

Price Action

Jushi shares were trading 3.55% higher at $4.69 per share at the time of writing Thursday midday.

Photo: Courtesy of Tim Foster on Unsplash