Jushi Announces Share Purchase By CEO Jim Cacioppo Who Is Dedicated To 'Maximizing Shareholder Value'

Vertically integrated, multi-state cannabis operator Jushi Holdings Inc. JUSH JUSHF revealed Monday that Jim Cacioppo, the CEO, chairman and founder has purchased 66,800 of its class B subordinate voting shares in the open market for roughly $220 000.

Currently, Cacioppo holds in the aggregate approximately 19.2% of the issued and outstanding subordinate voting shares of Jushi.

"Over the past year, we have made significant progress building out our operations and expanding our presence in new and existing markets while bolstering our balance sheet with opportunistic financings," Cacioppo said. "Given our current market position, recent successes, and expectations for future growth, we believe our stock price does not reflect the underlying value of the business. My belief in the vision, strategy, and future of Jushi has never been stronger, and we remain dedicated to maximizing shareholder value into the new year."

Recent Moves

In September, the Florida-based company became vertically integrated in Nevada after signing an agreement to buy 100% equity interest of an entity operating a recreational and medical dispensary under the name The Apothecarium in Las Vegas, Nevada.

Apart from the Silver State, the company also runs vertically integrated operations in Pennsylvania (through its affiliated subsidiaries), Virginia and Massachusetts, where it debuted through a $91.2 million acquisition of Nature's Remedy of Massachusetts, Inc.

To support part of Nature's Remedy's purchase, Jushi secured a $100 million credit facility from a portfolio company of SunStream Bancorp Inc. - a joint venture sponsored by Sundial Growers Inc. SNDL - in October.

Shortly after, the company announced that it is poised to raise up to CA$500 million ($401.6million) through offerings of its subordinate voting shares, subscription receipts, debt securities, convertible securities, warrants and units, as well as any combination thereof.

According to its latest earnings report, the company saw a 13.1% sequential and 116.7% year-over-year increase in total revenue to $54 million, which was primarily driven by the build-out and expansion of Jushi's retail store base from 10 to 24.

"Our financial performance in the third quarter demonstrates our ability to continue to drive strong top-line revenue growth and improved profitability, both on a sequential and year-over-year basis while continuing to invest in the business to support our future growth," Cacioppo said back then.

JUSHF Price Action

Jushi's shares traded 8.55% higher at $3.68 per share at the market close on Friday.

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