Jushi Buys Nature’s Remedy in $110 Million Deal - Grow Life 420

Jushi Buys Nature’s Remedy in $110 Million Deal

April 19, 2021

#KahliBuds #MMJ #CBD #THC

Jushi Holdings Inc. (OTCMKTS: JUSHF) is buying a vertically integrated single state operator in Massachusetts called Nature’s Remedy of Massachusetts, Inc.  in a deal valued at $110 million. The acquisition is expected to close in the second half of 2021. Nature’s Remedy currently operates two retail dispensaries, in Millbury, MA and Tyngsborough, MA, and a 50,000 sq. ft. cultivation and production facility in Lakeville, MA with approximately 19,500 sq. ft. of high-quality indoor flower canopy and state-of-the-art extraction and manufacturing capabilities.

“We are excited to announce that we have signed a definitive agreement to acquire Nature’s Remedy, a vertically integrated business operating high-quality, well-managed assets in Massachusetts,” said Jim Cacioppo, Chief Executive Officer, Chairman, and Founder of Jushi. “Our entrance into Massachusetts will mark the seventh state where we operate cannabis assets and the third state where we are vertically integrated. This acquisition will enable us to rapidly build scale in an important, maturing adult-use market with a defensible retail position and a solid cultivation footprint with significant opportunities to expand.”

Terms of the Deal

Jushi has agreed to acquire Nature’s Remedy for an upfront payment of $100 million which will be $40 million in cash, $55 million in subordinate voting shares of Jushi, and $5 million unsecured promissory note. Jushi has also agreed to issue up to an additional $10 million in shares upon the occurrence or non-occurrence of certain conditions after the closing date, bringing the total potential consideration for the acquisition paid by the company to $110 million.

Who Is Nature’s Remedy?

The Millbury dispensary is located in the town of Millbury, MA just south of Worcester, MA. The Millbury dispensary caters primarily to the local population and surrounding underserved areas. The Millbury dispensary provides ample parking for its patrons and is strategically situated along the Worcester-Providence Turnpike, which sees approximately 10,600 cars per day. The Millbury dispensary is located in close proximity to the Shoppes at Blackstone Valley, the largest open-air shopping center in Central Massachusetts, and the Mass Turnpike.

Tyngsborough is located in northern Middlesex county just south of Nashua, New Hampshire. The Tyngsborough dispensary is strategically located in close proximity to the Pheasant Lane Mall, one of the largest malls in New Hampshire, as well as in close proximity to an exit on Route 3 / Northwest Expressway, which sees 60,000 to 80,000 cars per day. There is ample customer parking with potential for expansion.

The 50,000 sq. ft. Lakeville Facility is located within a 185,000 sq. ft. industrial complex. Currently, the Lakeville Facility’s flower canopy encompasses approximately 19,500 sq. ft., which Nature’s Remedy expects to expand to approximately 31,000 sq. ft. during the second half of 2021. The Lakeville Facility utilizes COextraction and has a full kitchen for edible production. Current flower production at the Lakeville Facility is approximately 6,800 lbs. / year, which, as part of the expected expansion, Nature’s Remedy could increase to approximately 11,000 lbs. / year based on 31,000 sq. ft. of canopy.

The post Jushi Buys Nature’s Remedy in $110 Million Deal appeared first on Green Market Report.


via www.KahliBuds.com

Debra Borchardt, KahliBuds, 420GrowLife

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