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Jushi Holdings Inc. Completes Previously Announced Acquisition of Established Nevada Operator
In July 2019, the Jushi’s subsidiary, Production Excellence, entered into the Nevada market under a management services agreement with FBS Nevada. FBS Nevada operates one of the two 7,500-square-foot adjacent facilities and has upgraded the facility with state-of-the-art, indoor, double-stacked cultivation that yields approximately 2,500 pounds of high-quality dry flower per year. FBS Nevada has partnered with third-party extractors to produce a suite of high-quality vape products and concentrates, under the award-winning brand The Lab, and offer pre-packaged flower and infused blunts, under the award-winning brand The Bank. Jushi has also introduced new products, including edibles, under the brand Tasteology, and fine flower and pre-rolls, under the brand Sèche.
To better serve the Nevada market, FBS Nevada plans to connect the two facilities to create a single production space for a total of approximately 16,600 square feet. The expansion is expected to more than double cultivation capacity and incorporate a CO2 and hydrocarbon extraction facility with a full kitchen to ensure a broad assortment of products across all categories.
“We are extremely pleased to complete this acquisition and solidify our presence in Nevada, particularly the Greater Las Vegas region,” said Jim Cacioppo, CEO, chairman and founder of Jushi. “We look forward to continuing to serve the Nevada wholesale market with high-quality flower and a full suite of cannabis brands including infused products. While Nevada, and specifically Las Vegas, has been impacted by the COVID-19 pandemic, we see great opportunities with the expansion of our facility and exploring attractive M&A prospects as we look to expand our footprint in this strategic limited license market.”]]>
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