BOCA RATON, Fla., Dec. 02, 2020 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Jushi Holdings Inc., a vertically integrated, multi-state cannabis operator, announced it completed the acquisition of the remaining 21% of the issued and outstanding equity of Dalitso LLC, a Virginia-based pharmaceutical processor permit holder. The company now owns 100% of the issued and outstanding equity of Dalitso.
Dalitso is one of only five applicants to have received conditional approval for a pharmaceutical processor permit issued by the Virginia Board of Pharmacy, and one of only four to have received final approval and permit issuance in the Commonwealth. Dalitso’s permit allows Dalitso to cultivate, process, dispense and deliver medical cannabis to registered patients in Virginia. The designated area for Dalitso to operate is Health Service Area II, in Northern Virginia, which includes two of Virginia's most densely populated counties, Fairfax and Prince William, and has a population of approximately 2.5 million people or nearly 30% of the state's total population according to the U.S. Census Bureau.
Dalitso has completed the initial build-out of its cultivation, manufacturing and processing footprint, while also prefabricating the remaining 90,000-square-foot facility in Prince William County, Va., to allow for efficient scaling as patient demand increases. On Tuesday, Dec. 1, 2020, BEYOND / HELLO Manassas, located at 8100 Albertstone Circle, Manassas, officially began serving patients in-store with consultations bookable online through beyond-hello.com.
Jim Cacioppo, chief executive officer, chairman and founder of Jushi, said, “I am thrilled to announce that Jushi completed the acquisition of the remaining equity interests of Dalitso. Since the recent opening of BEYOND / HELLO Manassas, we have received positive feedback for providing a patient-focused retail experience delivered by our expertly trained pharmaceutical staff. We look forward to continuing to build out Dalitso’s vertically integrated cultivation, manufacturing, processing, and retail footprint to better serve medical patients in Virginia.”
Over the prior two months, in three independently negotiated transactions with distinct minority owners of Dalitso, Jushi consolidated its ownership position from 61.765% to 100% by issuing a total of only 4.2 million shares or share equivalent, of which approximately half is subject to indemnification provisions and trading restrictions for a year.
