BOCA RATON, Fla., July 7, 2021 – Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCMKTS: JUSHF), a vertically integrated, multi-state cannabis operator, announced that Franklin Bioscience OH, LLC, (“FBS – OH”), a licensed medical marijuana processor to which Jushi provides operational and consulting services, has received authorization to commence operations at the Company’s newly constructed 8,000 sq. ft., state-of-the-art processing facility (the “Facility”) located in Columbus, Ohio. Additionally, Jushi and FBS – OH have applied for a change of ownership to state regulators for FBS – OH to become a subsidiary of the Company.
The Company expects FBS – OH to begin processing raw materials to produce carefully crafted, high-quality, and state approved products to supply the Ohio medical market. The Company projects that at scale the Facility will be capable of processing upwards of 10,000 lbs. of biomass annually using clean CO2 extraction.
In April, Jushi announced that it signed a definitive agreement to acquire OhiGrow, LLC (one of 34 licensed cultivators in Ohio) (“OhiGrow”). Together, OhiGrow and the Facility will cultivate high-quality cannabis and utilize their supply of biomass to create manufactured medical marijuana products, including Jushi’s suite of permissible branded products, to be sold at licensed medical marijuana dispensaries throughout Ohio. Subject to regulatory approvals, the initial phase of Jushi’s branded products will include The Lab’s cartridges and disposables, Tasteology’s gummies and chewable tablets, as well as Nira + Medicinals’ topical balm. Additionally, FBS – OH operates a state-of-the-art kitchen and lab within the Facility with the goal to produce all medical cannabis products and forms permissible in the state.
“By combining the capabilities of the new state-of-the-art processing facility with our recently announced cultivation facility acquisition, Jushi will be building scale and moving one step closer to being vertically integrated in the rapidly growing Ohio medical cannabis market,” said Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi. “This processing facility was thoughtfully designed to produce consistent, high-quality products, enabling the introduction of our award-winning brands and the next generation of cannabis products. We are thrilled to continue our investment into Ohio to support the medical patients and look forward to serving this important market.”
As of June 22, 2021, the Ohio Medical Marijuana Control Program reported over 207,000 registered medical patients and 666 certified participating physicians as of June 9, 2021. The state reported approximately $449 million in total medical cannabis product sales through June 21, 2021. As reported by the state in June, there are currently 53 operational dispensaries, 27 operating cultivators, and 30 operating processing facilities across the state. Additionally, the Ohio Board of Pharmacy recently approved the licensing of 73 new dispensaries, which will increase the total dispensary count across the state to 130 dispensaries.