Jushi Holdings has reached an agreement to acquire 100% of the equity of Pennsylvania Medical Solutions, a Pennsylvania grower-processor owned by Vireo Health International Inc.
"PMS operates a 90,000 square-foot facility which will have approximately 45,000 square-feet of indoor cultivation space when construction is complete," the team with the company explains. "PMS’ property can further accommodate an additional 25,000 square-feet of indoor cultivation bringing the total to 70,000. The company expects the facility to produce between 800 and 1,000 pounds of dried flower per month."
"The proposed acquisition will solidify Jushi’s position in Pennsylvania by adding equity ownership of PMS, with its large-scale indoor cannabis cultivation and processing capabilities, to its other subsidiaries’ collective rights to operate up to 15 dispensaries."
“This acquisition allows Jushi to expand its presence in one of the most attractive medical cannabis markets in the country,” said Jim Cacioppo, chairman and chief executive officer of Jushi. “Upon completion Jushi will be able to provide high-quality, indoor flower and concentrates to our Pennsylvania patients who continue to experience constrained supply and high prices. Furthermore, we will be well-positioned to support an increase in demand and maintain the ability to further scale up the facility if required.”
The proposed acquisition is subject to certain closing conditions, including approvals from regulatory authorities.