Multi-state operator, Jushi Holdings Inc. (JUSHF) has launched its adult-use sales at a dispensary in Normal, Illinois (Bloomington-Normal metropolitan area) under the company’s BEYOND / HELLO brand.
“On this day two years ago, BEYOND / HELLO opened up its very first dispensary in Bristol, Pennsylvania. Several store openings later, we’re now expanding into one of the most attractive and fastest-growing adult-use cannabis markets in the country,” said Jim Cacioppo, Jushi’s Chairman, and Chief Executive Officer. “We continue to work aggressively to stay ahead of consumer demands while remaining nimble in our response to COVID-19. Our new online shopping platform delivers a more convenient and transparent shopping experience while providing an alternative way for our customers to engage with our BEYOND / HELLO retail brand.”
On Monday, the BEYOND / HELLO Bloomington-Normal will begin serving adult-use customers through Jushi’s online shopping platform and through over-the-phone orders for in-store pickup. Medical patients can continue to shop in-store as well as place orders online and over-the-phone for either curbside or in-store pickup. The company said it expects to open an additional two storefronts in the state by year-end.
Canceling San Diego
As Jushi ramps up openings in Illinois, the company also announced that it was terminating an agreement to buy an operational adult-use and medicinal dispensary in San Diego, CA. That deal was originally signed in the third quarter of 2019 with Jushi planning to acquire 75% of the equity and voting interest in the San Diego dispensary for approximately $12 million. The deal was expected to close by the end of 2019, but Jushi believed the sellers had breached the agreement. The sellers disagreed and thought Jushi was in breach for not closing the deal.
The company said that by May 9, the sellers still hadn’t “cured the breaches to the agreement” and so the deal was killed.
Cacioppo said, “We will continue to pursue M&A opportunities in limited license jurisdictions within California that align with our core businesses and growth strategy. Jushi expects to close on its definitive agreement in Santa Barbara for one of the three dispensary licenses in that City during the third quarter of 2020, and a Jushi subsidiary received approval for a retail and delivery permit in Culver City, California last year. We remain confident that we can expand our presence within California by targeting limited license markets with high barriers of entry.”