The cannabis company expands its reach, which is going to support its stock
Dispensaries in the state of Ohio are getting great news, after learning that a cannabis producer in the state was recently acquired by Florida-based Jushi Holdings for $5 million. This means that their shelves will be filled with more marijuana products.
The vertically integrated company has moved the necessary pieces to finally close the transaction and purchase the full rights to OhiGrow, LLC, an Ohio licensed producer, and Ohio Green Grow LLC., shelling out $5 million in cash to do so. This news was shared yesterday, which indicated the acquisition also includes an approximately 10,000-square-foot facility and 1.35 acres of land.
Under the terms of the agreement, both parties agreed to apply to state regulators for a change of ownership status so that FBS-OH can become a subsidiary of Jushi. OhiGrow’s possession of a Tier II cultivation license will help it begin supplying biomass to the Columbus-based processing facility to begin producing high-quality medical marijuana products that will be placed on the shelves of dispensaries located in Buckeye.
“This is a substantial step in our plan to scale our footprint and vertically integrate into the Ohio medical cannabis market,” said Jim Cacioppo, CEO, president and founder of Jushi. If desired, OhiGrow has been granted the right to obtain the necessary approval to expand the facility’s cultivation area to 9,000 square feet. This area has received major investment and also has another 5,000 square feet of space that are poised for further development.
“With the new processing facility in place, we are well-positioned to supply high-quality medical cannabis products to Ohio patients,” added Cacioppo.