Recently, Jushi Holdings Inc. (Jushi) announced a transaction of all of the membership interests of Franklin Bioscience PA and its existing subsidiaries across the state of Pennsylvania. We completed the purchase of these entities for approximately $63 million. We at Jushi are excited for this transaction as we look to continue expanding our reach in the Northeast market.
With this announced transaction, the accumulated assets include permits for four medical dispensaries that individually may operate in three separate locations. These permits, which exist in various phases, allow for the opening of up to 12 medical cannabis stores across Pennsylvania.
The areas of operation in which these permits apply will allow us to expand in multiple regions of Pennsylvania. Our first region of operation is the Southeast Region which contains the Philadelphia area. The Southeast Region permits the opening of six shops including Franklin Bioscience PA’s two already existing dispensaries, Beyond/Hello, located in Center City Philadelphia and Bristol, PA.
We are also excited to work on opening stores in the Northeast Region which encompasses the Scranton area. In this region, Franklin Bioscience holds three permits. Finally, we will be expanding our operations to the Southwest Region which contains the Pittsburgh area. We will also have the capacity to open up three stores in this region.
At Jushi, we are beyond thrilled to begin our work in the state of Pennsylvania through the partnership with Beyond/Hello. As a limited license state, entering into the Pennsylvania market is competitive, and we view this as a significant achievement. Fortunately, we were able to acquire two stores that have already proven to be successful, and it will be interesting to see how things shape up as we continue in this partnership. We are already moving quickly to check out our prospects for developing other dispensaries across Pennsylvania.7777
“Jushi is excited to close this transaction as it is a big achievement for our shareholders as we scale our retail footprint, specifically creating a significant retail market share in Pennsylvania,” Jushi CEO Jim Cacioppo says. We at Jushi know we have the capability to supply high-quality products to the Pennsylvania market, and we look forward to our involvement in Beyond/Hello moving forward.Go Back