We at Jushi Holdings Inc. (“Jushi”) are on a mission to build lasting brands across various budding markets. We believe that strong brand recognition and a lasting reputation will only propel us forward toward becoming one of the strongest leaders in the cannabis industry. As a thriving business, we are building upon our foundation and always looking to the future.
On August 14, 2019 we will be hosting an open conference call to disclose our second quarter financial results. On the call, we will answer questions and underscore important points about recent operational and financial updates. Our call will occur at 8:30 am EDT, or shortly before the markets open.
Furthermore, we have exciting updates to share regarding recent acquisitions. Our subsidiary Production Excellence LLC will soon enter the Greater Las Vegas market through the acquisition of Franklin Bioscience NV, LLC per a management services agreement.
Franklin Bioscience NV currently holds medical and adult-use licensure and facility space for cannabis cultivation, processing, and distribution. This move will prove strategic for Jushi as we enter into operations in the Nevada market. Production Excellence will have access to these cultivation, manufacturing, and distribution facilities upon closure.
We are enthusiastic to further develop our hemp enterprise upon entrance into Nevada. Prior to the purchase, Franklin Bioscience NV obtained a Hemp Handler license which will permit us to receive and process industrial hemp similarly to how we will be operating in New York. We hope to finalize this acquisition during the second half of 2019.
This acquisition will provide us with many opportunities moving forward. Nevada’s market offers a wealth of possibilities, especially within the Las Vegas market. The area teems with tourists year round, and both visitors and residents alike are interested in exploring legal cannabis. The Nevada market is an important place to be, and Jushi recognizes the value of this region. In fact, the market saw an accumulation of nearly $600 million in the 2018 fiscal year. These projections are only predicted to rise as time moves forward.
In addition to our excitement out of Nevada, we have also received a retail and delivery permit in Culver City, California. Jushi was chosen as one of three applicants to receive a license out of 23 applications. This achievement is big for us as we look to enter into limited license jurisdictions within the larger markets. This grants us an opportunity to build in this exclusive market area and move forward in attaining status with an eco-friendly, sustainable angle in the great State of California. Our license in Culver City will also award us a spot at a prime retail location in the Greater Los Angeles area.
Recently, we have been blessed here at Jushi with an abundance of positive news. We look forward to widening our footprint in the United States market and providing our market areas with premier products and services. It takes a lot of hard work to strategize effectively, but we believe we are making the right moves and will continue to move our efforts across the nation.