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Jushi Holdings Inc.’s (CSE: JUSH) (OTCQX: JUSHF) Executive VP of Business Development Discusses Growth Plans, Acquisitions, Synergies in Operations, and Participation in Conferences
October 25, 2021

Jushi Holdings Inc.’s (CSE: JUSH) (OTCQX: JUSHF) Executive VP of Business Development Discusses Growth Plans, Acquisitions, Synergies in Operations, and Participation in Conferences

  • In a recent interview, Jushi’s Executive VP of Business Development, Olivier Blechner, shared the company’s plans to increase the number of its cannabis stores progressively from the current 24 to 36
  • Jushi is also expanding its production facilities in Pennsylvania, Virginia, and Massachusetts
  • The company, which recently closed the purchase of Nature’s Remedy of Massachusetts, Inc. (“Nature’s Remedy”) and announced signing a definitive agreement to acquire an operating dispensary in Las Vegas, Nevada, is eying additional acquisitions
  • Jushi participated in several conferences this month, including the Benzinga Cannabis Capital, MJBizCon and MJ Unpacked

As a company committed to setting the new standard for a sophisticated, modern cannabis experience, Jushi Holdings (CSE: JUSH) (OTCQX: JUSHF) has made substantial strides in fulfilling this vision. 

In a recent interview with IBN’s Jonathan Keim, Olivier Blechner, Jushi’s Executive VP of Business Development, delineated key milestones and the company’s growth throughout its now three and a half years of existence. 

From its initial retail-focused beginnings, Jushi has made significant inroads in the cultivation and production of cannabis, adopting a vertically integrated model that it has implemented in various states, including some major markets – Pennsylvania, Virginia, and Massachusetts. It is now a multi-state cannabis operator focused on building assets in limited license medical markets and high-growth, large adult use markets that are limited at the state or jurisdictional level where it can create the greatest return on investments for its shareholders. 

Currently, Jushi holds permitted licenses to run 36 cannabis retail stores. Of these, the company operates 24 stores, with the expectation that it will operate five more before year-end and seven more next year. This company’s expansion plans follow a two-pronged investment and growth strategy that encompasses capital expenditure (“CapEx”), along with mergers and acquisitions (“M&A”).

For the company to invest in a prospect, Blechner said, “it has to significantly expand and fortify our position in an existing market, or it has to be an additional market that is just as good if not better than what we have already.” This approach means that all potential investment projects compete internally for capital as the company only expects to channel funds into the best opportunities possible.

Using this approach, Jushi has made high-return and low-risk investments through CapEx – it currently is in the process of expanding its facilities in a phased approach in Pennsylvania and Virginia and is growing Nature’s Remedy in Massachusetts. Similarly through M&A, the company recently announced signing a definitive agreement to acquire an operating dispensary in Las Vegas, Nevada ( and closing the previously announced acquisition of Nature’s Remedy (, as well as eyeing additional purchases in line with its M&A strategy,

“The M&A market is still very interesting to us, and we see significant opportunities to expand our presence in states that we are operating in already, as well as selectively expand into new states.”

Through M&A-induced and/or license application growth, Jushi expects to expand its BEYOND / HELLO(TM) store count in Illinois from 5 to 10. It also plans to add one more store in Massachusetts, bringing its total to three, the maximum limit of cannabis stores a company can own in the state. Further, Jushi intends to leverage organic growth to open the remaining three licensed stores for a total of 18 dispensaries open in Pennsylvania. As well as opening one dispensary this year in Virginia and California this year and the remaining four in Virginia and one in California next year. 

Individually and collectively, these markets provide Jushi’s asset base with the greatest growth potential. In Illinois, for example, many multi-state operators (“MSOs”) with whom Jushi is competing have already hit their limit of cannabis stores, yet Jushi can add five more. As for Pennsylvania, there are discussions the Commonwealth is looking to shift from medical cannabis use to recreational use, on the heels of a similar switch in Virginia. 

Jushi’s M&A strategy has greatly benefited from the company being publicly traded. This status has eased its ability to raise cash that it can use for current and future investments. For instance, Jushi closed on an approximate $122 million in gross proceeds (or $115 million net proceeds) from three equity financings since October 2020, which, according to Blechner, is being put to excellent use, with Nature’s Remedy as a prime M&A example and CapEx on the company’s facilities as the other example. Further, given the increased ability for employees to own stock in the organization they work for, a publicly traded company provides a great retention tool and a way to pool the team together.

Mr. Blechner also discussed Jushi’s conference participation this month. These include:

  • Benzinga Cannabis Capital Conference, New York: October 14-15
  • MJBizCon, Las Vegas: October 19-21
  • MJ Unpacked, Las Vegas: October 21-22

For more information, visit the company’s website at

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