Jushi Holdings Goes On A Buying Spree, The SAFE Banking Act, and Spain’s Cannabis Cartel

In #finance, Jushi Holdings goes on a #buying spree, announcing three #acquisitions worth approximately 137 #million #dollars. In the largest of the recent deals, the #Florida-based multistate operator agreed to purchase vertically-integrated Nature’s Remedy of #Massachusetts for 110 million dollars, marking their entry in their 7th state market. Under terms of the transaction, Jushi will pay 40 million dollars in cash, 55 million in subordinate #voting shares, a 5 million dollar #promissory note, and an additional 10 million in #stock based on certain conditions. Through the deal, they will gain 2 #adult-use #dispensaries, a 50,000 square foot #cultivation and processing center in #Lakeville, as well as 10 acres of land and a provisional grow license in Grafton. The news came a day before Jushi announced plans to buy one of 34 licensed #Ohio #MMJ cultivators, OhiGrow, for 5 million dollars in #cash. The acquisition includes 1.4 #acres and a 10,000 square-foot Toledo grow facility that is expected to provide biomass for a soon-to-open manufacturing plant, to which Jushi already provides operational and consulting services. According to company #CEO Jim Cacioppo, Jushi will continue to pursue #vertical integration in Ohio, with plans to explore potential retail opportunities. This follows their 22 million dollar purchase of a expansive 93,000 square-foot facility, run by their subsidiary, cannabis #pharmaceutical processor Dalisto, and 9 acres of surrounding land in Prince William County, #Virginia. Jushi currently owns 17 dispensaries under the Beyond/Hello #brand name, and various cultivation, #manufacturing, and processing operations across 6 states. Their announced acquisitions are expected to close over the second to fourth quarters of this #year.

Overseas, #Spanish authorities #confiscate 7.2 #million #dollars worth of #marijuana and arrest more than 65 people in connection to a #Chinese criminal organization with operations throughout #Europe. #Police identified the group as the “Bang of #Fujian”, one of the largest #cannabis-growing cartels in the country with its origins in the #Eastern Chinese province and headquarters in #Barcelona. More than 350 law enforcement agents, with support from Interpol, worked to dismantle the network by raiding 29 warehouses across #Spain, as well as private residences in #Portugal and the #Netherlands. They discovered nearly 40,000 plants dispersed between 13 indoor grow-ops, which were illegally connected to the power grid and stealing enough electricity to supply more than a thousand #homes. The official investigation into the gang began after officials discovered parcels containing packaged marijuana in 2019. The group is suspected of making approximately 700 illicit shipments to at least 6 countries, including the #UK, #Germany, and #France. According to Spanish police, Chinese authorities are assisting in the ongoing investigation by exploring possible human trafficking and #money laundering allegations associated with the well-organized criminal operation.

In #Colorado, #Denver’s #marijuana laws undergo a major overhaul which legalizes #cannabis #delivery and consumption lounges in the city. After taking into consideration industry feedback gathered over the past two years, the Denver #City Council unanimously approved the new regulations, which represent the most significant changes since the state’s recreational cannabis sales began in 2014. Among them are the creation of two new business license types, one for cannabis delivery companies and one for marijuana #hospitality establishments, or #social consumption lounges. The rules further make temporary #coronavirus-prompted #dispensary walk-up windows and drive-thru services permanent. Other provisions of the legislation include an end to retail and cultivation site caps in areas outside Denver’s five most saturated neighborhoods, as well as 6 years of #exclusive access to new cannabis business permits for social equity applicants. According to a licensing spokesperson, the application process for delivery permits is expected to start by this #summer, while the one for hospitality establishment licenses will begin this fall.

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William Bradley

William Bradley

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