Jushi Debuts In Massachusetts Via Completion Of Nature’s Remedy Acquisition
The company plans to expand Nature’s Remedy’s wholesale revenue
Vertically integrated cannabis company Jushi Holdings Inc. has wrapped up its previously announced acquisition of Nature’s Remedy of Massachusetts, Inc. and its affiliates, on the heels of opening its 22nd BEYOND / HELLO retail location nationwide.
Jim Cacioppo, the company’s CEO, chairman and founder, said he is thrilled that the company is officially entering the Massachusetts market, “adding Nature’s Remedy, a vertically integrated business operating high-quality, well-managed assets.”
Transaction Details
Under the terms of the agreement, Jushi took over two retail dispensaries in Millbury and Tyngsborough, as well as a 50,000 square feet cultivation and production facility in Lakeville.
The upfront consideration of $91.2 million for the acquisition includes $40 million in cash, approximately $34.7 million in stock, an $11.5 million unsecured three-year note, and a $5.0 million unsecured five-year note.
The company also opted to issue up to an additional $5 million in its shares and a $5 million increase to the principal balance of the three-year note upon the occurrence or non-occurrence of certain conditions after the closing date, bringing the total potential consideration for the acquisition to $101.2 million.
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