Jushi Holdings Closes of Offering of Subordinate Voting Shares


BOCA RATON, Fla., Jan. 07, 2021 (GLOBE NEWSWIRE) -- Jushi Holdings Inc. (CSE: JUSH) (OTCMKTS: JUSHF), a vertically integrated, multi-state cannabis operator, announces today the closing of its previously announced overnight marketed offering of an aggregate of 6,210,000 subordinate voting shares at a price of C$6.50 per share for total gross proceeds of approximately C$40,365,000, which includes the full exercise of the over-allotment option granted to the underwriters.

The Offered Securities were offered in each of the Provinces of Canada, other than Québec pursuant to a prospectus supplement to the Company’s base shelf prospectus dated October 9, 2020 (the “Prospectus”) and in the United States on a private placement basis to “qualified institutional buyers” pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”).

The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes, including the use of up to 33% of the net proceeds to partially repay certain of the Company’s outstanding senior secured notes ?in accordance with their terms?.

Canaccord Genuity Corp. and Beacon Securities Limited acted as the co-lead underwriters for the Offering.

“I’m thrilled with the support we continue to receive from our shareholders. With this financing complete, we have a strong balance sheet to further accelerate our revenue growth and profitability as we enter 2021,” said Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi. “The opportunity in the legal U.S. cannabis industry is immense, and Jushi is strategically positioned with both the capital and talent to expand in the highest quality markets as we continue to build our business.”

As a result of the successful completion of the Offering, the Company has, as of the date hereof, (i) 138,606,064 subordinate voting shares issued and outstanding, and (ii) 246,792,034 shares issued and outstanding on an as-converted and fully-diluted basis. In connection with the acceleration of certain warrants announced on December 24, 2020, the Company anticipates the exercise of an additional 2,723,750 warrants which would result in a total of 141,329,814 subordinate voting shares issued and outstanding as of January 25, 2021.

Copies of the Prospectus may be obtained on SEDAR at www.sedar.com and from Canaccord Genuity Corp., 161 Bay Street, Suite 3000, Toronto, ON M5J 2S1. The Prospectus contains important detailed information about the Company and the Offering. Prospective investors should read the Prospectus and the other documents the Company has filed on SEDAR at www.sedar.com before making an investment decision.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The subordinate voting shares have not been and will not be registered under the U.S. Securities Act or any state securities laws. Accordingly, the Offered Securities may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Jushi Holdings Inc.

We are a vertically integrated cannabis company led by an industry leading management team. In the United States, Jushi is focused on building a multi-state portfolio of branded cannabis-derived assets through opportunistic acquisitions, distressed workouts, and competitive applications. Jushi strives to maximize shareholder value while delivering high quality products across all levels of the cannabis ecosystem. For more information, please visit www.jushico.com or our social media channels, Instagram, Facebook, Twitter, and LinkedIn.

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