BOCA RATON, Florida, November 17, 2021 — PRESS RELEASE — Jushi Holdings Inc. (Jushi), a vertically integrated, multi-state cannabis operator, announced that it has entered a definitive agreement to acquire NuLeaf, Inc., a Nevada-based vertically integrated operator, for total consideration of up to $62.5 million.
In addition to a 27,000-square-foot cultivation facility in Sparks, Nev., and a 13,000 square-foot processing facility in Reno, Nev., NuLeaf operates two adult-use and medical retail dispensaries. Additionally, NuLeaf owns a third licensed retail dispensary located directly on Las Vegas Boulevard: the Las Vegas Strip Dispensary, which is expected to become operational early next year, subject to regulatory approval and other conditions.
Upon completion of the acquisition of NuLeaf, and the previously announced Apothecarium Nevada acquisition, Jushi will grow its retail presence to four dispensaries in the $1 billion Nevada cannabis market, three of which are located in the Las Vegas area. The company will also bolster its existing cultivation and processing capabilities in the state with the addition of NuLeaf's high-quality facilities, providing a strategic entry point into the Nevada wholesale market.
"We are thrilled to enter into an agreement to acquire NuLeaf, a vertically integrated operator with the potential to significantly increase our presence in the Nevada retail and wholesale markets," said Jim Cacioppo, Jushi founder, chairman and CEO. "NuLeaf boasts a well-established retail network with top-quality, design-forward dispensaries in coveted high-traffic destination locations. In addition, NuLeaf's cultivation and processing assets are strongly aligned with our strategic expansion strategy in Nevada. This acquisition is expected to generate significant top-line growth and be immediately accretive, as well as increase market share of Jushi's best-in-class brands and establish a leadership position in one of the largest cannabis markets in the U.S."
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