BOCA RATON, Florida, April 8, 2022 - PRESS RELEASE - Jushi Holdings Inc., a vertically integrated, multi-state cannabis operator, announced that it has closed its previously announced agreement to acquire NuLeaf, Inc., a Nevada-based vertically integrated operator, for $53.6 million. NuLeaf operates two adult-use and medical retail dispensaries in Las Vegas and Lake Tahoe, in addition to a 27,000 square foot cultivation facility in Sparks and a 13,000 square foot processing facility in Reno. NuLeaf also owns a third licensed retail dispensary located directly on Las Vegas Boulevard, which is expected to become operational in Q2 2022, subject to regulatory approval and other conditions.
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The acquisition of NuLeaf, along with the recently closed Apothecarium Nevada acquisition, expands Jushi's retail footprint to four dispensaries in the Nevada cannabis market, three of which are located in the Las Vegas area. In addition, NuLeaf's facilities strengthen Jushi's cultivation and processing capabilities in the state, providing a strategic opportunity to expand Jushi's ability to supply its best-in-class suite of branded products across its newly acquired Nevada stores and into the wholesale market.
"We are excited to announce the closing of our third acquisition in Nevada, a milestone accomplishment for our team," said Jim Cacioppo, Jushi CEO, chairman, and founder. "The acquisition of NuLeaf sets the tone for our growth plans in the state as we continue to scale and strengthen our operations in this limited license market. With our newly established vertically integrated footprint in the state, we look to gain market share of our brands and further capitalize on the significant opportunity in this market, aided by NuLeaf's premier retail, cultivation and manufacturing assets. We look forward to the immediate revenue and EBITDA contribution this acquisition will bring as we fully integrate NuLeaf into our business."
