Jushi Inc. will become one of the dominant players in the Keystone State’s medical marijuana market with its $37 million acquisition of Scranton-based Pennsylvania Medical Solutions from Vireo Health International.
The aggressively expanding Jushi, based in Boca Raton, Fla., already holds permits to operate 15 cannabis dispensaries in Pennsylvania under its retail brand Beyond/Hello. Seven of its retail shops operate around Philadelphia and Pittsburgh. There are 81 dispensaries operating in the state.
Jushi’s focus following the acquisition of its first Pennsylvania grower is to improve the quality and quantity of pharmaceutical-grade marijuana produced at the 90,000-square-foot facility, said Jushi founder and president Erich Mauff, a former vice chairman of corporate finance at Deutsche Bank.
“We’re bringing in the A-team of cultivation experts from Colorado and Canada,” Mauff said. “We will operate for a period of time under the Vireo brand. But as soon as we have the operational excellence to produce flower and concentrates, we will roll out the family of Beyond/Hello and Jushi Brands.”
Mauff will more than double the amount of cannabis grown at the facility within the next month. “Currently we only have 21,000 square feet of canopy,” he said. “We’re adding an additional 24,000 square feet. We will also have a new extraction facility.” [Read more at The Philadelphia Inquirer]