Jushi Closes Acquisition of 80 Percent Stake in Agape

Jushi gains voting and financial control of Agape Total Health Care Inc. as the Pennsylvania retailer is set to open three new dispensaries.

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BOCA RATON, Fla., June 26, 2020 (GLOBE NEWSWIRE) -PRESS RELEASE- Jushi Holdings Inc., a multi-state cannabis and hemp operator, announced the closing of the company's previously announced acquisition of 80 percent of the economic and voting interests in Agape Total Health Care Inc., a Pennsylvania dispensary permittee. In closing, Jushi acquired a majority interest in Agape, which will open three retail locations: one in the Philadelphia region, one in Reading and one in Pottsville. With the closing of this deal and prior announced acquisitions, Jushi’s subsidiaries will have rights to operate up to 15 dispensaries, the current maximum number of permitted retail locations in Pennsylvania outside of the Clinical Registrant Program.

"The close of this transaction further cements our leadership position in Pennsylvania and demonstrates our commitment to broadening access to medical marijuana for patients across the Commonwealth,” Jim Cacioppo, Jushi’s chairman and chief executive officer, said. “Not only is this a big achievement for our shareholders, it also underscores the strength of our team and their ability to strategically expand in limited license markets. As Pennsylvania's medical cannabis program grows and evolves in the coming months and years, Agape will serve as a trusted health and wellness partner in key markets across the Commonwealth. We look forward to providing further announcements as we strategically expand our footprint in Pennsylvania, Illinois, Virginia, California and other key markets across the U.S."