Cannabis MSO Jushi cancels California acquisition, moves forward in Illinois

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Florida-based multistate operator Jushi Holdings terminated the acquisition of an adult-use marijuana store in California and launched recreational sales at a shop in Illinois.

According to a news release, Jushi entered into an agreement last fall to purchase an unidentified marijuana retailer in San Diego for $12 million, but the deal failed to close and Jushi terminated the acquisition Sunday.

However, Jushi still intends to enter the California market through multiple acquisitions, according to CEO Jim Cacioppo.

“Jushi expects to close on its definitive agreement in Santa Barbara for one of the three dispensary licenses in that city during the third quarter of 2020, and a Jushi subsidiary received approval for a retail and delivery permit in Culver City, California, last year,” Cacioppo said in a release.

In another move, Jushi expanded its Illinois footprint on Monday by beginning recreational marijuana sales at the company’s second shop in the state. Jushi’s new store in Normal joins a rec retail outlet the company previously opened in Sauget, according to the company’s website.

Cacioppo said in a release that Jushi plans to “continue our retail footprint expansion by opening up two additional storefronts in Illinois by year-end, along with several other retail locations in key states like Pennsylvania, Virginia and California.”

Jushi trades on the Canadian Securities Exchange under the ticker symbol JUSH and on the over-the-counter markets as JUSHF.