Jushi closes $63 million Pennsylvania deal for medical cannabis dispensary space

Jushi, a Florida-based marijuana company, closed an agreement to acquire Pennsylvania-based Franklin Bioscience in a $63 million deal.

The purchase price for Franklin, which holds licenses for up to 12 medical marijuana dispensaries in Pennsylvania, is a combination of cash, debt and stock.

Jushi entered into various acquisition agreements since it started trading on Canada’s NEO exchange under the ticker symbol JUSH on June 10.

The purchase agreements include an adult-use dispensary in San Diego, The Healing Center, as well as a Virginia-based processing company, Dalitso.

Jushi CEO Erich Mauff told Marijuana Business Daily the company is focusing on distressed assets to expand its footprint.

It is looking at states where licenses are hard to achieve, including California, Illinois, Nevada, New York and Ohio, he added.

“We would have liked to stay private longer, but it was always part of our game to go public,” Mauff said.

“We could not have got regulatory approval in Pennsylvania by staying private.”

More details on Jushi’s acquisition are available here.

Nick Thomas can be reached at [email protected]
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2 comments on “Jushi closes $63 million Pennsylvania deal for medical cannabis dispensary space
  1. Elisie Coover on

    This is this problem!! Then y’all charge us patients outragious prices to cover this $63mil dollar deal!! Im in PA moved from WA wanna go back cuz their medical is way better!! PA has no actual mmj producers in PA its all out sourced to the bigger already established growers from other states!! I shouldn’t be paying 70 for 3.5g in wa as a patient i payed 25 tops for 3.5g!!! And how can you hold 12 licenses for dispensaries when the state only allows you to have a total of 3????

    Reply
    • MJ on

      It’s 3 permits, not 3 dispensaries. Each permit allows several dispensaries to be built. 12 dispensaries is the max allowed in the state.

      Reply

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