Florida-based multistate marijuana company Jushi Holdings closed its acquisition of Ohio medical marijuana grower OhiGrow in a cash deal worth $5 million.
OhiGrow is one of 34 licensed cannabis cultivators in Ohio, according to a Jushi news release issued Thursday.
The acquisition includes a 10,000-square-foot facility and 1.35 acres of land in Toledo, Ohio, with an additional 15,000 square feet of vacant space that can be developed.
Jushi said OhiGrow “will complement” an 8,000-square-foot medical marijuana processing facility in Columbus “to which Jushi provides operational and consulting services.”
According to the releases, “OhiGrow is expected to supply biomass to the processing facility to create manufactured medical marijuana products, including Jushi’s suite of permissible branded products, to be sold at licensed medical marijuana dispensaries throughout Ohio.”
In a statement, Jushi CEO and Chair Jim Cacioppo described the acquisition as “a substantial step forward in our plan to scale our footprint and vertically integrate in the Ohio medical cannabis market.”
OhiGrow was among the first 11 medical marijuana cultivators awarded licenses in Ohio in 2017.
In 2018, Ohio announced plans to revoke OhiGrow’s license after the company made little progress toward building its cultivation facility, although OhiGrow was permitted to appeal.
OhiGrow remains listed as a cultivation licensee by the Ohio Department of Commerce.