Florida-based marijuana multistate operator Jushi Holdings bolstered its operations in Nevada, closing on its previously announced agreement to acquire NuLeaf for up to $53.6 million in cash and stock.
The closing value of the transaction, which was initially estimated at $62.5 million, mostly reflected a decline in Jushi’s stock price since the deal was announced in November 2021.
The Nevada acquisition, according to a news release, includes:
- Two medical and recreational marijuana stores in Las Vegas and Lake Tahoe.
- A 27,000-square-foot cultivation facility in Sparks.
- A 13,000-square-foot processing facility in Reno.
NuLeaf also owns a third retail license for a property on Las Vegas Boulevard that is expected to become operational during this quarter, subject to regulatory approvals.
Jushi paid $45 million at closing:
- $15.75 million in cash.
- $15.75 million in the form of a promissory note.
- $13.53 million in stock.
The company said it will pay an additional $8.6 million in the same proportions of cash, stock and a promissory note when the Las Vegas Strip store receives regulatory approvals to open.
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Jushi, which in September also acquired Nevada marijuana retailer The Apothecarium, now has four stores in the state and three are in the touristy Las Vegas area.
The NuLeaf acquisition also will enable Jushi to sell its branded products on the wholesale market in Nevada, the company said.