Florida-based multistate marijuana operator Jushi Holdings announced a deal to acquire NuLeaf, a vertically integrated cannabis company in Nevada.

The acquisition is worth up to $62.5 million and is expected to close in the first half of 2022, according to a Wednesday news release.

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The price tag features a $52.5 million upfront payment that includes:

  • $15.75 million in cash.
  • An unsecured promissory note for the same amount.
  • $21 million in Jushi subordinate voting shares.

Another $10 million – “in an identical percentage combination” of cash, a promissory note and shares – will be issued “upon the occurrence or non-occurrence” of an upcoming NuLeaf dispensary on the Las Vegas strip receiving regulatory approvals to open for business.

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Aside from the pending Las Vegas strip location, NuLeaf’s Nevada assets include:

  • An operational retail location in Las Vegas that currently serves an average of 1,000 customers per day.
  • A retail location in Lake Tahoe described as “the only licensed recreational retail dispensary in the area.”
  • A cultivation facility in Sparks.
  • A processing facility in Reno.

The NuLeaf acquisition comes on the heels of Jushi’s deal to buy Las Vegas retailer The Apothecarium as well as its acquisition of Nevada cannabis cultivator, processor and distributor Franklin Bioscience NV.