Jushi Holdings, a Florida-based cannabis and hemp company, closed its previously announced $63 million acquisition of all of the membership interests in Franklin Bioscience-Penn LLC.
The deal covers the Pennsylvania medical marijuana dispensary operation of Franklin Bioscience and its subsidiaries, which have a total of four dispensary permits issued by the state health department. Those permits allow for the holder to open a total of 12 medical marijuana dispensaries in Pennsylvania.
On the east side of the state, Franklin Bioscience operated the Beyond/Hello cannabis dispensaries in Philadelphia and Bristol, but the company is looking at Pittsburgh.
“Our investment in Pennsylvania has quickly cemented Jushi as a leader in this northeastern limited license state," said Jim Cacioppo, chairman and CEO of Jushi, in a prepared statement. “Beyond/Hello currently has two fantastic locations with an established brand in Pennsylvania and a loyal patient base. We are immediately evaluating the locations for our remaining 10 stores within the highly desirable regions of Philadelphia, Pittsburgh and Scranton and we look forward to obtaining the program’s approval for their openings."
The estimated $63 million price tag for the deal — a combination of cash, notes and stock — is subject to working capital and other adjustments.