The multistate cannabis operator has plans to invest $50 million to expand the cultivation and processing facility to meet the increasing market demand, which will take place in Pennsylvania.
Jushi’s expansion will focus on tripling the canopy space from 90,000 square feet to more than 160,000 square feet, with the first phase aiming to come online in mid-2021 and its completion by the second quarter of 2022. It will triple the canopy space to 98,000 square feet.
San Diego-based Innovative Industrial Properties will partly be financing the expansion project. It will occur through an amended lease agreement between the two parties expected to create more than 100 jobs. It is subject to certain milestones, approvals, and permits from the government. Once granted, the project will begin its work on the first phase.
This year, the company bought Vireo Health International’s cultivation facility in Pennsylvania and expanded its indoor cultivation area. Jushi also operates all the eight Beyond/Hello retail dispensaries that offer a wide range of cannabis products for medical and adult-use customers. All locations are currently open and offering services to their patients and adult- customers.
The pressure is being felt in Pennsylvania to legalize recreational marijuana sales for adult use by 2021, though; it has to overcome resistance from some key Republican lawmakers.
CEO and Chair Jim Cacioppo said in a statement: ‘The medical cannabis market in Pennsylvania is rapidly growing with our products in high demand; this investment will significantly expand our cultivation capacity and the market share.’
Jushi Holdings’ expansion will have large production that will meet the high demand increasing in the market. The development will create more employment, over 100 jobs. With the output about triple, Jushi Holdings can already foresee a positive outcome from the expansion.