Jushi announced that its subsidiary has become the majority owner of two Illinois medical cannabis dispensaries.
Jushi Holdings (CSE:JUSH,OTCQX:JUSHF) announced that its wholly owned subsidiary has become the majority owner of two Illinois medical cannabis dispensaries by being transferred a majority stake in their holding company.
As quoted in the press release:
The Sauget dispensary has been approved for adult-use. The Normal dispensary is eligible to seek approval from the Illinois Department of Financial and Professional Regulation (“IDFPR”) to also become an adult-use dispensary. Each dispensary is eligible to seek approval from the IDFPR to open a second retail location.
Each of the 55 existing medical dispensaries in Illinois has the option of adding a second retail location and adding adult-use to the dispensaries. Jushi intends to exercise these options with respect to the two existing dispensaries and have four dispensaries open and operating in 2020 as adult-use storefronts, subject to regulatory approvals. The two existing dispensary locations currently operate as The Green Solution (“TGS”) but will transition to BEYOND/HELLO branding during the year, and are located at 2021 Goose Lake Road, Sauget, IL 62206 and 501 West Northtown Road, Normal, IL 61761.