Jushi Announces Opening of Its 17th Pennsylvania Dispensary
Jushi announced the opening of a relocated dispensary in Mount Pocono, Pennsylvania. This is Jushi’s 35th store nationwide and 17th in Pennsylvania. Jushi is fully vertical in Pennsylvania, with a 123k-square-foot cultivation and manufacturing facility to complement the retail stores. Vertical integration provides greater control of the supply chain and often enhances margins. Pennsylvania is the fifth-most populous state with more than 13 million residents. It began medical sales in 2018 and is expected to be a $1.5-2 billion market this year. The state’s path to adult-use sales is through a legislative process, rather than a vote. Governor Josh Shapiro has a line item in the budget for adult-use sales to start no later than January 1, 2025. There are approximately 127 MSO-owned stores in Pennsylvania and Trulieve (CSE: TRUL, OTCQX: TCNNF) has the most doors with 20. However, when accounting for the size of the business by dividing the enterprise value into the number of stores, Jushi’s ratio is 4.3x higher than Trulieve and the highest of any MSO. When considered along with its 123k square feet of cultivation and manufacturing capacity, Jushi may have the most torque to Pennsylvania of any public company. The new location is a Beyond Hello™ dispensary located in Mount Pocano, Pennsylvania. It is operated through Jushi’s subsidiary, Franklin Bioscience – NE LLC. It is ideally situated in the Pocono Mountains, a popular vacation spot known for its outdoor activities, resorts, shopping, and entertainment. Kalahari Resort and Convention Centre is 10 minutes away and has more than 900,000 visitors annually. “Centrally located in Monroe County, our newly relocated storefront in beautiful Mount Pocono demonstrates our commitment to provide better access for patients and caregivers”, said Jim Cacioppo, Chief Executive Officer, Chairman, and Founder of Jushi. “A tourist favorite with plenty to offer during all four seasons, this lively borough presents the ideal atmosphere to bring our suite of products and brands, complemented by our in-store patient experience. We look forward to continuing to introduce new products in the Commonwealth.” The store’s grand opening is scheduled for Saturday, January 13, 2024, at 9:00 am and will offer 30% off all purchases that same day.
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