Multi-state cannabis operator Jushi has closed its agreement to acquire NuLeaf, Inc., a Nevada-based vertically integrated operator, for $53.6 million.
“We are excited to announce the closing of our third acquisition in Nevada, a milestone accomplishment for our team,” Jushi Holdings CEO, Chairman and Founder Jim Cacioppo said. “The acquisition of NuLeaf sets the tone for our growth plans in the state as we continue to scale and strengthen our operations in this limited license market. With our newly established vertically integrated footprint in the state, we look to gain market share of our brands and further capitalize on the significant opportunity in this market, aided by NuLeaf’s premier retail, cultivation and manufacturing assets.”
NuLeaf operates a pair of adult-use and medical retail dispensaries in Las Vegas, Nev., and Lake Tahoe, Nev., as well as a 27,000 square-foot cultivation facility in Sparks, Nev., and a 13,000 square-foot processing facility in Reno, Nev.
Jushi acquired 100 percent of NuLeaf’s operational dispensary assets and 100 percent of its cultivation and processing facilities. The transaction expands Jushi’s retail footprint to four dispensaries in the $1 billion Nevada cannabis market, with three of the dispensaries being located in the Las Vegas area.