Florida-based Jushi Holdings has entered into an acquisition deal with Dalitso LLC, one of the five conditionally licensed cannabis businesses in Virginia. The $16-million transaction includes a mix of cash, stock and convertible promissory notes.
Dalitso earned one of the state’s vertically integrated licenses to produce, process and sell CBD oil and THC-A oil extracts. The five licenses were distributed by geography; Dalitso’s operations will be based near Fairfax.
“We are excited to have found such a fantastic operational and financing partner in Jushi,” Farzana Kennedy, president of Dalitso, said. “Dalitso remains committed to providing the highest quality medical cannabis products and patient care in Virginia. Jushi’s experienced leadership team and world-class operational expertise perfectly positions Dalitso to deliver on that commitment and serve its patients through the Commonwealth’s medical cannabis program.”
The Jushi team praised Kennedy’s experience as the pharmacist-in-charge at Dalitso, noting that she’ll “oversee its production of high-quality medical cannabis products.”