Multistate cannabis operator Jushi Holdings closed a $58.8 million raise (74.8 Canadian dollars) with plans to acquire a marijuana operation in Virginia for $20 million.
The Florida-based company offered 7,475,000 subordinate voting shares at $7.88 per share.
According to a news release, Jushi plans to use the funds for further expansion, including the possible acquisition of a 93,000-square-foot medical marijuana facility in Prince William County, Virginia, as well as adjacent property.
The Virginia facility is operated by a Jushi subsidiary.
Virginia recently took a major step toward launching a recreational marijuana market after the state’s House of Delegates and Senate passed different legalization bills.
Jushi also plans to use some of the money from the raise to repay debt and for other business opportunities as well as for working capital.
“We are building a leading multistate operator through thoughtful capital deployment in attractive limited license markets,” Jushi CEO, Chair and founder Jim Cacioppo noted in the release.
Jushi’s shares trade on the Canadian Securities Exchange as JUSH.