BOCA RATON, Fla., April 18, 2023 — Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator, announced support and appreciation for the Virginia General Assembly’s passage of medical cannabis and cannabinoid product-related bills amended by Governor Glenn Youngkin.
Last week, the Virginia General Assembly gathered to take up seventy-eight (78) bills amended by the Governor, including medical cannabis bills designed to enhance program accessibility for patients, improve operational efficiency for pharmaceutical processors and fully transfer regulatory oversight to the Virginia Cannabis Control Authority (“CCA”). Most patient-focused and operations-based changes will become effective on July 1, 2023, and CCA will take over regulating the program on January 1, 2024. We believe these measures illustrate the continued importance of the medical cannabis program in the Commonwealth and Jushi appreciates the General Assembly’s work on behalf of patients in need.
“Jushi extends our gratitude for the passion and commitment to exceptional public service exemplified by the members on the front lines of cannabis policy this Session, including Sen. Hanger, Sen. Ebbin, Sen. Obenshain, Sen. Surovell, Sen. Lucas, Sen. Deeds, Del. J.L. Campbell, Del. Webert, Del. Helmer, Del. Leftwich, and Del. Wilt, and especially thank the tireless efforts of Sen. Dunnavant, Sen. Favola, Leader Kilgore, Del. Hodges, Del. Robinson, Del. Head, and Del. D.M. Adams as bill patrons,” said Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi Holdings Inc.
With respect to broader cannabis-related matters, the General Assembly also approved Governor Youngkin’s amendments to bills aimed at bringing unauthorized, intoxicating cannabinoid products under a regulatory framework. These products are easily accessible in every community across the Commonwealth and commonly used as a substitute for adult-use cannabis. Currently, these products are not subject to regulatory oversight or consumer safety protections and have seriously sickened many Virginians – including hundreds of young children. “While we support the intention of this legislation to protect public health and safety, Jushi respectfully maintains that any effort to improve the status quo that does not incorporate a retail adult-use cannabis market will ultimately be ineffective,” said Mr. Cacioppo.
“We are disappointed Virginia missed an opportunity to advance bills expanding legal access to safe, tested adult-use cannabis products this Session, but appreciate that this year’s cannabinoid product-related bills represent a step in the right direction for Virginians,” Mr. Cacioppo said. Mr. Cacioppo continued, “[T]he problem Virginia lawmakers want to address can only be solved by giving Virginians an option to legally purchase cannabis they can already lawfully possess and use, and the public safety crisis tied to unregulated substitute products will continue until a regulated adult-use cannabis market becomes operational. Consequently, we believe that expanding access to legal cannabis is both in the Commonwealth’s best interest and inevitable in the near-term.”
Mr. Cacioppo further commented, “Jushi was heartened by the General Assembly’s bipartisan effort to expand legal access this Session and is optimistic that the unprecedented turnover of approximately 30% of the Virginia State Senate members and approximately 40% of the Virginia House of Delegates members will be retiring prior to November’s elections. The November elections will mark a generational shift among legislators that will create a more favorable environment for comprehensive legislation next Session.”
About Jushi Holdings Inc.
We are a vertically integrated cannabis company led by an industry-leading management team. In the United States, Jushi is focused on building a multi-state portfolio of branded cannabis assets through opportunistic acquisitions, distressed workouts and competitive applications. Jushi strives to maximize shareholder value while delivering high-quality products across all levels of the cannabis ecosystem. For more information, visit jushico.com or Beyond Hello™ on Instagram and Facebook.
