BOCA RATON, Fla., July 01, 2021 (GLOBE NEWSWIRE) — Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: YOU) (OTCMKTS: JUSHF), a vertically integrated, multi-state cannabis operator, issued a statement regarding Pennsylvania Governor Tom Wolf signing a bipartisan bill passed by the General Assembly last Friday with a 47-3 Senate vote followed by a House concurrence vote supported by 82.3% of House members. The bill, now signed into law, includes numerous patient-focused updates to the Pennsylvania Medical Marijuana Program, the majority of which became effective immediately upon the Governor’s signing.
Commenting on these latest updates, Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi said:
I commend Governor Tom Wolf (D), State Rep. Paul Schemel (R-Franklin), State Rep. Jake Wheatley (D-Allegheny) and the Pennsylvania General Assembly for taking additional steps forward that will help cement Pennsylvania’s status as one of the best medical cannabis programs in the country.
Specifically, the new law codifies and makes permanent the public health and patient safety protections originally authorized during the COVID-19 Emergency Declaration, such as curbside pickup, increasing the maximum quantity of dispensed medicine to a patient or caregiver in a single purchase from a 30-day supply to a 90-day supply and allowing healthcare providers and pharmacists to interact with patients via telemedicine. These and the other public and patient safety protections authorized during the COVID emergency will help us and the industry generally protect a medically vulnerable population of Pennsylvanians.
Additionally, the new legislation makes job opportunities and other types of industry participation possible for individuals with a conviction for a misdemeanor offense at any time in their past, or felony offense related to manufacturing, delivering or possession with intent to manufacture or deliver a controlled substance after 10 years at any time in their past, to participate in the cannabis sector. This change will give many Pennsylvanians a fresh start at a time when the industry is investing millions of dollars in infrastructure, creating thousands of family sustaining jobs, generating millions of dollars in state tax revenue and is acutely focused on creating a more equitable industry landscape.
Pennsylvania now has the ability to consider advisory board-based recommendations for regulations and further provide for electronic tracking for storage, transportation and laboratories, ensuring leaders across the Commonwealth are empowered with the most comprehensive and current information and data available.
Via a research study that will be performed by an academic clinical research center and its contracted clinical registrant, these updates also introduce the concept of limited microbial remediation for botanical products — a widely adopted, safe practice that the vast majority of jurisdictions with legal medical marijuana programs implement. If the study is successful, which we have every expectation it will be, remediation should become more available in Pennsylvania, which would benefit patients through lower production costs, supply chain stabilization and reduced prices.
We were also pleased to see that the Wolf Administration and General Assembly expressly clarified that wholesale transactions among grower-processors permit holders are permissible, that grower-processors will be authorized to refresh their plant genetics at least once annually, and critically, that access to the Medical Marijuana Program Fund for low-income patients is dramatically facilitated under the new law.
We commend the Commonwealth on these changes and look forward to continuing to serve as an informed resource on important issues that would ultimately continue to improve the Pennsylvania Medical Marijuana Program for patients and their caregivers as the program continues to develop.
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-derived 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, please visit www.jushico.com or our social media channels, Instagram, Facebook, Twitter, and LinkedIn.
Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current conditions but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, involve estimates, projections, plans, goals, forecasts, and assumptions that may prove to be inaccurate. As a result, actual results could differ materially from those expressed by such forward-looking statements and such statements should not be relied upon. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans,” “expects” or “does not expect,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or “does not anticipate,” or “believes,” or variations of such words and phrases or may contain statements that certain actions, events or results “may,” “could,” “would,” “might” or “will be taken,” “will continue,” “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include but are not limited to, information concerning the expectations regarding Jushi, or the ability of Jushi to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has certain expectations and has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward- looking information and statements are the following: the ability of Jushi to successfully and/or timely achieve business objectives, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; and compliance with extensive government regulation, as well as other risks and uncertainties which are more fully described in the Company’s Management, Discussion and Analysis for the three months ended March 31, 2021, and other filings with securities and regulatory authorities which are available at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward- looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward- looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
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