Jushi Holdings Inc. (CSE:JUSH) (OTCQB:JUSHF) will almost double the amount of square footage of its subsidiary’s grower-processor facility in Scranton, Pennsylvania.
The expansion is expected to create more than 100 new jobs in the area.
The facility will grow from 90,000 square feet to more than 160,000 square feet. The main focus of the expansion will be the canopy space at the facility, which should almost triple in size — covering 98,000 square feet — upon completion.
While the first stage of the development should be finalized in the middle of 2021, the entire projected is estimated to end by the second quarter of 2022.
Jushi revealed it will collaborate with a subsidiary of Innovative Industrial Properties Inc. (NYSE:IIPR) to help support the expansion project through an upsize to the existing lease agreement. The company said it projects the cost of the expansion project to come around $50 million.
Furthermore, vertically-integrated cannabis company noted that as Pennsylvania Governor Tom Wolf pushes for adult-use cannabis legalization as a way to help support the budget, this expansion just depicts the power of the cannabis industry to support the budget thorough “liveable wage jobs” and “tens of millions in state and local tax dollars.”
Last year, Jushi opened a medical marijuana dispensary in Scranton. At the moment, it employs around 70 people in the area. With the completed expansion project, it should have around 170 employees in the Electric City.
“The medical cannabis market in Pennsylvania is rapidly growing and with our products in high-demand, this investment will significantly expand our cultivation capacity and market share,” Jushi CEO and founder Jim Cacioppo said.
Cacioppo credited the company’s eight BEYOND / HELLO retail dispensaries for providing the “market intelligence” it needed to satisfy patient wants and demands.
“We are very excited by the opportunity ahead of us in Pennsylvania, and as one of the fastest growing jobs sectors in the U.S., Jushi and its subsidiaries look forward to bringing additional new local jobs and tax dollars to the region and further investing in Scranton’s economy and community,” he added.
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