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BOCA RATON, Fla., Nov. 22, 2022 (GLOBE NEWSWIRE) — Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator, announced that, further to a review by the Ontario Securities Commission (the “OSC”) of the Company’s continuous disclosure and a subsequent request from OSC staff in connection therewith, the Company has filed its registration statement on Form S-1 (the “Registration Statement”), made effective with the United States Securities and Exchange Commission on August 12, 2022, on SEDAR in accordance with OSC Staff Notice 57-711 (Revised) Refilings and Corrections of Errors (“Notice 51-711”) in order to make the corrective disclosure described in this press release.
Prior to the Registration Statement becoming effective, the Company prepared its financial statements in accordance with International Financial Reporting Standards (“IFRS”). Pursuant to applicable United States securities law, the Company was required to prepare and include with the Registration Statement audited consolidated financial statements as of and for the years ending December 31, 2021 and 2020 in accordance with generally accepted accounting principles in the United States (the “US GAAP Annual Statements”). Accordingly, the Company prepared and filed the US GAAP Annual Statements as an exhibit to the Registration Statement.
Following the effective date of the Registration Statement, in accordance with applicable Canadian securities laws, the Company filed amended and restated interim condensed financial statements for the periods ending March 31, 2022 and June 30, 2022 respectively, including amended and restated management’s discussion and analysis for each such interim period (together, the “2022 Interim Statements”). The 2022 Interim Statements each incorporated by reference the US GAAP Annual Statements included as an exhibit to the Registration Statement, however, as noted by the OSC in its review of the Company’s continuous disclosure, the US GAAP Annual Statements had not been filed on SEDAR in Canada. To support this cross reference to the US GAAP Annual Statements in the 2022 Interim Statements and any cross references to the US GAAP Annual Statements in future continuous disclosure filings in Canada, the Company has made the necessary corrective disclosure by filing the Registration Statement, inclusive of the US GAAP Annual Statements, on SEDAR.
As a result of the filing of this disclosure, the Company will be placed on the public list of Refiling and Errors in accordance with Notice 51-711.
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 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 as well as statements that may constitute “forward-looking statements” within the meaning of within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, contained in this press release, including statements regarding our strategy, future operations, intended expansion of our retail operations and production capacity, intended expansion of our cultivation facilities, future financial position, projected costs, prospects, plans and objectives of management, including without limitation Q4 2022 annualized guidance, as well as expected filings, materiality or significance and effects of errors on current or prior period financial statements, and any anticipated conclusions of the Company, the Audit Committee or the Company’s management related thereto, are forward-looking statements. These forward-looking statements are based on Jushi’s current expectations and beliefs concerning future developments and their potential effects. 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. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including risks related to 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; compliance with extensive government regulation, the risk that additional information may arise prior to the completion of restated condensed consolidated interim financial statements or other subsequent events that would require us to make additional adjustments, as well as other risks, uncertainties and other cautionary statements in the Company’s public filings with the applicable securities regulatory authorities on the SEC’s website at www.sec.gov and on SEDAR 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.
For further information, please contact:
Investor Relations Contact:
Executive Vice President of Investor Relations
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