Jushi Holdings Inc. refinances Senior 1st Lien and Senior 2nd Lien facilities with $160 million in non-dilutive debt financing
Adds cash to balance
The company will report financial results for the fourth quarter of 2025 on March 31, 2026
BOCA RATON, Fla., March 27, 2026 (GLOBE NEWSWIRE) — Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state hemp operator, announced that it has completed the refinancing (the “Refinancing”) of its former senior secured credit facility (the “Former 1st Lien Credit Facility” and the “Former Lien Credit Facility”) through the issuance of a $160 million senior secured term loan (the “Term Loan”) by FocusGrowth Asset Management. managed funds together with other members of the credit syndicate. FG Agency Lending LLC, a subsidiary of FocusGrowth Asset Management, acted as administrative agent for the Term Loan.
The term loan was issued at an initial issue discount of 4.0% and bears interest at 12.50% per annum, payable monthly and matures three years from the date of issue. The Term Loan is guaranteed by certain direct and indirect subsidiaries of the Company and is secured by senior liens on certain assets of the Company and certain direct and indirect subsidiaries of the Company. The term loan is non-amortizing and non-deductible to current shareholders.
After the issuance of the term loan and the repayment of the former 1st lien loan and the former 2nd lien loan, the Company has approximately $35 million in cash, cash equivalents and restricted cash as of March 27, 2026.
Term Loan Participation by James Cacioppo and Dennis Arsenault
Serpentine Capital Management III, LLC, an entity controlled by Jushi’s Chief Executive Officer, President and Founder James Cacciopo, participated in the Term Loan in a principal amount of approximately $28 million. Dennis Arsenault, the Company’s founder and significant shareholder, participated in the Term Loan in a principal amount of approximately $21 million.
Mr. Cacioppo, as a director and officer of the Company, and Mr. Arsenault, who owned more than 10% of the Company’s then issued and outstanding voting shares (the “Shares”) on a converted basis (calculated in accordance with MI 61-101), were deemed to own more than 10% of the Company’s shares under MI1 (the “Shares”). Parties”) at the time of termination of the Term Loan. As a result, the Refinancing, to the extent it involves Related Party participation in the Term Loan, is a related party transaction under MI 61-101.
The Company has relied on the exemptions from the official valuation and minority shareholder approval requirements under Sections 5.5(b) and 5.7(1)(f) of MI 61-101 on the basis that the Company does not have its securities listed on any of the specified markets set forth in Section 5.5. (b) of MI 61-101 and that the Term Loan is not convertible, directly or indirectly, or redeemable, directly or indirectly, into equity or voting securities of the Company or any of its subsidiaries. The Company did not file a material change report on the related party transaction 21 days prior to the closing of the Term Loan because the details of the Refinancing were not confirmed at that time. The company considered this reasonable to complete the refinancing quickly. The Refinancing was reviewed by a special committee of independent directors and the special committee recommended approval of the Refinancing to the Board. The refinancing was then discussed and approved by the board (Mr. Cacioppo abstained).
The company will report financial results for the fourth quarter of 2025
Management will host a conference call and audio webcast on Tuesday, March 31, 2026 at 4:00 PM ET to discuss the Company’s fourth quarter financial results.
Event: 2025 Fourth Quarter and Full Year Financial Results Conference Call
Date: Tuesday, March 31, 2026
Time: 4:00 PM Eastern Time
Direct Call: 1-844-676-1334 (US & Canada Toll Free)
Conference ID: 10204794
Webcast. Register
For interested individuals who are unable to join the conference call, a webcast of the call will be available through April 30, 2026 and will be available via the webcast on Jushi’s Investor Relations website.
About Jushi Holdings Inc
We are a vertically integrated cannabis company led by an industry-leading management team. Jushi is focused on building a multi-national portfolio of branded cannabis assets through opportunistic acquisitions, distressed training and competitive applications. Jushi strives to maximize shareholder value while delivering high-quality products at all levels of the cannabis ecosystem. For more information, visit jushico.com or our social media channels: Instagram, Facebook, X and LinkedIn.
New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.
You are reading this week’s edition of New Cannabis Ventures, a weekly magazine we have published since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve, as well as links to the most important news of the week. We no longer email them like we used to, but post this and all newsletters on our website here.
friends,
Just before Christmas, this newsletter discussed how Vireo Growth is getting pretty big. At the end of January I profiled how Vireo Growth is expanding its business. This week’s newsletters include six articles we’ve run since April 2, and Vireo Growth is central to two of them. Vireo Growth is big and getting bigger, but few people seem to care.
I’m not writing this to tell readers to care. In fact, while I used to include the company on my Focus List at 420 Investor, I no longer do. Earlier this month I wrote an article for my subscribers about why I keep looking at things but not including stocks in my Focus List. Here is the summary.
I watch VREOF because it is now one of the largest MSOs by revenue, but it continues to fall short of joining the Global Hemp Stock Index due to its low trading volumes. Average daily trading volume over the past month was 251,000 shares, which is about $100,000 in daily trading value. This is well below peers. Perhaps more importantly, the current price of $0.45, which is down 26.6% year-to-date, is significantly lower than the price of $0.625 for the last large cap in 2024. Not only are the investors not winning, but VREOF hsa distributed a lot of shares to the sellers and they are also under water.
Maybe Vireo Growth shares will reward their owners, or maybe it will continue to do so. I think hemp stock investors and debt holders should be asking why no one is thinking of this yet. Scotts Miracle-Gro, which has been public since 1992 and has a market cap of $3.6 billion, picked up much of VREOF’s stock when it spun off Hawthorne. The 213 million shares are “at an implied price of $0.60” per share, although VREOF hasn’t traded at $0.60 since January. When the divestiture was announced in late January, Vireo Growth closed at $0.5553.
So a large MSO that has reshuffled its management, is now in multiple markets, and has executed its plan to get bigger with several acquisitions, is still not responding to the cannabis investment community. I wish them the best.
Sincerely,
Alan:
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Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
Vireo Growth Announces California Retail Joint Venture with Glass House Brands
MINNEAPOLIS and LONG BEACH, Calif., April 13, 2026 (GLOBE NEWSWIRE) — Vireo Growth Inc. (“Vireo”) (CSE: VREO; OTCQX: VREOF) and Glass House Brands Inc. (“Glass House”) (CBOE CA: GLAS.AU) (CBOE CA: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF) today announced a joint venture to build one of the largest and most strategically located cannabis retail platforms in California. Subject to regulatory and certain closing conditions, each company will contribute its California dispensary operations to the joint venture in exchange for a 50% ownership interest.
Vireo operates twelve dispensaries and home delivery from recently acquired Eaze, Inc. (“Eaze”). Glass House currently operates eleven retail locations in California. The combined network will be supported by a preferential supply agreement with Glass House, California’s largest producer of large-scale hemp. After five years, Vireo will have the option to acquire Glass House’s shares in the joint venture, and Glass House will have a reciprocal right.
Cory Azzalino, president of California-based Vireo, has been named CEO of the joint venture, where he will oversee operations and lead the platform’s retail acquisition and expansion strategy.
“California remains the world’s largest legal cannabis market, and this joint venture allows us to unlock its potential in a way that neither company can achieve alone,” said Kyle Kazan, Glass House co-founder, president and CEO. “Vireo brings exceptional retail access and delivery infrastructure through the Eaze platform, while Glass House leverages proven retail execution, low cost, scale manufacturing and deep brand equity. Together with Vireo, we have found ways to mitigate California’s challenging pricing dynamics and expand the value of our retail operations without increasing the value of our retail operations without the core objectives of Glass. new legal markets outside the state”.
“Glass House is an ideal partner to collaborate with to build the future of cannabis retail in California,” said John Mazarakis, CEO of Vireo. “Their manufacturing scale and brand strength, combined with Vireo’s retail depth and one of the industry’s leading technology-based delivery platforms, creates a joint venture that is greater than the sum of its parts;
The joint venture’s integrated delivery capabilities through the Eaze platform will expand distribution to areas with limited retail access, providing competitive pricing that supports the legal market.
I am proud to lead this platform and the opportunity it represents. Our combined retail and delivery network gives us the ability and resources to bring high-quality, affordable cannabis to consumers in California, including underserved communities, while pursuing disciplined growth that strengthens the legal market over the long term.
Cory Azalino
About Glass House Brands
Glass House is one of the fastest growing, vertically integrated cannabis companies in the US, focused on the California market and building leading, sustainable brands to serve consumers across all segments. Whether through its portfolio of brands that include Glass House Farms, PLUS Products, Allswell and Mama Sue Wellness, or its network of retail clinics across the state of California that includes The Farmacy, Natural Healing Center and The Pottery, Glass House is committed to its vision of excellence; For more information and company updates, visit www.glasshousebrands.com/ and https://ir.glasshousebrands.com/contact/email-alerts/.
About Vireo Growth Inc
Vireo was founded in 2014 as a leading medical cannabis company. Vireo is building a disciplined, strategically aligned and execution-focused platform in the industry. This strategy drives our intense local market focus while leveraging the strength of the national portfolio. We are committed to hiring industry leaders and deploying capital and talent where we believe it will deliver the most value. Vireo operates with a long-term mindset, an action bias, and an unwavering commitment to its customers, employees, shareholders, industry partners, and the communities it serves. For more information about Vireo, visit www.vireogrowth.com.
New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.
Michigan Cannabis sales for March decreased compared to a year ago, as they increased sequentially by 8.9%. At 255.5 million dollars, sales decreased by 7.8 percent compared to the previous year.
The Michigan Cannabis Regulatory Agency breaks down sales by medical and adult use, with medical sales down 36.8% year-over-year to $0.4 million, down 3.8% sequentially, and adult-use sales down 7.7% year-over-year to $255.5 million, up 8.9% sequentially.
The state breaks down sales by category and provides pricing details by category for both medical and adult;
For Adults – UseMedical
As supply continues to expand, adult flower prices have fallen sharply, although the decline is slowing. The average price of $987 per pound in March was up 3.0% sequentially from a record low in December and down 5.3% from a year ago.
Michigan hemp sales are expected to grow 82.1% to $1.79 billion in 2021, 27.9% to $2.29 billion in 2022, and 33.3% to $3.06 billion in 2023. billion In 2026, Michigan cannabis sales decreased by 7.8%.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
Cory Azalino
