Cannabis Growth Opportunity Corporation (“CGOC”), a cannabis focused investment corporation with both public and private cannabis holdings, has reported that Jushi Holdings Inc. (“Jushi”), one of the private portfolio holdings commenced trading on the NEO Exchange Inc. (“NEO”), under the symbol “JUSH.B”, on June 10, 2019, closing its first day of trading at a price of $3.20. The listing follows the successful completion of the previously announced reverse takeover of a Canadian public company, Tanzania Minerals Corp., by U.S.-based Jushi. The public company was subsequently renamed Jushi Holdings Inc., in connection with the RTO Transaction and the listing on NEO. Additionally, the Company raised approximately US$68.2 million through a brokered and non-brokered private placement.
“We are very pleased with the growth and success of Jushi since our initial investment in March 2018. They have met all their stated milestones and have grown the Company into a leading vertically integrated MSO with both cannabis and hemp derived products,” said Jamie Blundell, President and Chief Operating Officer of CGOC, “Our investment in Jushi has provided a return of 178% in fifteen months and is another great example of how our private investments can add value to CGOC. This will be another positive impact on our NAV. At the current share price, CGOC is a vastly discounted opportunity that will allow investors to benefit from the continued success within this sector.”
CGOC invested in Jushi in March of 2018, for a total of $1,962,090 CAD for 1,500,000 Common Shares and 1,500,000 Warrants of the Company. The implied return based solely on the Common Shares (at a cost of $1,729,611) represents a gain of $3.1 million, or 178% over 15 months and 134% on an annualized basis.
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