LAS VEGAS, NV January 22, 2024 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNH) (“Planet 13” or the “Company“), a leading vertically-integrated multi-state cannabis company, today announced that it has entered into a stock purchase agreement (the “Purchase Agreement“) dated January 22, 2024 to sell all of the issued and outstanding shares of common stock (the “Shares“) of Planet 13 Florida, Inc. (“Planet 13 Florida“), which owns a medical marijuana treatment center license issued by the Florida Department of Health (the “MMTC License“), to SGW FL Enterprises, LLC (the “Buyer“). The sale of the MMTC License is a closing condition to the Company’s previously announced proposed acquisition of VidaCann, LLC (“VidaCann“).
“We’re pleased to be executing on the roadmap we’ve laid out for Florida expansion. The sale of this surplus license was the primary step required for us to move forward with our acquisition of VidaCann and their expansive retail network and cultivation assets,” said Bob Groesbeck, Co-CEO of Planet 13. “The solid, all cash return from this sale will help facilitate closing and integrating VidaCann.”
Pursuant to the Purchase Agreement, the Company will sell the Shares for a cash payment of US$9,000,000 due on closing. The proposed transaction is expected to close in the first quarter of 2024, subject to customary closing conditions, including the receipt of regulatory approvals and the simultaneous closing of the acquisition of VidaCann.
Canaccord Genuity Corp. is acting as financial advisor to the Company in connection with the sale of Planet 13 Florida.
About Planet 13
Planet 13 (https://planet13.com/investors/) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations across its locations in California, Nevada, Illinois, and upcoming sites in Florida. Home to the nation’s largest dispensary located just off The Strip in Las Vegas, Planet 13 recently opened its first Illinois dispensary in Waukegan, bringing unparalleled cannabis experiences to the Chicago metro area. Planet 13 holds a medical marijuana treatment center license in Florida allowing for state-wide expansion throughout the Sunshine State. Planet 13’s mission is to build a recognizable global brand known for world-class dispensary operations and innovative cannabis products. Licensed cannabis activity is legal in the states Planet 13 operates in but remains illegal under U.S. federal law. Planet 13’s shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and are quoted on the OTCQX under the symbol PLNH.
