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Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNH) closed its previously announced sale of Planet 13 Florida, Inc. on Monday following the previously announced approval from the Florida Office of Medical Marijuana Use in April.
The Las Vegas-based vertically-integrated multi-state operator (MSO) sold 100% of the equity interests of Planet 13 Florida, which owns a medical marijuana treatment center license issued by the Florida Department of Health to SGW FL Enterprises, LLC, in exchange for $9 million.
The wrapping up of the sale is a condition to the closing of Planet 13's pending acquisition of VidaCann, LLC.
Planet 13 first announced that it had entered into a membership interest purchase agreement to acquire all of the ownership interests of VidaCann in August for $48.9 million.
Under the deal, the Nevada-based MSO would obtain VidaCann's 26 dispensaries, representing Florida's 9th largest dispensary network.
"Acquiring VidaCann would significantly accelerate our time to market and, more importantly, scale in Florida," Larry Scheffler, the company's CEO said earlier. "VidaCann is one of the ten largest Florida cannabis operators by retail network size, and we believe it has developed a reputation for high product quality and customer service."
The move also makes Planet 13 a direct competitor in a market where medical cannabis giant Trulieve, managed by CEO Kim Rivers, dominates in Florida. Rivers was a featured speaker at the Benzinga Cannabis Capital Conference in April in Florida. The two-day event returns to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.
Additionally, Planet 13’s recent underwritten public offering of 18.75 million units at $0.60 per unit for total gross proceeds of roughly $11.3 million would allow it to fund the acquisition of additional retail cannabis licenses in Nevada and expansion of its retail footprint in Florida and Illinois, among other things.
Planet 13 expects to close the VidaCann acquisition in May.
Planet 13's shares traded 1.29% higher at $0.6297 per share at the time of writing on Tuesday morning.
