Planet 13 Holdings Inc. (OTCMKTS:PLNHF) announced the signing of an asset purchase agreement subject to which it purchased cannabis inventory and equipment from West Coast Development Nevada.
Planet 13 signs agreement to acquire 45,000 sq. ft. the facility in Las Vegas
The deal is subject to regulatory approval, after which the company will receive cannabis licenses for operation in Nevada for the acquisition of a 45,000 sq. ft. the facility in Las Vegas. Planet 13 will pay around $1.156 million for the cannabis product inventory. Also, it will pay $3 million of licenses, operating assets, tenant improvement, and equipment. The payment will be in the form of $2.5 million worth of Planet 13 common stock, which will be held in escrow and $0.5 million in cash. The transfer of the license under the agreement is subject to approval by the Cannabis Control Board of Nevada.
Following the signing of the purchase agreement, an entity owned by the Co-CEOs of Planet 13, Rx Land LLC, acquired the facility for $3.3 million. Planet 13 is expected to sign a lease agreement with the company for the facility.
Larry Scheffler the Co-CEO of the company stated that Planet 13 sought more indoor-cultivation space as they looked to expand the Medizin flower line and their novel variety Chloe. He said that the agreement will offer an additional 25,000 sq. ft. cultivation space with the potential of expanding to 45,000 sq. ft.
Planet 13 reporting impressive sales for its products in Nevada
The company has continued to make progress with its owned brands, which are currently available in 26 dispensaries across Nevada, including the SuperStore. Planet 13’s brands accounted for around 29% SuperStore sales in Q2 2020 compared to 14% in Q4 2019. The top-selling products include Elysium, HaHa Gummies, and TRENDI.
Scheffler said that they have made progress in scaling production of the brands in Nevada. He added a strong demand for the products from dispensaries and at the SuperStore with the TRENDI, Elysium, and Haha gummies having several SKUs.
Post Views: 151 Can you spot the difference between the hemp plant and marijuana plant? Hint: It’s not in the...
Stem Holdings Inc (OTCMKTS:STMH) Reports A Growth Of 960% In Q3 2020: Unveils TJGardens Branded Tinctures
Post Views: 383 Stem Holdings Inc (OTCMKTS:STMH) posted an increase of 960% YoY to $6.7 million in Q3 2020. It...
Indiva Ltd (OTCMKTS:NDVAF) Signs Three Provincial Agreements: Expands Distribution Network To Eight Provinces: Reports A Robust Growth Of 1273.7% In Q2 2020 Revenues
Post Views: 408 Indiva Ltd (OTCMKTS:NDVAF) posted a robust growth of 1273.7% YoY to CAD 2.826 million in revenues in...
4Front Ventures Corp (OTCMKTS:FFNTF) Receives Approval From CCC For Mission Dispensary and Cultivation Facilities In Worcester: Will Commence Adult-Use Cannabis Sales
Post Views: 381 CCC (Cannabis Control Commission) in Massachusetts approved cultivation and processing facilities and Mission Dispensary of 4Front Ventures...
Pure Sunfarms, A Joint Venture Of Village Farms International Inc (NASDAQ:VFF), Ships Bottled Oil Products TO British Columbia
Post Views: 505 Pure Sunfarms, which is a Village Farms International Inc (NASDAQ:VFF) JV, commenced shipment of Cannabis 2.0 products...
Health Canada Grants Cannabis 2.0 License To Abba Medix Corp, An Auxiliary Of Canada House Cannabis Group Inc (OTCMKTS:SARSF)
Post Views: 402 Abba Medix Corp., a wholly-owned subsidiary of Canada House Cannabis Group Inc (OTCMKTS:SARSF), received an amended cannabis...