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.
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