LAS VEGAS, Jan. 22, 2024 – PRESS RELEASE – Planet 13 Holdings Inc., a leading vertically integrated multistate cannabis company, announced that it has entered into a stock purchase agreement dated Jan. 22, 2024, to sell all of the issued and outstanding shares of common stock (the “shares”) of Planet 13 Florida Inc., which owns a medical marijuana treatment center (MMTC) license issued by the Florida Department of Health, 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, an MMTC that operates 26 dispensaries in Florida.
"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," Planet 13 co-CEO Bob Groesbeck said. "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 $9 million 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 adviser to the company in connection with the sale of Planet 13 Florida.
