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Planet 13 Holdings Inc. PLTH 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.
What Happened
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.
Why It Matters
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
