Cannabis Powerhouse Planet 13 Boosts Nevada Presence With $6.9M Dispensary Acquisition & New Growth Strategy
The vertically-integrated multi-state cannabis company Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNH) announced on Thursday that it’s acquiring a Las Vegas-based cannabis dispensary.
What Happened: The company’s wholly-owned subsidiary MM Development Company, Inc. has entered into an asset purchase agreement under which Planet 13 will acquire all assets required to operate a 3,158-square-foot Nevada dispensary.
The acquisition deal also includes cannabis and non-cannabis inventory and other items along with a medical and recreational license from Exhale Brands Nevada LLC.
In return, Planet 13 agreed to pay $6.9 million plus the value of the cannabis inventory. The sum is comprised of $4 million in cash payable at the time of closing and $2.9 million – plus the value of the cannabis inventory at closing – payable in the form of a secured promissory note due a year from closing …