Las Vegas Cannabis Powerhouse Planet 13 On Verge Of Major Florida Expansion Via $49M Deal
The Las Vegas-based cannabis giant Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNH) is a step closer to a major expansion in Florida.
What Happened
The Florida Office of Medical Marijuana Use (OMMU) gave the green light to Planet 13 for the proposed sale of Planet 13 Florida, Inc. and the acquisition of VidaCann, LLC, the company announced on Monday.
The sale of Planet 13 Florida, which owns a medical marijuana treatment center license issued by the Florida Department of Health to SGW FL Enterprises, LLC, was a closing condition to the company’s proposed acquisition of VidaCann.
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.
“Acquiring VidaCann would significantly accelerate our time to market and, more importantly, scale in Florida. VidaCann is one of the ten largest Florida cannabis operators by retail network …