Planet 13 Announces Acquisition of California Dispensary License and Close of Santa Ana Acquisition – Yahoo Finance

All figures are stated in United States dollars ($) unless otherwise indicated

LAS VEGAS , May 21, 2020 /CNW/ – Planet 13 Holdings Inc. (PLTH.CN) (PLNHF) (“Planet 13” or the “Company”), a leading vertically-integrated Nevada cannabis company, announced that it has closed the previously announced, on April 17, 2020 , acquisition (the “Acquisition”) of all of the issued and outstanding common stock (the “Newtonian Shares”) of Newtonian Principles, Inc. (“Newtonian”), resulting in Planet 13 acquiring a California cannabis sales license held by Newtonian, and 30-year lease for a dispensary in Santa Ana, California and certain other assets (collectively, the “Warner Assets”) from Warner Management Group, LLC (“Warner”).  Planet 13 has paid Warner $1,000,000 in cash and cancelled an interim buildout loan to Warner in consideration for the Warner Assets and has issued a total of 3,940,932 Class A Restricted shares in the capital of the Company (the “Consideration Shares”) representing an agreed value of $4,000,000, to certain vendors in consideration for the Newtonian Shares.

The Consideration Shares will be subject to a four-month and one day hold period under Canadian securities laws and following such period will continue to be subject to a lock-up whereby 1/8th of the Consideration Shares will be released from lock-up each month beginning on September 22, 2020 . The Consideration Shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements.

“Closing the Acquisition is a major step towards Planet 13’s first California location.  We’ve examined hundreds of locations and are confident in our ability to replicate the SuperStore experience at this location, introducing new customers to the Planet 13 brand,” said

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