All Figures Are Stated in United States Dollars ($) Unless Otherwise Indicated
LAS VEGAS, NV / ACCESSWIRE / November 27, 2020 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQB:PLNHF) (“Planet 13” or the “Company“), a leading vertically-integrated Nevada cannabis company,announced today the close (the “Second Closing“) of the purchase of cultivation and processing licenses (collectively, the “Licenses“) and assumption of the lease for the 45,000 sq. ft. cultivation facility in Las Vegas, Nevada (the “Facility“) from West Coast Development Nevada, LLC (“WCDN“), previously announced on July 17, 2020. The Second Closing was pending required state and local regulatory approvals for the transfer of the Licenses to the Company and the Company obtaining a business license from unincorporated Clark County, Nevada.
“We are pleased to officially take control of this 45,000 sq. ft. premium indoor cultivation facility. We’ve been managing the facility since the first closing on July 17th and are thrilled with the quality of the facility,” said Bob Groesbeck Co-CEO of Planet 13. “Shortly after the first closing we started to implement our own best practices and plant our premium and highly sought after Medizin strains. Our Medizin strains have long been a fan favorite for local residents and this transaction lets us expand supply for our Las Vegas SuperStore and our newly opened Medizin dispensary.”
Planet 13 paid $1.156 million for the cannabis inventory, and $3 million for the operating assets, Licenses, equipment and tenant improvements which payment is comprised of $0.5 million in cash and $2.5 million of common shares in the capital of Planet 13 (the “Consideration Shares“), resulting in the previous issuance by the Company of 1,374,833 Consideration Shares. The acquisition of the cannabis inventory, operating assets, equipment and tenant improvements occurred on July 17, 2020 and the acquisition of the Licenses occurred on the Second