The cannabis resurgence continues, and one should take note of the fact that Planet 13 Holdings Inc (OTCMKTS:PLNHF) just announced that it has entered into an agreement with Beacon Securities Limited, on behalf of a syndicate of underwriters, to purchase, on a bought deal basis, 4,660,000 units in the capital of the Company at a price of $2.15 per Unit for aggregate gross proceeds to the Company of $10,019,000.
According to the release, each Unit shall consist of one common share in the capital of the Company and one-half (1/2) of one common share purchase warrant of the Company. Each whole Warrant shall entitle the holder thereof to acquire one Common Share at an exercise price per Common Share of $2.85 for a period of 24 months from the Closing Date.
Planet 13 Holdings Inc (OTCMKTS:PLNHF) promulgates itself as a cannabis company that cultivates, produces, and distributes medical and recreational cannabis in Nevada, the United States.
It also operates dispensaries that provide recreational cannabis, cannabis extracts, and infused products. In addition, the company sells its products online. It operates under the Medizin and Planet 13 brand names. The company is headquartered in Las Vegas, Nevada.
As a vertically-integrated and established cannabis company in the Nevada market, Planet 13 Holdings, Inc. provides an array of cannabis products available through its licensed operations. Planet 13 Holdings, Inc. is focused on providing a dispensary experience and managing cultivation efficiencies through its technology. Planet 13 may be able to build on its position in the Nevada cannabis market as it seeks to expand its existing operations. In the Fall of 2018, the company was working to open a retail dispensary immediately adjacent to the Las Vegas strip.
According to company materials, “Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company based in Nevada, with