Business
Planet 13 Enters into Definitive Agreement to Acquire VidaCann, Accelerating Its Florida Expansion Strategy
LAS VEGAS, NV / ACCESSWIRE / August 28, 2023 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) (...
About this update from Planet 13 Holdings Inc
[{"type":"text","content":"Planet 13 Enters into Definitive Agreement to Acquire VidaCann, Accelerating Its Florida Expansion StrategyLAS VEGAS, NV / ACCESSWIRE / August 28, 2023 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) (\"Planet 13\" or the \"Company\"), a leading vertically-integrated multi-state cannabis company, today announced that it has entered into a membership interest purchase agreement (the \"Purchase Agreement\") dated August 28, 2023 to acquire all of the ownership interests of VidaCann, LLC (\"VidaCann\") from the sellers who currently own all of the membership interests in VidaCann (collectively, the \"Sellers\").VidaCann is engaged in the business of cultivating, processing, storing, transporting, and dispensing cannabis as well as leasing and operating cannabis cultivation, processing, fulfillment and storage, and dispensing facilities in the State of Florida.Key Transaction Highlights and Anticipated BenefitsExpansive Retail Dispensary Network - VidaCann currently operates 26 dispensaries and is the 9th largest dispensary network in Florida. With Planet 13's three dispensary locations in Nevada and California, upcoming Illinois dispensary, four leased dispensary locations in Florida, and proven SuperStore and experiential retail expertise, the proposed acquisition has the potential to enhance both absolute and per-store revenue generation.State-of-the-Art Cultivation and Processing Facility - A fully-operational, greenhouse cultivation facility with a state-of-the-art processing and analytical lab, which at full capacity has the potential to support more than double the amount of the combined Planet 13 and VidaCann dispensary network in Florida.Complementary Brand Portfolio - Well-respected house brand VidaCann and licensed brands Tikun Olam and Stanley Brothers complement Planet 13's leading house of brands. The combined portfolio will create a diversified brand and product offering able to address every consumer use case.Strong Local Management Team - VidaCann's experienced management team and operational staff are expected to join Planet 13 to run the Florida operations after closing. VidaCann's top-tier management team built the company into a top 10 Florida operator through a focus on the consumer, along with efficiency and cost management.\"Acquiring VidaCann would significantly accelerate our time to market and, more impo...