Planet 13 Expands To Florida With Harvest Well being Acquisitin

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Planet 13 Holdings Inc. (CSE: PLTH)(OTCQX: PLNHF) is shopping for a subsidiary of Harvest Well being & Recreation Inc. (OTC: HRVSF) in an all-cash deal valued at $55 million. The corporate shall be named Planet 13 Florida Inc. and can buy a license to function as a Medical Marijuana Therapy Heart issued by the Florida Division of Well being to the vendor. The acquisition depends on the profitable shut of the Trulieve Hashish Corp./Harvest association transaction and the Florida Division of Well being’s Workplace of Medical Marijuana Use approval for Planet 13 Florida.

“Florida has lengthy been one among our most coveted markets with over 20 million residents, 130 million annual guests and unbelievable client demand already demonstrated within the medical program. It was necessary for us to enter the market previous to a transition to adult-use to place the items in place to capitalize on this market in each the brief and long run,” stated Larry Scheffler, Co-CEO of Planet 13. “We’re excited to introduce our best-in-class retail expertise and portfolio of common merchandise to the Florida market and to proceed to construct the Planet 13 model throughout america.” Planet 13 is thought for its adult-use cannabis superstores in Las Vegas and Orange County. This shall be a medical-use solely location.

As of August 26, 2021, there have been 22 corporations with MMTC licenses with 371 meting out places throughout Florida. License holders usually are not topic to restrictions on the variety of dispensaries which may be opened or on the quantity or measurement of cultivation and processing services they could function.

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“After a variety of planning on how we wished to method this market, now could be the time for motion. We’re well-capitalized to finish the preliminary buildout of our cultivation and retail plan which features a community of neighborhood shops in precedence metro areas to assist future SuperStores in Miami, Orlando, and different vacationer locations, stated Bob Groesbeck, Co-CEO. We’ve got a profitable monitor file of finishing massive retail and cultivation buildouts on time and on funds. This experience mixed with our differentiated, experience-driven retail and various product portfolio offers us confidence transferring into the Florida market.”

 


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