Planet 13 Holdings today announced that it has entered into a stock purchase agreement to sell all of the issued and outstanding shares of common stock of Planet 13 Florida, which owns a medical marijuana treatment center license issued by the Florida Department of Health, to SGW FL Enterprises.
The sale of the MMTC license is a closing condition to the company's previously announced proposed acquisition of VidaCann.
"We're pleased to be executing on the roadmap we've laid out for Florida expansion. The sale of this surplus license was the primary step required for us to move forward with our acquisition of VidaCann and their expansive retail network and cultivation assets," said Bob Groesbeck, Co-CEO of Planet 13. "The solid, all cash return from this sale will help facilitate closing and integrating VidaCann."
Pursuant to the agreement, the company will sell the shares for a cash payment of US$9,000,000 due on closing. The proposed transaction is expected to close in the first quarter of 2024, subject to customary closing conditions, including the receipt of regulatory approvals and the simultaneous closing of the acquisition of VidaCann.