Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNHF) (“Planet 13” or the “Company“), a leading vertically-integrated national cannabis company, announces that through its subsidiary Planet 13 Florida Inc. it has completed the previously announced purchase of a license issued by the Florida Department of Health to operate as a Medical Marijuana Treatment Center (the “License”) in the State of Florida for US$55 million in cash.
“We are excited to get started building out our footprint in Florida. Initially, our focus will be on a network of high performing neighborhood stores modelled off our successful Medizin dispensary along with cultivation and production to bring our portfolio of top-selling products to Florida,” said Robert Groesbeck, Co-CEO of Planet 13. “As Florida gets closer to legalizing adult-use sales, we will start on our world-famous SuperStores in high traffic tourist destinations throughout the state.”
Licensed Medical Marijuana Treatment Centers (“MMTCs”) are vertically integrated and the only businesses in Florida authorized to dispense medical marijuana cannabis to qualified patients and caregivers. MMTCs are authorized to cultivate, process, transport and dispense medical marijuana. As of September 24, 2021, there were 22 companies with MMTC licenses with 370 dispensing locations across Florida. License holders are not subject to restrictions on the number of dispensaries that may be opened or on the number or size of cultivation and processing facilities they may operate.