Planet 13 Holdings (CSE: PLTH) is officially headed to Florida. The firm this morning indicated that it has officially acquired a license in the state from Harvest Health (CSE: HARV), following the closing of its merger with Trulieve Cannabis (CSE: TRUL).
As previously announced, total consideration for the license amounts to US$55.0 million, which is to be paid in cash. The purchase consists of a just an operating license, with Harvest’s operating retail locations and cultivation facilities not included within the sale. Rather, those locations are to transition to Trulieve branded facilities.
The firm intends to stick to its operating plan used in other states, whereby it intends to open what it refers to as SuperStores in high traffic tourist destinations. The company has stated that the initial focus will be to develop these dispensaries in high performing neighbourhoods, while also bringing into operation cultivation and production assets.
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There are currently a total of 22 companies operating within the Florida cannabis space, with a whopping 370 dispensaries now open.
Planet 13 Holdings last traded at $6.05 on the CSE.
Information for this briefing was found via Sedar and Planet 13 Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
