Vertically-integrated multi-state cannabis company Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) announced on Thursday it's acquiring a Las Vegas-based cannabis dispensary.The company's wholly-owned subsidiary MM Development Company, Inc. has entered into an asset purchase agreement under which Planet 13 will acquire all assets required to operate a 3,158-square-foot Nevada dispensary.The acquisition deal also includes cannabis and non-cannabis inventory and other items along with a medical and recreational license from Exhale Brands Nevada LLC. In return, Planet 13 agreed to pay $6.9 million plus the value of the cannabis inventory. The sum is comprised of $4 million in cash payable at the time of closing and $2.9 million - plus the value of the cannabis inventory at closing - payable in the form of a secured promissory note due a year from closing an
In Michigan, Benzinga's home state, NOXX Cannabis announce the grand opening celebration of its Woodward dispensary this Saturday, Aug. 24. Detroit's Corktown is set to introduce Wake-N-Bakery, originally from Chicago, which will open its doors at 1441 Elizabeth Street. Green Qween, a pioneering Queer cannabis dispensary, announced earlier this month the opening of West Hollywood's first LGBTQ+owned dispensary in the Rainbow District.
Vertically-integrated multi-state cannabis company Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) announced on Wednesday the launch of its non-cannabis touching lifestyles brand company, and its first sponsored athlete, MMA star Chito Vera. Bob Groesbeck, co-CEO of the Las Vegas-based cannabis powerhouse with operations in California, Nevada, Illinois and Florida, said the move would allow it to build a business outside marijuana. The new lifestyle brand and apparel line is expected to increase brand awareness and create an additional revenue stream.
As the premier gathering of top entrepreneurs and investors is taking place this Monday in New Jersey, let's scroll through the latest leadership changes in the cannabis and psychedelics industries.Cybin Inc.announced recently that Dr. Atul R. Mahableshwarkar M.D., DLFAPA, opted to join the company as senior vice president of clinical development. In addition, six cannabis companies announced changes to their respective boards of directors.
Chris Alexander, the former head of the New York Office of Cannabis Management (OCM), resigned in May. Gov. Kathy Hochul first announced that Alexander's contract would not be renewed following its end in September. As Green Market Report's John Schroyer highlighted, the governor on Monday announced three new experts to lead the agency.S3 Collective has formed its governmental advisory committee (GAC).
Planet 13 Holdings Inc. (OTC: PLTH), a leading vertically integrated multi-state cannabis company, unveiled its financial performance for the first quarter ending March 31, 2024.
Planet 13 closed its previously announced sale of Planet 13 Florida, Inc. on Monday, following the previously announced approval from the Florida Office of Medical Marijuana Use in April. The Las Vegas-based vertically-integrated multi-state company sold 100% of the equity interests of Planet 13 Florida, which owns a medical marijuana treatment center license issued by the Florida Department of Health to SGW FL Enterprises, LLC, in exchange for $9 million.The wrapping up of the sale is a condition to the closing of Planet 13's pending acquisition of VidaCann, LLC.
Las Vegas-based cannabis giant Planet 13 Holdings Inc. is a step closer to a major expansion in Florida.The Florida Office of Medical Marijuana Use (OMMU) gave the green light to Planet 13 for the proposed sale of Planet 13 Florida, Inc. and the acquisition of VidaCann, LLC. The sale of Planet 13 Florida, which owns a medical marijuana treatment center license issued by the Florida Department of Health to SGW FL Enterprises, LLC, was a closing condition to the company's proposed acquisition of VidaCann. Planet 13 first announced that it had entered into a membership interest purchase agreement to acquire all of the ownership interests of VidaCann in August for $48.9 million.
Las Vegas-based cannabis giant, Planet 13 Holdings Inc. (CSE: PLTH) (OTC: PLNH), revealed its financial performance for the fourth quarter of 2023 on Wednesday afternoon.
Planet 13 announced the pricing of its underwritten public offering, aiming to raise around $11.3 million through the sale of 18.75 million units at $0.60 per unit. Each unit includes a share of common stock and a warrant, with additional options for the underwriters to purchase more shares and warrants. The company plans to utilize the funds for general corporate purposes and expansion in states like Nevada, Florida, and Illinois. In a move towards expansion, Planet 13 had previously acquired VidaCann, aiming to strengthen its presence in Florida's competitive cannabis market. Looking ahead to 2024, the company is focused on preparing for potential adult-use legalization in Florida and increasing operating efficiency for growth and profitability. Planet 13 reported positive fourth-quarter results, with improved adjusted EBITDA and a reduced net loss compared to the previous year.
Planet 13 Holdings, a cannabis multi-state operator, released its unaudited preliminary financial results for Q4 2023, noting a solid performance despite challenges in the industry. Total revenue decreased to $23 million, with a 2.8% increase in gross profit and a 47.8% gross margin. Operating expenses saw a significant decline, resulting in a net loss of $14.3 million. However, adjusted EBITDA turned positive at $1.3 million. The company had $17.4 million in cash and is focused on expanding its retail portfolio in Illinois and finalizing the acquisition of VidaCann in Florida. Planet 13 aims to enhance its operational efficiency and drive growth in operating cash flow and shareholder value in 2024.
Las Vegas-based cannabis company Planet 13 Holdings (CSE: PLTH) (OTCQX: PLNH) reported its Q3 financial results Wednesday with revenue of $24.8 million, down by 3.3% year-over-year from $25.6 million.
Planet 13 Holdings Inc. (OTC: PLNHF) (OTC: PLTH) is aiming to acquire VidaCann, which operates 26 dispensaries and holds the ninth-largest retail network in Florida.
Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNHF) announced on Monday that it has entered into a membership interest purchase agreement to acquire all of the ownership interests of VidaCann, LLC.
Planet 13 Holdings Inc. (CSE: PLTH) (OTC: PLNHF) reported its financial results for the three-month period ended March 31, 2022. Here are the highlights: Q1 2022 revenue of $25.7 million, up 8% compared to Q1 2021
