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Las Vegas, Sept. 11 2024 (GLOBE NEWSWIRE) — Planet 13 Holdings Inc.), a leading vertically-integrated multi-state cannabis company, today announced that its wholly-owned subsidiary MM Development Company, Inc. has entered into an asset purchase agreement pursuant to which Planet 13 will acquire all assets required to operate a 3,158 square-foot dispensary located in Las Vegas, Nevada, including cannabis and non-cannabis inventory and other items along with a medical and recreational license (the “LicenseExhale Brands Nevada LLC (“Exhale”). Planet 13 will pay US$6,9 million plus value of cannabis inventory. This payment is made up of $4.0 in cash payable upon closing, and $2.9 in secured promissory notes due one year after closing. The acquisition will close once all closing requirements have been met, including receiving all regulatory approvals. This includes approval from the Nevada Cannabis Compliance Board for the transfer of License and approval of the transfer business license from Clark County.

“Increasing our scale, operational leverage and verticality in Nevada are the most cost-efficient levers we have for profitable growth, and this dispensary could not be a better match for our portfolio.” Bob Groesbeck said, “Their location and local focus customers complement our SuperStore and Nevada neighborhood store”, adding that Planet 13 is a co-CEO. “Adding more dispensaries to Nevada allows us the opportunity to benefit from increased Verticality, expand our brand market share, and share fixed cost across dispensaries. We are excited to increase the profitability of this cannabis dispensary by increasing verticalization and sharing services.

The 3,158-square-foot dispensary operating as Exhale has a drive through and is located at the 4310 W Flamingo Rd in Las Vegas, Nevada.

About Planet 13
Planet 13 (https://planet13.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations across its locations in California, Nevada, Illinois, and Florida. Planet 13, which is home to the largest dispensary in the country, located off The Strip in Las Vegas continues to expand with the opening of the first Illinois dispensary in Waukegan and the debut of DAZED! its first consumption lounge. Planet 13 has 27 dispensaries in Florida, one of its key markets, bringing the total to 31 locations. Planet 13’s goal is to create a global brand that is recognized for its world-class dispensary operation and innovative cannabis products. Planet 13’s licensed cannabis activity is legal in all states where it operates, but remains illegal under U.S. Federal law. Planet 13’s shares are traded on the Canadian Securities Exchange under the symbol PLTH, and quoted on the OTCQX with the symbol PLNH. Visit planet13.com to learn more and follow Planet 13 @planet13stores on Instagram.

Cautionary note regarding forward-looking information

This news release contains forward looking information and forward-looking statement within the meaning applicable securities laws. All statements other than historical facts are forward-looking and are identified, but not always by phrases like “plans”, ‘expects’, ‘proposed, may, could”, would”,,,,,,,,,,,,,,,,.,,,,,,,,,,,,,, “, “could”,, “could”, a”, “could”,, “could”,,,, but are, Forward-looking statements in this news release include information about the proposed purchase, conditions for the consummation, expectations of the effects of the proposal acquisition, or the ability of Company to achieve business objectives. This includes expectations for other economic and business factors. These forward-looking statement reflect what the Company’s management believes, or believed, at the time, were reasonable assumptions. Readers are advised not to place excessive reliance on such forward-looking information and that actual results could differ from these forward-looking claims. These assumptions, risk and uncertainties that may cause actual results differ include, among other things, those assumptions and risks and uncertainties discussed in the Annual Report on Form 10K for the year ending December 31, 2023 and the Company’s subsequent period reports filed with the U.S. Securities and Exchange Commission on www.sec.gov and SEDAR+ on www.sedarplus.ca. The forward-looking information contained in this press release is only accurate as of the date of publication. We do not assume any obligation to update, revise or amend these statements if they change. The information in this press release has not been approved or disapproved by any stock exchange, securities commission, or other regulatory authority.

Source: Planet 13 Holdings Inc.