Planet 13 Holdings Inc., a leading vertically-integrated national cannabis company, announces that it has entered into a definitive license purchase agreement (the “Agreement”) with a subsidiary of Harvest Health & Recreation Inc. (“Seller”, “Harvest”) (HARV)(HRVSF) pursuant to which a newly acquired subsidiary of the Company to be renamed Planet 13 Florida Inc. (“Planet 13 Florida”), will purchase a license to operate as a Medical Marijuana Treatment Center (the “License”) issued by the Florida Department of Health to the Seller, and no other assets or liabilities, from the Seller for US$55 million in cash. 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 August 26, 2021, there were 22 companies with MMTC licenses with 371 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.

Published Ncv Newswire, New Cannabis Ventures, 09/01/2021 08:27:00

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