Las Vegas Cannabis Powerhouse Planet 13 To Close $49M Florida Expansion Deal After Achieving Another Milestone
Portfolio Pulse from Jelena Martinovic
Planet 13 Holdings Inc. completed the sale of Planet 13 Florida to SGW FL Enterprises, LLC for $9 million, a step towards its $48.9 million acquisition of VidaCann, LLC. This acquisition will significantly expand Planet 13's market presence in Florida, adding 26 dispensaries to its network. The sale was approved by the Florida Office of Medical Marijuana Use, and the acquisition of VidaCann is expected to close in May. Planet 13's recent public offering raised approximately $11.3 million to fund this acquisition and further expansion.
May 07, 2024 | 2:24 pm
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Planet 13's completion of the Planet 13 Florida sale and the pending acquisition of VidaCann, LLC for $48.9 million marks a significant expansion in Florida's cannabis market. The company's recent public offering raised $11.3 million to support this acquisition and further expansions.
The successful sale of Planet 13 Florida and the pending acquisition of VidaCann are likely to positively impact Planet 13's stock price in the short term. The expansion into Florida, a significant market for medical cannabis, positions Planet 13 for increased market share and revenue growth. The recent capital raise through a public offering provides the necessary funds for this acquisition and further expansion, indicating strong financial planning and growth prospects.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100