Las Vegas, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) (“Planet 13” or the “Company”), 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 “License”) from Exhale Brands Nevada LLC (“Exhale”). Planet 13 is paying US$6.9 million plus the value of the cannabis inventory, which payment is comprised of $4.0 million in cash payable at 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 and secured by the assets being acquired. The acquisition is expected to close once all closing conditions have been satisfied, including receipt of all required regulatory approvals including approval from the Nevada Cannabis Compliance Board with respect to the transfer of the License and the approval of the transfer of the business license from Clark County.

“Increasing our scale, operating leverage and verticality in Nevada is one of the most cost-efficient levers for profitable growth we have, and this dispensary couldn’t be a better fit for our portfolio. Their location and more local focus customer base complements our SuperStore and other Nevada neighborhood store,” said Bob Groesbeck, Co-CEO of Planet 13. “Adding more dispensaries in Nevada allows us to benefit from increased verticality, expand our branded market share position, and share fixed costs across dispensaries. We are excited to integrate and increase the profitability of this dispensary through increased verticalization and shared services.”

The 3,158 square-foot dispensary, operating as Exhale, has a drive-through and is located at 4310 W Flamingo Rd, 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. Home to the nation’s largest dispensary, located just off The Strip in Las Vegas, Planet 13 continues to expand its footprint with the recent debut of its first consumption lounge in Las Vegas, DAZED!, the opening of its first Illinois dispensary in Waukegan, bringing unparalleled cannabis experiences to the Chicago metro area. Planet 13 operates 27 dispensaries across Florida, a key market in its expansive footprint, bringing its total to 31 locations nationwide. Planet 13’s mission is to build a recognizable global brand known for world-class dispensary operations and innovative cannabis products. Licensed cannabis activity is legal in the states Planet 13 operates in but remains illegal under U.S. federal law. Planet 13’s shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and are quoted on the OTCQX under the symbol PLNH. To learn more, visit planet13.com and follow Planet 13 on Instagram @planet13stores.