Planet 13 to acquire VidaCann for ~$48.9M in stock, cash, and notes

Planet 13 Holdings Inc.

Total consideration: 78.46M shares (~$39.8M), $4M cash, $5M promissory notes; total ~$48.9M.
Post-closing, former VidaCann equityholders and advisor will own ~26.09% of Planet 13 on a fully diluted basis.
VidaCann operates 26 dispensaries in Florida (9th largest network) with a cultivation and processing facility.
Acquisition expected to close in Q1 2024, subject to regulatory approvals and sale of Planet 13's existing Florida license.
Sellers granted right to nominate one additional director to Planet 13's board; shares subject to lock-up (1/3 released every 6 months).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Planet 13 Holdings Inc. entered into Membership Interest Purchase Agreement with VidaCann, LLC, Loop's Dispensaries, LLC, Ray of Hope 4 Florida, LLC, Loops Nursery & Greenhouses, Inc., David Loop, Mark Ascik (effective 2023-08-28).

Action: entry
Agreement: asset purchase
Counterparty: VidaCann, LLC, Loop's Dispensaries, LLC, Ray of Hope 4 Florida, LLC, Loops Nursery & Greenhouses, Inc., David Loop, Mark Ascik
Effective: 2023-08-28

Exact text from the filing

On August 28, 2023, Planet 13 Holdings Inc. (the “Company”) entered into a Membership Interest Purchase Agreement (“Purchase Agreement”) with VidaCann, LLC (“VidaCann”), Loop’s Dispensaries, LLC (“Dispensaries”), Ray of Hope 4 Florida, LLC (“Ray of Hope”) and Loops Nursery & Greenhouses, Inc. (“Nursery” and together with Dispensaries and Ray of Hope, the “Sellers”), David Loop (“Loop”) and Mark Ascik (together with Loop, the “Indemnifying Members”) and Loop, solely in his capacity as Seller Representative

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281 material agreements filed in the last 30 days. Browse all material agreements →

Planet 13 Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-024785

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