Planet 13 agrees to sell Florida MMTC license for $9M to facilitate VidaCann acquisition

Planet 13 Holdings Inc.

Sells Planet 13 Florida stock to SGW FL Enterprises for $9M cash at closing.
Sale of surplus license is a condition to close the previously announced VidaCann acquisition.
Transaction expected to close in Q1 2024 subject to regulatory approvals and VidaCann closing.
Canaccord Genuity acting as financial advisor for the sale.

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 Stock Purchase Agreement with SGW FL Enterprises, LLC valued at US$9,000,000 (effective 2024-01-22).

Action: entry
Agreement: asset purchase
Counterparty: SGW FL Enterprises, LLC
Value: US$9,000,000
Effective: 2024-01-22

Exact text from the filing

On January 22, 2024, Planet 13 Holdings Inc. (the “ Company ”) entered into a Stock Purchase Agreement (the “ Purchase Agreement ”) with SGW FL Enterprises, LLC (the “ Buyer ”), pursuant to which, upon the terms and subject to the conditions set forth therein, the Company will sell all of the issued and outstanding shares of common stock (the “ Shares ”) of Planet 13 Florida Inc. (the “ Transaction ”), which owns a medical marijuana treatment center license issued by the Florida Department of Health (the “ MMTC License ”).

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Planet 13 Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001437749-24-001832

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