fbpx
QQQ
+ 2.73
293.55
+ 0.92%
DIA
+ 0.63
297.96
+ 0.21%
SPY
+ 1.22
361.27
+ 0.34%
TLT
+ 1.54
157.14
+ 0.97%
GLD
-1.73
171.23
-1.02%

Planet 13 Debuts In California, Acquires Newtonian's Dispensary In Santa Ana

May 21, 2020 12:07 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More

Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX: PLNHFannounced Thursday it has acquired Newtonian Principles Inc, following months of negotiations.

The Las Vegas, Nevada-based integrated cannabis company, obtained Newtonian's cannabis sales license, a leasehold of 30 years on Santa Ana's dispensary in California, and specific assets from Warner Management Group LLC.

Under the acquisition deal, Planet 13 paid $1 million in cash and terminated a buildout loan to Warner. In exchange for the Newtonian shares, the company has issued 3,940,932 Class A Restricted shares worth $4 million.

In April, Planet 13 reported it's terminating the definitive agreement with the Newtonian due to "unmet conditions." A week later, the two companies decided to renegotiate the terms of the canceled deal.

"We've examined hundreds of locations and are confident in our ability to replicate the SuperStore experience at this location, introducing new customers to the Planet 13 brand," said Planet 13 co-CEO Bob Groesbeck in s statement.

The company secured $6 million in capital expenditures for dispensary's launching and handling consequences of coronavirus outbreak on the business, added Groesbeck.

"At this time, due to COVID-19, we are not putting a timeline on the opening of the dispensary."

In response to the health crisis and the closing of all adult-use dispensaries, the company has broadened its delivery capacities in March.

Posted-In:

Cannabis M&A News

Related Articles

The 9 Best Cannabis Podcasts To Listen To Right Now

This article was originally published on Cannabis & Tech Today, and appears here with permission. read more

Pure Sunfarms Inks Supply Deal With Shoppers Drug Mart

Pure Sunfarms opted to supply Shoppers Drug Mart Inc's customers with its cannabis products. The Village Farms International Inc. (NASDAQ: VFF) (TSX: VFF) subsidiary teamed up with the Canadian retail pharmacy chain to provide consumers with Pure Sunfarms' dried flower products. read more

Cannabis Movers & Shakers: Cannabis Growth Opportunity, Bhang, CanaFarma Hemp, Amfil Technologies

Here is a summary of the latest company shakeups within the cannabis industry. 3 Execs Exit Cannabis Growth Opportunity Investment company Cannabis Growth Opportunity Corporation (CSE: CGOC) has parted ways with several executives. read more

Earnings Update: Vireo, Rubicon, Flower, Planet 13, Driven Deliveries, Decibel, Pure Harvest

Vireo Health Revenue Spikes, New Stores To Open By Q1 2021 read more

A Weed-Infused Cooking Class For Thanksgiving? One Cannabis ETF's Unique Marketing Strategy

ETFMG has come up with a very interesting marketing idea. read more