Planet 13 Holdings Inc. PLNHF PLTH has finalized the purchase of a 23-acre parcel, with a 10,500 square foot building currently located thereon, for its planned cultivation and processing expansion in Florida, for a purchase price of $3.3 million.
"We are pleased to have closed on a land purchase near Ocala, Florida, where we previously were leasing our initial 10,500 square foot cultivation and production facility which was approved by the Florida Office of Medical Marijuana Use. We've strategically staged building materials on site over the past 3 months to build a world-class cultivation facility on an expedited timeline, with a full campus project planned for future phases," stated Larry Scheffler, co-CEO of Planet 13. "Our real estate and construction team have done a fantastic job of keeping our construction on time and budget in a difficult building environment. We look forward to bringing our incredibly popular brands to patients across Florida."
The staged cultivation facility is planned to be a 63,000 square foot building for indoor cultivation, estimated to annually produce 12,000 pounds of premium flower, 2,400 pounds of premium small flower buds, and 6,000 pounds of trim at our 23-acre parcel. The staged cultivation facility is a modular facility designed similarly to the specifications of Planet 13's existing premium California's cultivation facility. Until that building is completed, Planet 13 will continue to use the existing 10,500 square foot building for cultivation and processing activities in Florida.
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