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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.