In an all-cash deal valued at $55 million, Planet 13 Holdings Inc. is buying a subsidiary of Harvest Health & Recreation Inc. The company will purchase a license issued by the Florida Department of Health to operate as a Medical Marijuana Treatment Center and will be named Planet 13 Florida Inc.
“Florida has long been one of our most coveted markets with over 20 million residents, 130 million annual visitors and incredible consumer demand already demonstrated in the medical program,” said Larry Scheffler, Co-CEO of Planet 13.
“We are well-capitalized to complete the initial buildout of our cultivation and retail plan which includes a network of neighborhood stores in priority metro areas to support future SuperStores in Miami, Orlando, and other tourist destinations,” said Bob Groesbeck, Co-CEO.
“We are excited to introduce our best-in-class retail experience and portfolio of popular products to the Florida market and to continue to build the Planet 13 brand across the United States,” said Scheffler.
“We have a successful track record of completing large retail and cultivation buildouts on time and on budget. This expertise combined with our differentiated, experience-driven retail and diverse product portfolio gives us confidence moving into the Florida market,” said Groesbeck.
Medical Marijuana Treatment Center license holders in Florida are not subject to restrictions on the number of dispensaries that may be opened, the number or size of cultivation, and processing facilities they may operate.