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Planet 13 Acquires California Sales License from Newtonian as Step to Establish Location in California
Friday 22 May 2020

Nevada, US-based cannabis company Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNHF) has closed the acquisition the California cannabis dispensary license of Newtonian Principles Inc. as a step to create first location in California, the company said.

Planet 13 acquired all of the issued and outstanding common stock held by Newtonian and a 30-year lease for a dispensary in Santa Ana, California and certain other assets from Warner Management Group, LLC.

Planet 13 has paid Warner USD 1m in cash and cancelled an interim buildout loan to Warner in consideration for the Warner Assets and has issued a total of 3,940,932 class A Restricted shares in the capital of the Company representing an agreed value of USD 4m to certain vendors in consideration for the Newtonian Shares.

Planet 13 is a vertically integrated cannabis company with cultivation, production and dispensary operations in Las Vegas.
Date Published: 22/05/2020