Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNHF), a leading vertically-integrated Nevada cannabis company, recently announced its planned opening of a marquee cannabis dispensary in Santa Ana, California, this is the result of its purchase of Newtonian Principles, Inc. (“Newtonian”). Planet 13 intends to pay Newtonian $6 million in cash and 2,039,808 Class A Restricted Shares valued at $4 million upon Planet 13 receiving final state and local regulatory approvals to transfer the operating entity after Newtonian opens its dispensary.
“We are pleased to announce the extension of the successful Planet 13 brand into California,” said Larry Scheffler, Co-CEO of Planet 13. “Our team considers many factors when determining the feasibility of a Planet 13 style store, with the location being the single most important criteria. After a thorough and deliberate search, we identified this excellent site located three miles from the South Coast Plaza Mall, which hosts 24 million visitors a year 1 and is just a short ten-minute drive from Disneyland, with 18 million visitors per year 2.
Since opening in November 2018, next to the Las Vegas Strip, Planet 13 has successfully created Nevada’s top concentrate brand in TRENDI3 and accounted for ~9.1% of all cannabis dispensary sales in Nevada in March 20194. We look forward to sharing the Planet 13 experience with our customers in California.”
The 40,000 sq. ft. Santa Ana dispensary complex is set to be one of the biggest in the world, just behind its Las Vegas SuperStore. The new location will give the company access to the 1.5 million that fly from the Los Angeles basin to Las Vegas every year. Bob Groesbeck, Co-CEO of Planet 13 also said that this would be a natural brand extension. With the opening of the new dispensary, Planet 13 will be able to introduce its Medizin, TRENDI, and Leaf and Vine brands into the California market, and to replicate the Las Vegas experience with a California feel, creating a must-see destination in Southern California.
Kyle Desmet, president and owner of Newtonian, said, “Planet 13 delivers an unparalleled retail experience with the highest quality products and best customer service in the industry. The Orange County Superstore will provide significant economic benefit to the community and residents of Santa Ana by creating new jobs and increasing tax revenue. We are excited to be part of the Planet 13 vision and positively changing the perception of the industry.”
About Planet 13:
Planet 13 is a vertically integrated cannabis company based in Nevada, with award-winning cultivation, production and dispensary operations in Las Vegas – the entertainment capital of the world. Planet 13’s mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13’s shares trade on the Canadian Stock Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.