A Las Vegas company with plans for a cannabis “SuperStore” in Orlando will buy a Florida company.
Planet 13 Holdings Inc. entered into a purchase agreement on Aug. 28 for the ownership interests of Jacksonville-based VidaCann LLC. The proposed deal includes 26 VidaCann dispensaries, including two in Orlando, as well as a distribution and growing facility that can support 60 dispensaries.
The deal is valued at $48.9 million and includes 78.46 million base shares of Planet 13, a closing cash payment and promissory notes. The former equityholders of VidaCann and its 9496 7346 Quebec Inc. adviser will have an approximately 26.09% pro forma ownership in Planet 13.
Why this matters: The deal likely will drive Planet 13’s expansion in Florida. The growing medical marijuana industry in Florida has added jobs and new dispensaries while companies have expanded.
“Acquiring VidaCann would significantly accelerate our time to market and, more importantly, scale in Florida,” Planet 13 co-CEO Larry Scheffler said in a prepared statement. “VidaCann is one of the 10 largest Florida cannabis operators by retail network size, and we believe it has developed a reputation for high product quality and customer service. We are excited to bring Planet 13’s retail and product brands to Florida consumers after the closing of the proposed transaction, especially with the possibility of upcoming adult-use legislation.”
The proposed deal would close on or before first-quarter 2024. Planet 13 executives were not immediately available for comment on what that means for the company’s Orlando presence.
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