Planet 13 Holdings Inc (CSE:PLTH, OTCQX:PLNHF). has announced that through its subsidiary Planet 13 Florida Inc. it has completed the previously announced purchase of a license issued by the Florida Department of Health to operate as a Medical Marijuana Treatment Center in the state for $55 million in cash.
"We are excited to get started building out our footprint in Florida. Initially, our focus will be on a network of high-performing neighborhood stores modelled off our successful Medizin dispensary along with cultivation and production to bring our portfolio of top-selling products to Florida," Planet 13 co-CEO Robert Groesbeck said in a statement.
"As Florida gets closer to legalizing adult-use sales, we will start on our world-famous SuperStores in high traffic tourist destinations throughout the state," he added.
READ: Planet 13 Illinois wins Chicago dispensary license
Licensed Medical Marijuana Treatment Centers (MMTCs) are vertically integrated and the only businesses in Florida authorized to dispense medical marijuana cannabis to qualified patients and caregivers. MMTCs are authorized to cultivate, process, transport and dispense medical marijuana.
As of September 24, 2021, there were 22 companies with MMTC licenses with 370 dispensing locations across Florida. License holders are not subject to restrictions on the number of dispensaries that may be opened or on the number or size of cultivation and processing facilities they may operate.
In August this year, the company revealed that Planet 13 Illinois LLC had won a Conditional Adult Use Dispensing Organization License in the Chicago-Naperville-Elgin region from the Illinois Department of Financial and Professional Regulation.
Planet 13 Holdings, a vertically integrated cannabis company, is a powerhouse in the burgeoning cannabis retail space. The company has award-winning cultivation, production and dispensary operations in Las Vegas and dispensary operations in Orange County, California. The company's ambition is to operate ultra-high-end dispensaries in tier-one markets nationwide and to sell its brands in both the company's branded stores and wholesale.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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