Planet 13 Holdings Inc (CSE:PLTH, OTCQX:PLNHF) said it has finalized the purchase of a 23 acre parcel of land that comes with a 10,500 square foot building for US$3.3 million for its planned cultivation and processing expansion in Florida.
"We are pleased to have closed on a land purchase near Ocala, Florida, where we previously were leasing our initial 10,500 square foot cultivation and production facility, which was approved by the Florida Office of Medical Marijuana Use,” said Larry Scheffler, co-CEO of Planet 13 in a statement.
“We've strategically staged building materials on site over the past three months to build a world-class cultivation facility on an expedited timeline, with a full campus project planned for future phases,” he added.
READ: Planet 13 Holdings announces third Florida dispensary located in Ocala
The staged cultivation facility is planned to be a 63,000 square foot building for indoor cultivation, estimated to annually produce 12,000 pounds of premium flower, 2,400 pounds of premium small flower buds and 6,000 pounds of trim, Planet 13 said.
The staged cultivation facility is a modular facility designed to the specifications of Planet 13's existing premium cultivation facility in California.
Planet 13 will continue to use the existing 10,500 square foot building for cultivation and processing activities in Florida until the new facility is completed, the Nevada-based company added.
"Our real estate and construction team have done a fantastic job of keeping our construction on time and budget in a difficult building environment. We look forward to bringing our incredibly popular brands to patients across Florida," co-CEO Scheffler said.
Planet 13 is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas and in Orange County, California. Planet 13 also holds a medical marijuana treatment center license in Florida and a 49% interest in Planet 13 Illinois, which won a lottery for a Social-Equity Justice Involved dispensing license in the Chicago-region of Illinois.
Contact the author at jon.hopkins@proactiveinvestors.com