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Planet 13 Holdings Inc (OTCMKTS:PLNHF) Makes an Interesting Move

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It should be noted that Planet 13 Holdings Inc (OTCMKTS:PLNHF) just announced that following the announcement on April 13, 2020, that it had terminated a definitive agreement to acquire a cannabis sales license and lease for a dispensary in Santa Ana, California from Newtonian Principles, Inc., it has renegotiated the terms of Acquisition and has entered into an amendment to the Initial Definitive Agreement.

According to the release, Planet 13 will pay Newtonian $800,000 in cash, which results in a total cash purchase price of $1,000,000) and 3,940,932 Class A Restricted Shares in the capital of the Company valued at $4.0 million. Newtonian will retain the $200,000 deposit that Planet 13 paid to Newtonion upon entering into of the Initial Definitive Agreement. The parties have also negotiated a 25% lease abatement with the landlord,  effective during construction and until opening, reducing costs and increasing flexibility for Planet 13.

Planet 13 Holdings Inc (OTCMKTS:PLNHF) promulgates itself as a cannabis company that cultivates, produces, and distributes medical and recreational cannabis in Nevada, the United States.

It also operates dispensaries that provide recreational cannabis, cannabis extracts, and infused products. In addition, the company sells its products online. It operates under the Medizin and Planet 13 brand names. The company is headquartered in Las Vegas, Nevada.

As a vertically-integrated and established cannabis company in the Nevada market, Planet 13 Holdings, Inc. provides an array of cannabis products available through its licensed operations. Planet 13 Holdings, Inc. is focused on providing a dispensary experience and managing cultivation efficiencies through its technology. Planet 13 may be able to build on its position in the Nevada cannabis market as it seeks to expand its existing operations. In the Fall of 2018, the company was working to open a retail dispensary immediately adjacent to the Las Vegas strip.

According to company materials, “Planet 13 (www.planet13holdings.com) 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 OTCQB under the symbol PLNHF.”

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As noted above, PLNHF just announced that it has renegotiated the terms of its recent Acquisition and has entered into an amendment to the Initial Definitive Agreement.

The chart shows 45% during the past month in terms of shareholder gains in the name. In addition, the name has benefitted from a jump in recent trading volume to the tune of 25% above the average volume levels in play in this stock over the longer term.

“We’ve evaluated hundreds of locations in California and continue to believe that our Santa Ana location is the best suited for a Planet 13 style dispensary,” said Bob Groesbeck Co-CEO of Planet 13. “While we can’t forecast how COVID-19 might affect our timeline, we’ve negotiated an agreement that reduces the upfront capital invested, gives us control over the timing of fixed costs and provides flexibility on dispensary buildout. We de-risked the transaction substantially while securing the next stage of growth for Planet 13.”

Now commanding a market cap of $90.4M, PLNHF has a significant war chest ($16.6M) of cash on the books, which is balanced by about $13.8M in total current liabilities. PLNHF is pulling in trailing 12-month revenues of $84.4M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 99.7%. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $PLNHF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $PLNHF, either long or short, and we have not been compensated for this article.

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