Planet 13 Announces First Quarter 2020 Financial Results
, Co-CEO added, "Our objectives during this time have been to maintain a solid balance sheet, strengthen and grow our local customer base, expand alternative sales channels and set the Company up for growth on the other side of this pandemic. Prior to the impact of COVID-19 we were heading for another record month in March at the SuperStore and expect the momentum to resume as activity in the state continues to increase. Having renegotiated and closed the acquisition of the Santa Ana dispensary license and lease we've added meaningfully to our out-of-state growth profile. We look forward to bringing the Planet 13 experience to Californians. While COVID-19 continues to impact all businesses in , we see positive signs every day of a progressive return to normal activities. I want to thank our entire team for their efforts, as well as our customers for including us as a part of their daily lives."
Planet 13 Announces Release Date of First Quarter 2020 Financial Results
, /PRNewswire/ -("" or the ""), a leading vertically-integrated cannabis company announces today that it plans to release its financial results for the first quarter ended , 2020 on , 2020 aftermarket.
Planet 13 Announces Acquisition of California Dispensary License and Close of Santa Ana Acquisition
, /PRNewswire/ - (or the ""), a leading vertically-integrated cannabis company, announced that it has closed the previously , on , acquisition (the "") of all of the issued and outstanding common stock (the "") of Newtonian Principles, Inc. (""), resulting in Planet 13 acquiring a cannabis sales license held by Newtonian, and 30-year lease for a dispensary in and certain other assets (collectively, the "") from Warner Management Group, LLC (""). Planet 13 has paid Warner in cash and cancelled an interim buildout loan to Warner in consideration for the Warner Assets and has issued a total of 3,940,932 Class A Restricted shares in the capital of the Company (the "") representing an agreed value of $4,000,000, to certain vendors in consideration for the Newtonian Shares. The Consideration Shares will be subject to a four-month and one day hold period under Canadian securities laws and following such period will continue to be subject to a lock-up whereby 1/8th of the Consideration Shares will be released from lock-up each month beginning on . The Consideration Shares have not been, nor will they be, registered under the , as amended, and such securities may not be offered or sold within absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements.