Yesterday, shares of the leading vertically-integrated national cannabis company, Planet 13 Holdings Inc (OTC:PLNHF) closed at $4.7843, up 8.73%. The volume of PLNHF stock was 417.41K, compared to its average weekly volume of 296.11K. Following the acquisition of the license, the PLNHF stock rose.
What license did PLNHF acquire?
A vertically integrated cannabis company with operations in Las Vegas and Orange County, California, Plant 13 has award-winning cultivation, production and dispensary operations. PLNHF is building a global brand that is recognized for dispensary operations of the highest standard and the development of innovative cannabis products. The shares of PLNHF are also listed on the Canadian Stock Exchange (CSE) under the symbol PLTH.
Through its subsidiary Planet 13 Florida Inc., Planet 13 announced today that it has completed the previously announced purchase of a license issued by the Florida Department of Health.
- PLNHF purchased the license for $55 million that allows it to operate as a Medical Marijuana Treatment Center in Florida.
- PLNHF is eager to begin expanding its footprint in Florida.
- In Florida, PLNHF will initially focus on the development of neighborhood shops that draw inspiration from its successful Medizin dispensary and cultivate and produce a broad portfolio of top-selling products.
- In the near future, when adult-use sales are legal in Florida, PLNHF will start opening SuperStores in tourist hotspots.
- The state of Florida has a network of licensed Medical Marijuana Treatment Centers (“MMTCs”) that are vertically integrated and approved to distribute medical marijuana cannabis to qualified patients and caregivers.
- A licensed MMTC can cultivate, process, transport, and dispense medical marijuana.
- According to the MMTC license database, there were 22 companies and 370 dispensaries in Florida as of September 24, 2021.
- No restrictions are placed on the number or size of dispensaries that license holders may open or farming or processing facilities they can operate.
Planet 13 recently opened an expanded dispensary floor that doubled the area of cannabis retail and added 40 registers to speed up the checkout process. Along with the doubled sales points, PLNHF added new premium display cases and entertainment features, such as an LED wall measuring 80 feet by 20 feet that displays immersive entertainment such as a cascading waterfall.
How will PLNHF utilize the expanded dispensary?
The Planet 13 (PLNHF) concept redefines the retail cannabis experience by entertaining customers and offering personalized service. Aside from opening its expanded dispensary, PLNHF also showcased its innovative works behind the curtain to continue to lead the industry in customer satisfaction. As a result of the addition of more premium cases, PLNHF is now able to promote products more effectively and create new advertising opportunities.