LAS VEGAS (KSNV) — Las Vegas dispensary Planet 13 announced that it reached an agreement to buy out a rival cannabis business for nearly $7 million.
Planet 13 says it’s buying out Exhale Brands Nevada for $6.9 million, plus the value of the cannabis inventory at closing, according to a news release.
The deal covers all of Exhale’s assets and its recreational and medical licenses.
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Planet 13 owns the sprawling campus on Desert Inn Road near Las Vegas Boulevard. Exhale’s dispensary is about 2.5 miles away, on Flamingo Road near Arville Street.
“Increasing our scale, operating leverage and verticality in Nevada is one of the most cost-efficient levers for profitable growth we have, and this dispensary couldn’t be a better fit for our portfolio,” Planet 13 co-CEO Bob Groesbeck said in a statement. “Their location and more local focus customer base complements our SuperStore and other Nevada neighborhood store.”
Exhale will receive $4 million in cash at the time of closing and $2.9 million to be paid a year later, according to Planet 13.
The sale agreement will require approval from Clark County business licensing, while the Nevada Cannabis Compliance Board will have to sign off on the transfer of licenses.
Las Vegas dispensary Planet 13 announced that it reached an agreement to buy out a rival cannabis business for nearly $7 million.Planet 13 says it’s buying out Read More