Planet 13 Holdings Inc. has entered into a stock purchase agreement to sell all of the issued and outstanding shares of common stock of Planet 13 Florida, Inc., which owns a medical marijuana treatment center license issued by the Florida Department of Health, to SGW FL Enterprises, LLC. 

The sale of the treatment center license is a closing condition to the company's proposed acquisition of VidaCann, LLC, a cannabis cultivator, processor and retailer in Florida.

"We're pleased to be executing on the roadmap we've laid out for Florida expansion,” said Bob Groesbeck, co-CEO of Planet 13. “The sale of this surplus license was the primary step required for us to move forward with our acquisition of VidaCann and their expansive retail network and cultivation assets. The solid, all cash return from this sale will help facilitate closing and integrating VidaCann."

Under the agreement, Planet 13 will sell the shares for a cash payment of $9 million due on closing. The proposed transaction is expected to close in the first quarter of 2024, subject to customary closing conditions, including the receipt of regulatory approvals and the simultaneous closing of the acquisition of VidaCann.