Planet 13 Enters into Definitive Agreement to Acquire Florida Cannabis License

LAS VEGAS, NV / ACCESSWIRE / September 1, 2021 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated national cannabis company, announces that it has entered into a definitive license purchase agreement (the "Agreement") with a subsidiary of Harvest Health & Recreation Inc. ("Seller", "Harvest") (HARV)(HRVSF) pursuant to which a newly acquired subsidiary of the Company to be renamed Planet 13 Florida Inc. ("Planet 13 Florida"), will purchase a license to operate as a Medical Marijuana Treatment Center (the "License") issued by the Florida Department of Health to the Seller, and no other assets or liabilities, from the Seller for US$55 million in cash.

Licensed Medical Marijuana Treatment Centers ("MMTCs") are vertically integrated and the only businesses in Florida authorized to dispense medical marijuana cannabis to qualified patients and caregivers. MMTCs are authorized to cultivate, process, transport and dispense medical marijuana. As of August 26, 2021, there were 22 companies with MMTC licenses with 371 dispensing locations across Florida. License holders are not subject to restrictions on the number of dispensaries that may be opened or on the number or size of cultivation and processing facilities they may operate.

"Florida has long been one of our most coveted markets with over 20 million residents, 130 million annual visitors and incredible consumer demand already demonstrated in the medical program. It was important for us to enter the market prior to a transition to adult-use to put the pieces in place to capitalize on this market in both the short and long term," said Larry Scheffler, Co-CEO of Planet 13. "We are excited to introduce our best-in-class retail experience and portfolio of popular products to the Florida market and to continue to build the Planet 13 brand across the United States."

"After a lot of planning on how we wanted to approach this market, now is the time for action. We are well capitalized to complete the initial buildout of our cultivation and retail plan which includes a network of neighborhood stores in priority metro areas to support future SuperStores in Miami, Orlando, and other tourist destinations, said Bob Groesbeck, Co-CEO. We have a successful track record of completing large retail and cultivation buildouts on time and on budget. This expertise combined with our differentiated, experience-driven retail and diverse product portfolio gives us confidence moving into the Florida market."