Las Vegas-headquartered Planet 13 Holdings on Monday announced a $48.9 million deal to acquire Florida-based VidaCann’s vertically integrated marijuana operation, which includes 26 medical cannabis dispensaries.
The stock, cash and debt deal, which was unanimously approved by the boards of both companies, is expected to close before March, according to a news release.
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The deal also includes a fully operational greenhouse cultivation facility, processing and analytical lab as well as three product lines – Tikun Olam, Stanley Brothers and VidaCann’s house brand.
“Acquiring VidaCann would significantly accelerate our time to market and, more importantly, scale in Florida,” Planet 13 co-CEO Larry Scheffler said in a statement.
“VidaCann is one of the 10 largest Florida cannabis operators by retail network size, and we believe it has developed a reputation for high product quality and customer service.”
Besides its Nevada footprint, Planet 13 has operations in California
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