All greenback figures are said in United States {dollars} ($).

LAS VEGAS, NV / ACCESSWIRE / August 5, 2022 / Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNHF) (“Planet 13” or the “Firm“),a number one vertically-integrated multi-state hashish firm, pronounces that Planet 13 has entered into an Possibility Buy Settlement that offers Planet 13 the choice to buy 51% of Planet 13 Illinois, LLC (“Planet 13 Illinois“) from Frank Cowan for $866,250 in money and 1,063,377 widespread shares of Planet 13 (the “Planet 13 Shares“) valued at $2 million primarily based on a 5-day VWAP. Ought to Planet 13 train the choice, the Planet 13 Shares can be topic to a four-month and in the future maintain interval beneath Canadian securities legal guidelines and a minimal of six months following the date of issuance for resales beneath Rule 144 promulgated beneath the U.S. Securities Act of 1933 (assuming all different necessities of Rule 144 are glad at such time), and following such six month interval can be topic to a lock-up whereby 1/12 of the Planet 13 Shares can be launched every month thereafter in accordance with a lock up settlement.

The choice is exercisable at Planet 13’s discretion for a interval of two years, topic to approval from relevant regulators. Nevertheless, in accordance with regulatory steering, the choice shall not be exercised previous to Planet 13 Illinois acquiring an Grownup Use Dishing out Group License from the State of Illinois. Planet 13 Illinois is at the moment 51% owned by Frank Cowan and 49% owned by Planet 13.

“We’re happy to enter into this settlement with our accomplice to offer us the choice to imagine full management of the Illinois dispensary upon receipt of regulatory approvals. Frank Cowan has been a pleasure to work with, and we sit up for persevering with that partnership,” mentioned Bob Groesbeck, Co-CEO of Planet 13. “As a limited-license state, Illinois stays a premier hashish market, and this chance creates worth for all Planet 13 stakeholders. That is one other instance of us buying a dispensary at a really affordable worth. Our prudent strategy to M&A is without doubt one of the causes we’ve no debt and such a strong stability sheet.”

For extra info on Planet 13, go to the investor web site.

About Planet 13
Planet 13 (www.planet13holdings.com) is a vertically built-in hashish firm, with award-winning cultivation, manufacturing and dispensary operations in Las Vegas and in Orange County, California. Planet 13 additionally holds a medical marijuana remedy heart license in Florida and a 49% curiosity in Planet 13 Illinois which gained a lottery for a Social-Fairness Justice Concerned allotting license within the Chicago-region of Illinois. Planet 13’s mission is to construct a recognizable international model identified for world-class dispensary operations and a creator of progressive hashish merchandise. Planet 13’s shares commerce on the Canadian Securities Alternate (CSE) beneath the image PLTH and OTCQX beneath the image PLNHF.

Cautionary Observe Concerning Ahead-Trying Data
This information launch accommodates “forward-looking info” and “forward-looking statements” (collectively, “forward-looking statements”) inside the which means of relevant Canadian and U.S. securities laws. All statements, apart from statements of historic truth, are forward-looking statements and are primarily based on expectations, estimates and projections as on the date of this information launch. Any assertion that includes discussions with respect to predictions, expectations, beliefs, plans, projections, targets, assumptions, future occasions or efficiency (usually however not all the time utilizing phrases comparable to “expects”, or “doesn’t anticipate”, “is anticipated”, “anticipates” or “doesn’t anticipate”, “plans”, “funds”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “could” or “might”, “would”, “would possibly” or “will” be taken to happen or be achieved) should not statements of historic truth and are forward-looking statements. On this information launch, ahead looking-statements relate to the Firm’s Illinois grownup use dispensary license, regulatory approvals, and the train of the choice to buy beneath the Possibility Buy Settlement.

These forward-looking statements are primarily based on affordable assumptions and estimates of administration of the Firm on the time such statements have been made. Precise future outcomes could differ materially as forward-looking statements contain identified and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency or achievements of the Firm to materially differ from any future outcomes, efficiency or achievements expressed or implied by such forward-looking statements. Such components, amongst different issues, embrace: closing regulatory and different approvals or consents wanted to function our enterprise; dangers related to COVID-19 and different infectious ailments presenting as main well being points; fluctuations usually macroeconomic circumstances; inflationary pressures; fluctuations in securities markets; expectations concerning the dimensions of the hashish market within the states wherein we at the moment function in or ponder future operations and altering shopper habits in such states; the flexibility of the Firm to efficiently obtain its enterprise targets; the flexibility of the Firm to combine the NGW enterprise and notice any advantages from the acquisition; plans for growth; political and social uncertainties together with worldwide battle; incapability to acquire ample insurance coverage to cowl dangers and hazards; and the presence of legal guidelines and rules that will impose restrictions on cultivation, manufacturing, distribution and sale of hashish and hashish associated merchandise within the states wherein we at the moment function in or ponder future operations; worker relations and different dangers and uncertainties mentioned beneath the heading “Danger Components” within the Firm’s Annual Report on Type 10-Ok for the 12 months ended December 31, 2021 filed with the U.S. Securities and Alternate Fee at www.sec.gov and on the Firm’s issuer profile on SEDAR at www.sedar.com and within the Firm’s periodic experiences subsequently filed with the U.S. Securities and Alternate Fee and on SEDAR. Though the forward-looking statements contained on this information launch are primarily based upon what administration of the Firm believes, or believed on the time, to be affordable assumptions, the Firm can not guarantee shareholders that precise outcomes can be per such forward-looking statements, as there could also be different components that trigger outcomes to not be as anticipated, estimated or supposed. Readers mustn’t place undue reliance on the forward-looking statements and data contained on this information launch. The Firm assumes no obligation to replace the forward-looking statements of beliefs, opinions, projections, or different components, ought to they modify, besides as required by legislation.

The Firm is not directly concerned within the manufacture, possession, use, sale and distribution of hashish within the leisure and medicinal hashish market in the US by licensed subsidiary entities in states which have legalized marijuana operations, nevertheless, these actions are at the moment unlawful beneath United States federal legislation. No inventory alternate, securities fee or different regulatory authority has authorised or disapproved the knowledge contained herein.

No inventory alternate, securities fee or different regulatory authority has authorised or disapproved the knowledge contained herein.

For additional inquiries, please contact:
LodeRock Advisors Inc., Planet 13 Investor Relations
[email protected]

Robert Groesbeck or Larry Scheffler
Co-Chief Government Officers
[email protected]

SOURCE: Planet 13 Holdings