Marijuana firm Planet 13 signals entry into CA with $10M dispensary purchase

Women, minority execs show few gains in U.S. cannabis industry, according to the latest data from the MJBiz Diversity, Inclusion and Equity Report. Get your copy here.

Planet 13, a Nevada cannabis company that operates what it calls the world’s largest dispensary, is entering the California market with a $10 million acquisition of a dispensary license and lease in the Orange County town of Santa Ana.

The company will pay Newtonian Principles a combination of $6 million in cash and $4 million in shares for the license and what is expected to be a 40,000-square-foot dispensary.

Planet 13, which last week reported first-quarter revenue of $13.8 million, runs a 112,000-square-foot dispensary superstore off the Las Vegas strip.

More details on the acquisition can be found here.