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

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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.