Planet 13 sells Florida marijuana license, will restate financials

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Nevada-based marijuana multistate operator Planet 13 Holdings is selling a medical marijuana treatment center (MMTC) license to further its Florida expansion plans and will restate some of its previously reported financials.

Planet 13 will receive $9 million in cash for the license to fund its acquisition of medical marijuana company VidaCann, according to a news release.

Planet 13 is among many MSOs that are expanding in Florida with the hope that adult-use cannabis will be legalized in the near future.

The company announced in August it planned to buy VidaCann for $49 million.

As for restating its financials – a common problem in the cannabis industry – Planet 13 said it will restate its annual results for 2021 and 2022 and its quarterly results for the first three quarters of 2023.

An internal investigation showed that $22 million of the company’s funds, which were held by investment firm El Capitan Advisors, was misappropriated, according to a news release.

Planet 13 began investigating those allegations in November.

Planet 13 trades on the Canadian Securities Exchange as PLTH.