Planet 13 Holdings on Wednesday announced its subsidiary would acquire Exhale Dispensary in Las Vegas and related assets for $6.9 million.
The acquisition includes a 3,158-square-foot marijuana retail store in Las Vegas, the associated medical and recreational retail license, cannabis inventory and other assets.
Under the deal, which must be approved by the Nevada Cannabis Compliance Board, Planet 13 will pay Exhale Brands Nevada $4 million in cash at the time of closing and $2.9 million – plus the value of cannabis inventory at closing – through a promissory note due a year from closing and secured by the acquired assets.
The buy bolsters Planet 13’s operations in Nevada, where it operates a 112,000-square-foot store adjacent to the Las Vegas Strip and another location in Las Vegas.
“Increasing our scale, operating leverage and verticality in Nevada is one of the most cost-efficient levers for profitable growth we have, and this dispensary couldn’t be a better fit for our portfolio,” co-CEO Bob Groesbeck said of the acquisition in a news release.
The Exhale dispensary, located at 4310 W. Flamingo Road, has a drive-thru.
A Planet 13 spokesperson said the company plans to rebrand the store as Planet 13.
MJBizDaily in April reported that Planet 13 opened a 3,000-square-foot consumption, food and entertainment space dubbed Dazed! Consumption Lounge at its superstore.
In late February, Thrive Cannabis Marketplace opened the first state-licensed marijuana lounge adjacent to its store just off the Las Vegas Strip.
