Over the past couple of months, it's become clear that Planet 13 Holdings (CSE:PLTH) (OTCQX:PLNHF) is the cannabis company in Nevada. And with that success, the vertically integrated company has been able to expand its business in other states. In fact, earlier today, the company announced that its brand is now active in California; Planet 13 stock jumped on the news.
Planet 13 Stock: More Good News
On June 7, Planet 13 said it signed an LOI to acquire a Santa Ana, California dispensary. The news comes two days after the company said customer traffic for May beat expectations, causing Planet 13 stock to trade up around 3%.
According to the press release, the company is acquiring the cannabis sales license and lease from Newtonian Principles, paying $6 million in cash and 2,039,808 Class A Restricted Shares that have a value of $4 million.
"We are pleased to announce the extension of the successful Planet 13 brand into California," said co-CEO Larry Scheffler. "We look forward to sharing the Planet 13 experience with our customers in California."
The market seems pleased as well. And can you blame investors? Not only is Planet 13 Holdings seeing significant growth, but the company is also now expanding its business outside of Nevada.
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According to Yahoo Finance, as of 12:12 PM EDT, Planet 13 stock is trading at $2.73 on the CSE; this puts the cannabis stock up 6.23%.
Planet 13 Dispensary Details
According to Bob Groesbeck, the other CEO of Planet 13, the Santa Ana dispensary will be around 40,000 square foot, making it one of the largest cannabis dispensaries in the world.
Now with an "in" in California, Planet 13 plans to "introduce our Medizin, TRENDI, and Leaf and Vine brands into the California market, and to replicate the Las Vegas experience with a California feel, creating a must-see destination in Southern California," Groesbeck said.
Takeaway
What do you think about today's news? Do you think Planet 13 stock will continue to stay in the green for the remainder of the trading day?
Let us know in the comments below!
Featured image: Canva
