LAS VEGAS, April 13, 2020 /CNW/ - PRESS RELEASE - Planet 13 Holdings Inc. (Planet 13), a vertically-integrated Nevada cannabis company, has announced the termination of its definitive agreement to acquire a cannabis sales license and lease for a dispensary in Santa Ana, Calif., from Newtonian Principles. The acquisition was terminated due to unmet conditions in the definitive agreement.
"While we are disappointed to be walking away from this expansion, we know that preserving our capital is the right thing to do at this time. We have offered to renegotiate the acquisition with the seller to fairly reflect the delays in closing the definitive agreement and the new macro environment," said Larry Scheffler, co-CEO of Planet 13. "We take comfort knowing that as one of the few operators with a strong balance sheet and a cashflow positive business, we will have plenty of opportunities to expand the Planet 13 brand in the future."