Planet 13 Announces Purchase Option for Illinois Dispensary – AccessWire

All dollar figures are stated in United States dollars ($).

LAS VEGAS, NV / ACCESSWIRE / August 5, 2022 / Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNHF) (“Planet 13” or the “Company“),a leading vertically-integrated multi-state cannabis company, announces that Planet 13 has entered into an Option Purchase Agreement that gives Planet 13 the option to purchase 51% of Planet 13 Illinois, LLC (“Planet 13 Illinois“) from Frank Cowan for $866,250 in cash and 1,063,377 common shares of Planet 13 (the “Planet 13 Shares“) valued at $2 million based on a 5-day VWAP. Should Planet 13 exercise the option, the Planet 13 Shares would be subject to a four-month and one day hold period under Canadian securities laws and a minimum of six months following the date of issuance for resales under Rule 144 promulgated under the U.S. Securities Act of 1933 (assuming all other requirements of Rule 144 are satisfied at such time), and following such six month period would be subject to a lock-up whereby 1/12 of the Planet 13 Shares would be released each month thereafter in accordance with a lock up agreement.

The option is exercisable at Planet 13’s discretion for a period of two years, subject to approval from

Read More Here...