TORONTO, June 20, 2018 (GLOBE NEWSWIRE) -- Planet 13 Holdings Inc. (the "Company" or "Planet 13") (CSE:PLTH) is pleased to announce that trading in its common shares on the Canadian Securities Exchange will commence at the open on Thursday June 21 under the ticker symbol "PLTH".
In a joint statement, Robert Groesbeck and Larry Scheffler, the co-CEO’s of Planet 13, announced that "the listing of Planet 13’s shares on the CSE represents a key milestone in the growth of our company as a dynamic story in the cannabis space as a leading cultivator, producer and retailer of Nevada state-sanctioned cannabis. We look forward to creating significant value for our shareholders and partners through the execution of our business objectives and disciplined application of capital."
The Company also announces that Messrs. Groesbeck and Scheffler, through controlled companies, have fully converted an aggregate of US$3.4 million principal amount and accrued interest of unsecured promissory notes of Planet 13 held by them into an aggregate of 5,532,940 class A restricted shares of Planet (the "Class A Shares"), or 2,766,470 Class A Shares each, at a conversion price of C$0.80 per Class A Share. The 5,532,940 Class A Shares acquired by Messrs. Groesbeck and Scheffler represent approximately 4.7% of the equity of Planet 13. As at the date hereof, the Company has approximately US$19.4 million in cash and no debt.
About Planet 13 Holdings Inc.
Planet 13 is a vertically integrated cannabis company based in Nevada, with award-winning cultivation, production and dispensary operations in Las Vegas - the entertainment capital of the world. Planet 13’s mission is to build a recognizable global brand known for world class dispensary operations, and a creator of innovative cannabis products.
U.S. Disclaimer
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and accordingly may not be offered or sold within the United States or to "U.S. persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act ("U.S. Persons"), except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company’s securities to, or for the account or benefit of, persons in the United States or U.S. Persons.
Additional information about the Company is available at www.planet13holdings.com. For more information, please contact:
Robert Groesbeck or Larry Scheffler
Co-Chief Executive Officers
Email: ir@planet13lasvegas.com
Jonathan Ross, CFA
LodeRock Advisors Inc.
jon.ross@loderockadvisors.com
416-283-0178
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking-statements relate, among other things, the commencement of trading of the Planet 13 common shares on the Canadian Securities Exchange and future expansion plans.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: final regulatory and other approvals or consents; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Nevada cannabis market and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in the State of Nevada; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States through its subsidiary MM Development Company, Inc. ("MMDC"). Local state laws where MMDC operates permit such activities however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's Listing Statement dated May 24, 2018 filed on its issuer profile on SEDAR at www.sedar.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.