Planet 13 Holdings Inc. announced earlier this week that it has submitted its proposed Illinois location to the Illinois Department of Financial & Professional Regulation (IDFPR) and local regulators for approval.  Planet 13 selected a dispensary location in Fountain Square in Waukegan. The build-out and opening for the location is conditioned on approvals from Illinois state regulators and the City of Waukegan.

“It is in a prominent shopping center with multiple stores, restaurants, hotels, and a recently announced casino project,” said Bob Groesbeck, Co-CEO of Planet 13. “It is located off the Interstate 94 highway between Milwaukee and Chicago, close to the Wisconsin border. The Illinois location will be smaller than both the Las Vegas and Orange County dispensaries but will still meet Planet 13’s high standards for customer experience.”

Planet 13 is a vertically integrated cannabis company, with cultivation, production and dispensary operations in Las Vegas and in Orange County, California. Planet 13 also holds a medical marijuana treatment center license in Florida and a 49% interest in Planet 13 Illinois, which holds a provisional Social-Equity Justice Involved dispensing license in the Chicago-region of Illinois.

Planet 13’s mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13’s shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and on the OTCQX under the symbol PLNHF.

In early August, Planet 13 announced it had entered into an Option Purchase Agreement that gave Planet 13 the option to purchase 51% of Planet 13 Illinois, LLC from Frank Cowan for $866,250 in cash and 1,063,377 common shares of Planet 13 valued at $2 million based on a 5-day VWAP. In accordance with regulatory guidance, the option shall not be exercised prior to Planet 13 Illinois obtaining an Adult Use Dispensing Organization License from the State of Illinois. Planet 13 Illinois is currently 51% owned by Frank Cowan and 49% owned by Planet 13.

“We are pleased to enter into this agreement with our partner to give us the option to assume full control of the Illinois dispensary upon receipt of regulatory approvals,” said Groesbeck. “Frank Cowan has been a pleasure to work with, and we look forward to continuing that partnership. As a limited-license state, Illinois remains a premier cannabis marketplace, and this opportunity creates value for all Planet 13 stakeholders. This is another example of us acquiring a dispensary at a very reasonable price. Our prudent approach to M&A is one of the reasons we have no debt and such a robust balance sheet.”

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