Las Vegas cannabis company pays $49M for Florida dispensaries

VidaCann, a Florida chain of cannabis dispensaries, has been sold to Las Vegas-based Planet 13 Holdings for $48.9 million.

The cash and stock purchase has been unanimously approved by the board of directors of both companies and is expected to close in the first quarter of next year, Planet 13 says in a statement announcing the deal and its details.

The purchase is part of the company’s effort to expand into Florida and the transaction both increases the number of stores it has in the state and gives it a fully operational greenhouse cultivation and processing facility to support future growth.