Planet 13 to Acquire Next Green Wave Holdings
Planet 13 Holdings Inc. (OTCQB: PLNHF) (“Planet 13”) recently announced the approval of its acquisition of Next Green Wave Holdings Inc. (OTCQX: NXGWF) (“NGW”), in which Planet 13 will acquire all issued and outstanding NGW shares. The acquisition involves NGW shareholders receiving 0.1145 of each Planet 13 common share, for about $0.0001 per NGW share held.
Planet 13 is a vertically integrated cannabis company based in Nevada and maintains the largest presence along the Las Vegas Strip; it also owns several brands and a range of branded products.
Benefits of this acquisition as discussed upon its initial announcement include it being immediately accretive to 2021 and 2022 EBITDA, an advancement toward Planet 13’s focus on the California market, and increased expertise in operational teams, which will help the company continue to grow.
“We are methodically expanding our footprint to drive topline growth and improved profitability,” said Bob Groesbeck, Co-CEO and Co-founder of Planet 13. “We’ve been incredibly impressed by the Next Green Wave team and their ability to generate revenue and Adjusted EBITDA based on the quality of their cultivation and manufacturing in this very competitive market.”
Mike Jennings, CEO of NGW, said that Planet 13 is “a perfect fit for Next Green Wave, and being a part of their attractive growth profile and expansion in Illinois and Florida is the correct next step for NGW.”
The acquisition will be completed once it has received a final order of the Supreme Court of British Columbia, which NGW expects to be today, March 1, 2022.
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