Deal values Planet 13 shares at approximately 0.0154 Vireo shares each, expanding U.S. cannabis retail operations.
Vireo Growth will acquire Planet 13 in an all-stock transaction, aiming to bolster its position in key U.S. cannabis markets. The agreement converts each outstanding Planet 13 share into roughly 0.0154 Vireo shares.
Planet 13 operates high-profile cannabis retail locations, including a flagship store in Las Vegas. Vireo, a multi-state operator, seeks to enhance its retail footprint through the merger. No cash component was disclosed in the deal terms.
The transaction is expected to close in the second half of 2024, subject to regulatory and shareholder approvals.