Marijuana firm Planet 13 makes $10M dispensary purchase Santa Ana
Planet 13, rated amongst the leading Las Vegas marijuana dispensaries, makes an eye-catching and gigantic entry into California’s market with a whopping $10 million purchase of a cannabis sale license in addition to leasing for a dispensary in Santa Ana. A total of around 3,000 people are buying legal cannabis products from Planet 13 on daily basis.
Planet 13, often labeled as the “Disneyland of Dispensaries” even before its opening, is planning to go big by opening another location in Santa Ana in a year’s timeframe in a 40 thousand sq. ft. location which is around 10 minutes’ drive from Disneyland. Said dispensary is envisioned to be the second largest in the United States behind the Planet 13 Las Vegas Superstore after it’s opening in early 2020.
“We are pleased to announce the extension of the successful Planet 13 brand into California. We would like to replicate what we did in Las Vegas in Santa Ana. Nobody has done what we have done in Las Vegas. We literally have made it a destination,” Planet 13 Co-CEO Larry Scheffler said.
The company which is also traded on the Canadian Stock Exchange has been searching locations from Santa Cruz to San Diego for months as per their Co-CEO. Finally, after a “thorough and deliberate search” they came across this location and found it as a pathway to their new dream.
Selection of the site is also seen as a great prospect in terms of grasping the opportunity given to the land by the 24 million visitors visiting the nearby South Coast Plaza Mall annually and 18 million visitors visiting the Disneyland in the near proximity.
As per the latest report, Planet 13’s revenue for the first quarter is $13.8 million with its 112,000 sq. ft. superstore in Las Vegas.
Newtonian Principles, Inc., got one of the recreational licenses. If they get along the state and local approval, Planet 13 will pay Newtonian $6 million cash and $4 million in company shares to transfer over the retail license and property lease. President of Newtonian principles was also seen delighted over the job creation and revenue generation which is expected once the facility made by Planet 13 is fully operational.
Opening of aforementioned superstore is believed to enhance the quality of products alongside seeing an increase in the economic graph of the community and a better life for the residents of Santa Ana by the creation of new jobs. The city is expecting a
$ 11.8 million revenue in the next year after the creation of the much anticipated superstore in Santa Ana.
Once recreational marijuana was legalized in California, the City Council voted that medical marijuana selling shops are permitted to sell cannabis to Adults over the age of 21. Till date, a total of 18 cannabis shops are available in Santa Ana. Many other companies are also eyeing this great opportunity and are trying their best to get the license at the earliest.