MINNEAPOLIS and LAS VEGAS — Planet 13 Holdings Inc. will merge into Vireo Growth Inc. in an all-stock transaction. According to the merger agreement, each share of common Planet 13 stock will be converted into 0.015 of a Vireo subordinate voting share. According to the companies, the exchange value represents a 16.6% premium over Planet 13’s 20-day volume weighted average price per share as of July 24, 2026 and a 24% premium over Planet 13’s closing price per share on that date.
Strategic highlights
- Nevada: Adds Planet 13’s flagship Las Vegas superstore, one additional dispensary, approximately 45,000 square feet of active cultivation and production capacity, and approximately 2.3 million square feet of expandable cultivation and production facilities. Post-transaction, Vireo is expected to operate approximately 17 dispensaries and approximately 150,000 square feet of active cultivation and production capacity in Nevada. The transaction also includes a distribution license and a cannabis consumption license.
- Florida: Adds approximately 33 dispensaries and two cultivation and production facilities totaling more than 76,000 square feet. Post-transaction, Vireo is expected to operate approximately 106 dispensaries and approximately 329,000 square feet of cultivation and production capacity in Florida.
- Illinois: Adds to Vireo’s expected pending presence in Illinois, a limited license state, through the acquisition of a dispensary in Waukegan.
In total, the transaction is expected to add 36 dispensaries, three active cultivation and production assets, expansion capabilities of up to 2.3 million square feet of cultivation and production in Nevada, a distribution license, and a cannabis consumption lounge license. Completion of the transaction is expected bring Vireo’s total to 265 dispensaries across 15 states.
