04:55 PM EDT, 09/11/2024 (MT Newswires) -- Planet 13 Holdings ( PLNH ) , on Wednesday said its MM Development unit agreed to acquire a Las Vegas cannabis dispensary for US$6.9 million.

The purchase price doesn't include the value of the cannabis inventory, but does include the non-cannabis inventory and other items along with a medical and recreational license from Exhale Brands Nevada.

"Increasing our scale, operating leverage and verticality in Nevada is one of the most cost-efficient levers for profitable growth we have, and this dispensary couldn't be a better fit for our portfolio," said co-chief executive Bob Groesbeck. "Adding more dispensaries in Nevada allows us to benefit from increased verticality, expand our branded market share position, and share fixed costs across dispensaries."

The company said the purchase requires approval from the Nevada Cannabis Compliance Board.

Planet 13 ( PLNH ) shares closed down $0.01 to $0.80 on the Canadian Securities Exchange.