Stuart Kane Attorney Cole Morgan Represents Seller in Cannabis Dispensary Transaction
Stuart Kane LLP is pleased to announce that attorney Cole Morgan is representing Newtonian Principles, Inc. (“Newtonian”) in the sale of a cannabis sales license and leasehold interest located in Santa Ana, California. The purchaser is Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNHF) (“Planet 13”), a leading vertically-integrated cannabis company.
The planned 40,000 sq. ft. Santa Ana location will be one of the largest cannabis dispensary complexes in the world, and a second location for Planet 13, which already operates the Planet 13 Las Vegas SuperStore in Nevada.
Newtonian president and owner Kyle Desmet said, “Planet 13 delivers an unparalleled retail experience with the highest quality products and best customer service in the industry. The Orange County Superstore will provide significant economic benefit to the community and residents of Santa Ana by creating new jobs and increasing tax revenue. We are excited to be part of the Planet 13 vision and positively changing the perception of the industry.”
Newtonian will receive a combination of $10 million in cash and stock for the sale, which is scheduled to close following final state and local regulatory approvals to transfer the operating entity after Newtonian opens the dispensary.
Cole Morgan focuses his practice on the areas of corporate and commercial real estate law. He handles all aspects of real estate and corporate transactions, including negotiation and drafting of agreements, conducting due diligence, and advising on legal and compliance issues. He has assisted numerous landlords and tenants operating in the cannabis industry, including vertically integrated companies, with transactional and compliance matters.