Shareholders of Planet 13 Holdings Inc., a leading multi-state cannabis company, have given their overwhelming approval for the relocation of the company from the jurisdiction of the Business Corporations Act to the State of Nevada. The decision to domesticate under the Nevada Revised Statutes came during Planet 13’s Annual General and Special Meeting held on July 27, 2023.
This move also includes obtaining approval from the Secretary of State of Nevada. As a result of these changes, all issued and outstanding common shares will be considered one issued share of common stock.
OTCQX Trading Symbol Change and Shift to U.S. Market
In addition to the change in domicile, Planet 13 has announced that its common stock will begin trading on the OTCQX U.S. market instead of the OTCQX International market. Effective September 18, 2023, at market open, the company’s ticker symbol will change from PLNHF to PLNH.
This alteration allows the Las Vegas-based cannabis company to better align its operations with the growth strategy that it is pursuing in both the Las Vegas and Orange County markets. This move should offer increased visibility and appeal to potential investors, particularly those in the United States.
New Equity Incentive Plan Set to Replace Previous Arrangements
As part of the ongoing restructuring efforts, Planet 13 Holdings Inc.’s 2023 Equity Incentive Plan will replace any previous plans from prior years.
This updated incentive plan aims to better align the interests of shareholders and executives as Planet 13 continues its expansion efforts across multiple states while maintaining its vertically integrated model.
The Impact of These Changes on Planet 13 Holdings’ Operations
The domestication process and change in stock market trading should streamline operations for Planet 13 Holdings Inc. By consolidating under a single jurisdiction; it will enhance the company’s ability to attract investment and growth opportunities in Nevada and beyond. Furthermore, shifting its trading operations to the OTCQX U.S. Market indicates that the cannabis company is preparing to solidify its presence in the country and expand further into the American markets.
All these developments come at a crucial time for Planet 13 as it continues its quest to become a dominant player in the Las Vegas and Orange County cannabis markets. With the culmination of its recent restructuring efforts and operational enhancements, the company is well-positioned to take advantage of the burgeoning cannabis markets, and expectations are high for its continued success and growth.