LAS VEGAS, July 2, 2019 /CNW/ - Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated Nevada based cannabis company, announces the appointment of Adrienne O'Neal to Planet 13's Board of Directors and grant of Restricted Stock Units ("RSU") to certain of its directors, employees and independent contractors.
"As the cannabis industry matures there is a greater need for cannabis companies to take a leading role in their communities, contributing to the financial, societal and cultural welfare of their community," said Bob Groesbeck, Co-CEO of Planet 13. "We are pleased to add Adrienne O'Neal to our board, her work in Nevada has been exemplary and we are confident her experience will help ensure Planet 13 is a positive addition to any community."
Ms. O'Neal in 2016, was appointed by former State of Nevada Governor, Brian Sandoval, to the Nevada State Board of Marriage & Family Therapy and Clinical Professional Counselors. She has been the owner of Las Vegas Counselor LLC since 2004, where she provides marriage and family therapy services. Prior to 2004, Ms. O'Neal was an Account Manager at R&R Partners for 13 years. Ms. O'Neal has successfully passed the Series 7 exam and holds a B.S. Marketing and a M.S. Marriage and Family Therapy degree from the University of Nevada. Ms. O'Neal is also a part-time instructor at the UNLV School of Medicine's Marriage and Family Therapy Graduate Program.
Greg Wilson did not stand for re-election at the Annual and Special Meeting of Shareholders held on June 24, 2019. With the appointment of Adrienne O'Neal, the current directors are:
- Robert Groesbeck
- Larry Scheffler
- Marc Lustig
- Mike Harman
- Adrienne O'Neal
Adrienne O'Neal is appointed to the Company's Audit Committee, Compensation Committee, and Corporate Governance and Nominating Committee. For further details please see the management information circular of the Company dated June 3, 2019 in connection with the recent Annual and Special Meeting of Shareholders.
Pursuant to the terms of the RSU Plan (the "Plan") of the Company, 3,259,623 RSUs were awarded to officers, directors, employees, and independent contractors pursuant to the Company's Plan; 2,658,790 of the RSUs awarded to directors and officers shall vest in three equal tranches, on January 1, 2020, January 1, 2021, and January 1, 2022, unless otherwise varied pursuant to the terms of the Plan, and the remaining 600,833 of RSUs awarded to the recently appointed director Ms. O'Neal, employees, and independent contractors start vesting at the date of grant and thereafter according to the award vesting schedules.
About Planet 13
Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company based in Nevada, with award-winning cultivation, production and dispensary operations in Las Vegas - the entertainment capital of the world. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13's common shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking-statements relate to, among other things, vesting dates of the RSU grants.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: final regulatory and other approvals or consents; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Nevada cannabis market and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in the State of Nevada; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States through its subsidiary MM Development Company, Inc. ("MMDC"). Local state laws where MMDC operates permit such activities however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's annual information form dated April 30, 2019 filed on its issuer profile on SEDAR at www.sedar.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Planet 13 Holdings Inc.