17 unchanged sentences
Orange County, CA
−Removed: Cultivation & Production Facility
+Added: Cultivation & Processing Facility
Marion County, FL
−Removed: Additional Business Operation Properties following March 2, 2022 NGW Acquisition
−Removed: Cultivation Facility A
+Added: Cultivation & Distribution Facility A
Manufacturing Facility C
1 unchanged sentence
Cultivation Expansion Development Parcel, 7.81 Acres
+Added: Additional Business Operation Property Acquired on February 3, 2023
+Added: Dispensary Facility
Properties Subject to an Encumbrance.
1 unchanged sentence
We currently have rights and obligations under the following significant leases:
−Removed: MMDC signed a five-year, triple net lease dated July 22, 2015 for our 4,750 square foot Clark County dispensary location with a rate of US$1.75 per square foot, per month, with the right to extend for two additional terms of five years each.
+Added: MMDC signed a five-year, triple net lease dated July 22, 2015 for our 4,750 square foot Clark County dispensary location with a rate of US$1.75 per square foot, per month, with one extension for an additional five-year term having been exercised, and with one additional right to a five-year extension remaining.
MMDC signed a lease starting on August 30, 2014 and ending on December 31, 2034 for the Clark County cultivation and production location, with a monthly rent of US$9,667.67, with the right to extend for two additional terms of five years each.
2 unchanged sentences
Scheffler, our Co-CEO.
−Removed: That entity subsequently sold the building effective September 26, 2018 and the new owner, an arm’s length party, has assumed all the obligations of the former landlord under the terms of the lease.
−Removed: MMDC signed a lease dated April 23, 2018 in respect of the Planet 13 Las Vegas Superstore location (the “ Planet 13 Las Vegas Superstore Lease ”) for approximately 112,663 square feet of office and warehouse space located at 2548 West Desert Inn Road, Las Vegas, Nevada, on a 9.14 acre parcel for a term of seven years, starting at a base rent of US$0.20 per square foot, per month, and rising to US$0.824 per square foot, per month for the last year of the initial seven year term.
+Added: That entity subsequently sold the building effective September 26, 2018 and the new owner, an arm’s length party, has assumed all the obligations of the former landlord under the terms of the lease.
+Added: MMDC signed a lease dated April 23, 2018 in respect of the Planet 13 Las Vegas Superstore location (the “
+Added: Planet 13 Las Vegas Superstore Lease ”) for approximately 112,663 square feet of office and warehouse space located at 2548 West Desert Inn Road, Las Vegas, Nevada, on a 9.14 acre parcel for a term of seven years, starting at a base rent of US$0.20 per square foot, per month, and rising to US$0.824 per square foot, per month for the last year of the initial seven year term.
MMDC has the right to extend the lease for two additional terms of seven years each.
−Removed: MMDC signed a lease dated April 1, 2019, with respect to certain premises located next to the Planet 13 Las Vegas Superstore consisting of a 3,378 square foot building (“ Building 2 ”), 32,400 square feet of land immediately adjacent to such building and a license for use of approximately 4.17 acres of land situated immediately adjacent and north of Building 2.
+Added: MMDC signed a lease dated April 1, 2019, with respect to certain premises located next to the Planet 13 Las Vegas Superstore consisting of a 3,378 square foot building (“
+Added: Building 2 ”), 32,400 square feet of land immediately adjacent to such building and a license for use of approximately 4.17 acres of land situated immediately adjacent and north of Building 2.
The lease is for a term of six years and five months, starting with a base rent of US$8,000 per month for months one to three and US$12,000 per month for months four to 17.
5 unchanged sentences
The lease includes a tenant improvement allowance at US$25.00 per square foot of improvement, and a roof repair/replacement contribution allowance capped at US$112,000.
−Removed: On November 25, 2020, MMDC entered into an assignment and assumption agreement with WCDN and RX Land pursuant to which WCDN assigned to MMDC all of WCDN’s right, title and interest under the Initial West Bell Lease, which lease agreement was subsequently amended pursuant to an amendment to lease entered into between MMDC and RX Land on November 27, 2020 (the “ Amended West Bell Lease ” and, together with the Initial West Bell Lease, the “ West Bell Lease ”).
+Added: On November 25, 2020, MMDC entered into an assignment and assumption agreement with WCDN and RX Land pursuant to which WCDN assigned to MMDC all of WCDN’s right, title and interest under the Initial West Bell Lease, which lease agreement was subsequently amended pursuant to an amendment to lease entered into between MMDC and RX Land on November 27, 2020 (the “
+Added: Amended West Bell Lease ” and, together with the Initial West Bell Lease, the “
+Added: West Bell Lease ”).
The West Bell Lease is for a term of 15 years, at a base rent of US$1.66 per square foot, subject to further annual rate increases of 3%, with MMDC having the right to extend the lease for two additional terms of five years each.
MMDC is using the space for licensed cultivation and production operations.
−Removed: On September 7, 2021, Planet 13 Florida entered into a lease for approximately 9,000 square feet of nursery and warehouse space located in Marion County, Florida.
−Removed: The lease is for a term of one year, with two options to extend the lease for additional terms of one year each, and has a base rent of $6,000.00 per month for the first three months, and $8,500 per month for the remaining term.
−Removed: Planet 13 Florida will maintain this space as the licensed Florida cultivation and production facility until such time as it identifies a more permanent installation to support its expansion plans in Florida.
−Removed: The lease was amended on March 1, 2022, to include the surrounding parcel of 36.96 acres, with no other changes to the terms.
−Removed: Legal Proceedings.
−Removed: There are no actual or to our knowledge contemplated legal proceedings material to us or our subsidiaries or to which any of our or any of our subsidiaries’ property is the subject matter.
−Removed: Mine Safety Disclosures.
−Removed: Not applicable.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.