What changed in this filing

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Item 2. Properties

2025-03-26 compared with 2024-03-13 · 71 added, 30 removed, 17 unchanged (86% of the section changed)

The following tables set forth our principal physical properties.

We believe our existing properties and equipment are in good operating condition and are suitable for the conduct of our business.

Corporate Properties

The following tables set forth our owned and leased physical properties as of March 26, 2025, which include the corporate principal office, the Planet 13 Entertainment Complex, locations of operating dispensaries, and locations for operating cultivation and processing facilities.We believe our existing properties and equipment are in good operating condition and are suitable for the conduct of our business.

Comments/Description

One office location, three cultivation facilities, two processing facilities, two production facilities, two operating dispensaries, one distribution facilities, one entertainment complex and one development property

Headquarters, U.S.

Las Vegas, NV

Business Operation Properties

Clark County, NV

Cultivation & Production Facility

2 unchanged sentences

Clark County, NV

Cultivation & Production Facility

Nye County, NV

Dispensary & Production Facility

Dispensary & Production Facility & Entertainment Complex

Clark County, NV

1 unchanged sentence

Clark County, NV

Cultivation & Production Facility and development property

Nye County, NV

One cultivation and processing facility, one production facility, one operating dispensary, two distribution facilities and two development properties

Dispensary & Distribution Facility

Orange County, CA

Cultivation & Processing Facility

Marion County, FL

Cultivation & Distribution Facility A

Fresno County, CA

Manufacturing Facility C

Fresno County, CA

Cultivation Expansion Development Parcel, 2.09 Acres

Fresno County, CA

Cultivation Expansion Development Parcel, 7.81 Acres

Fresno County, CA

One operating dispensary

Dispensary Facility

Lake County, IL

One cultivation and processing facility, one office, one production facility, thirty operating dispensaries and one development property

Cultivation & Processing Facility

Saint Johns County, FL

Production Facility

Duval County, FL

Bonita Springs

Lee County, FL

Manatee County, FL

Lee County, FL

Lake County, FL

Daytona Beach/Holly Hill

Volusia County, FL

Deerfield Beach

Broward County, FL

Volusia County, FL

Destin/Miramar Beach

Walton County, FL

Volusia County, FL

Alachua County, FL

Santa Rosa County, FL

Jacksonville - Roosevelt

Duval County, FL

Jacksonville - Sunbeam

Santa Rosa County, FL

Polk County, FL

Pinellas County, FL

Miami - Biscayne

Miami-Dade County, FL

Miami - Sunset

Miami-Dade County, FL

Marion County, FL

Clay County, FL

Orlando - Semoran

Orange County, FL

Orlando - Southland

Orange County, FL

Santa Rosa County, FL

Brevard County, FL

Escambia County, FL

Port Charlotte

Charlotte County, FL

Volusia County, FL

Pasco County, FL

Sarasota County, FL

St Johns County, FL

Pinellas County, FL

Martin County, FL

Marion County, FL

Leon County, FL

Tampa - Bruce B Downs

Hillsborough County, FL

Tampa - Kennedy

Hillsborough County, FL

West Palm Beach North

Palm Beach County, FL

West Palm Beach South

Palm Beach County, FL

Properties Subject to an Encumbrance.

There is a mortgage on one property owned by us in Nye County, Nevada.

We currently have rights and obligations under the following significant leases:

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.

MMDC also entered into a sub-lease at that facility for an additional, approximately 2,000 square feet from the neighboring tenant, with a termination date of December 31, 2034.

The landlord was initially an entity owned by Mr.

Scheffler, our Co-CEO.

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.

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.

MMDC has the right to extend the lease for two additional terms of seven years each.

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.

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.

MMDC has the right to extend the lease for two additional terms of seven years each.

MMDC intends to use Building 2 for general office, warehouse and services use, and the remaining land as parking space that it expects it will need to accommodate our growth plans with respect to the Planet 13 Las Vegas Superstore.

BLC Management Company, LLC assumed a lease from Warner Management Company at the closing of the Santa Ana Acquisition on May 20, 2020, for 16,263 square feet of office and warehouse space located at 3400 Warner Ave., Units, F, F-2, G and H, commencing December 1, 2018.

The lease is for a term of eleven years and six months with a base rent of US$2.00 per square foot, and includes four five-year options to renew.

That lease has been subsequently amended to include Units A through H for the retail facility under construction and Units K-M for the distribution facility currently under construction, for a total of 30,001 square feet of office and warehouse space.

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.

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 ”).

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.

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.

What changed 10-K

Item 2. Properties