Insights
Firm News

Farella Represents Next Green Wave in Agreement to Sell to Planet 13

January 5, 2022 Announcement

Northern California legal powerhouse Farella Braun + Martel acted as U.S. counsel in representing California seed-to-shelf cannabis producer Next Green Wave Holdings (NGW) in its definitive arrangement agreement to be sold to Nevada-based cannabis company Planet 13 Holdings Inc.

According to the purchase agreement, Planet 13 will acquire all of the issued and outstanding common shares of NGW for total consideration of approximately $70 million. The transaction is expected to close in the first quarter of 2022 after approval from NGW shareholders.

Commentary from Planet 13 and NGW management:

“Today’s announcement is an extension of the strategy we’ve laid out for investors of adding cultivation and production in California to vertically integrate and bring our highly popular brands into the state. We are methodically expanding our footprint to drive topline growth and improved profitability,” said Bob Groesbeck, Co-CEO and Co-founder of Planet 13. “We’ve been incredibly impressed by the Next Green Wave team and their ability to generate revenue and Adjusted EBITDA based on the quality of their cultivation and manufacturing in this very competitive market.”

“This is an exciting day for Next Green Wave shareholders. Planet 13 has proven its ability to run incredibly productive retail locations and create manufactured products that command a significant share of sales in their home state of Nevada,” said Mike Jennings, CEO of Next Green Wave. “They are a perfect fit for Next Green Wave, and being a part of their attractive growth profile and expansion in Illinois and Florida is the correct next step for NGW.”

Read the full press release here.

The Farella deal team was led by Ryan Lowther with Jeffrey Hamilton, Julie Treppa, Wendy Hernandez, and Shannon Sullivan.

Farella Braun + Martel is a leading Northern California law firm representing corporate and private clients in sophisticated business and real estate transactions and complex commercial, civil and criminal litigation. Clients seek our imaginative legal solutions and the dynamism and intellectual creativity of our lawyers. We are headquartered in San Francisco and maintain an office in the Napa Valley that is focused on the wine industry.

Contact:
Cheryl Loof
Farella Braun + Martel LLP
415.954.4433 / [email protected]

Firm Highlights

News

Swinerton Completes Sale of Renewable Energy Division and SOLV, Inc.

Northern California legal powerhouse Farella Braun + Martel represented Swinerton Incorporated in the disposition of its renewable energy division Swinerton Renewable Energy (SRE) and wholly-owned subsidiary SOLV, Inc. to private equity firm American Securities...

Read More
News

Farella Represents Swinerton in Sale of Renewable Energy Division and SOLV, Inc.

Northern California legal powerhouse Farella Braun + Martel represented Swinerton Incorporated in its agreement to sell its renewable energy division Swinerton Renewable Energy (SRE) and wholly-owned subsidiary SOLV, Inc. to private equity firm American...

Read More
Publication

What to Know About Taking a Data Center Company Public Through a SPAC

A recent IPO by InterPrivate IV Infratech Partners, a digital infrastructure-focused special purpose acquisition company, or SPAC, raised $250 million. Its impressive fundraising and management team, led by former CyrusOne CTO Kevin Timmons, may cause privately...

Read More
News

Farella Represents Catalyze in Its Acquisition of Sol Alliance

Northern California legal powerhouse Farella Braun + Martel represented Colorado-based independent power producer Catalyze  in its acquisition of Sol Alliance , a leading Northeastern commercial-scale solar developer, as part of the company's plan to expand...

Read More
Publication

Turmoil in the SPAC Market: What Private Tech Companies Should Consider Before Going Public Via a SPAC

In the spring of 2021, one of the hottest markets—the market for special purpose acquisition companies, or SPACs - has “screeched to a halt,” according to CNN . As the SPAC market grew red...

Read More
News

Farella Braun + Martel Represents ACE Cider in its Sale to Vintage Wine Estates

Northern California legal powerhouse Farella Braun + Martel represented ACE Cider , The California Cider Company, the top independently owned hard cider brand in the U.S., in its sale to Vintage Wine Estates, Inc...

Read More
News

Farella Braun + Martel Announces Five New Partners

Read More
News

Farella Braun + Martel Earns 2022 U.S. News – Best Lawyers® "Best Law Firms" Rankings

Northern California legal powerhouse Farella Braun + Martel earned national and regional rankings across several practice areas in the 2022 edition of U.S. News – Best Lawyers ® "Best Law Firms." The U.S. News...

Read More
Publication

Mitigating the Uncertainty of Smoke Taint in Wine Grapes

Smoke taint has dominated the worries of the California wine industry recent years. With unsettled climate conditions and continued droughts, there is no reason to think that smoke taint will not continue to be...

Read More
News

Farella Represents Far Niente Winery in its Acquisition of Provenance Vineyards

Northern California legal powerhouse Farella Braun + Martel represented Napa Valley luxury wine producer Far Niente Family of Wineries & Vineyards in its acquisition of the Provenance Vineyards real estate in Rutherford, Calif. from Treasury...

Read More