Ovation to sell Invisicare in Florida with Planet 13

Executive Summary

• Ovation Science Inc. has entered into an expanded license agreement with Planet 13 Holdings Inc. to distribute its patented Invisicare topical and transdermal cannabis products in Florida.
• The agreement grants Ovation royalty income from sales in both Nevada and Florida, marking Florida as Ovation's third active market alongside Nevada and Pennsylvania.
• The partnership leverages Planet 13’s 33 dispensary locations in Florida, a market with nearly one million registered patients and the highest topical sales in the U.S., to provide immediate market access for Ovation's proprietary formulations.

Key Details

• Transaction Structure: Expanded license agreement between Ovation Science Inc. and Planet 13 Holdings Inc.
• Product Scope: Patented Invisicare topical and transdermal cannabis products.
• Market Expansion: Entry into the Florida market; Ovation now has active markets in Nevada, Pennsylvania, and Florida.
• Distribution Channel: Products will be sold exclusively under Planet 13's brand across all 33 of Planet 13's Florida dispensary locations.
• Financial Impact: Ovation will earn royalty income from Planet 13's sales in both Nevada and Florida under the expanded agreement.
• Market Context: Florida is the largest medical cannabis market in the U.S. with projected sales exceeding $2.5 billion in 2025; state regulations require dispensaries to sell exclusively their own manufactured products, making Planet 13's retail footprint critical for market entry.
• Technology Metrics: Laboratory testing shows Ovation's Invisicare system achieves 82% cannabinoid penetration, compared to less than 2% for competing transdermal products.
• Future Growth: Additional 2025 expansions are planned with licensees in Missouri and Canada, with further potential in other U.S. and international markets.

Notable Quotes

• Terry Howlett, President of Ovation Science: "Planet 13's comprehensive Florida presence creates an ideal platform for our topical products... Ovation will earn royalty income from Planet 13's sales now in both Nevada and Florida under this expanded licence agreement, positively impacting our financial results and creating value for our shareholders."
• Lee Fraser, Chief Administrative Officer of Planet 13: "This partnership with Ovation marks an important revenue generating opportunity, optimizes our Florida production facility and enhances our gross margins."