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Planet 13 is a vertically integrated cannabis company with operations in California, Nevada, Illinois, and Florida. They have award-winning cultivation, production, and dispensary operations. Planet 13 is known for its largest dispensary in Las Vegas, as well as the recent launch of its first consumption lounge, DAZED!, and its Illinois dispensary in Waukegan. With a mission to establish a global brand recognized for top-tier dispensary operations and innovative cannabis products, Planet 13 continues to expand its footprint in the cannabis industry.
Planet 13 Holdings (OTCQX:PLNH) has announced a significant recovery of funds related to the El Capitan case. The company has secured a settlement of US$2.1 million from BridgeBank/Western Alliance Bank (WAB), bringing the total WAB fund recovery to US$5.5 million.
Additionally, through a subsidiary, Planet 13 will acquire real estate valued at approximately US$5.0 million, which it plans to sell. The total recovery amounts to US$10.5 million. The company continues its lawsuit against El Capitan Advisors and its CEO Andrew Nash, seeking approximately US$10.3 million in additional compensatory damages.
The case stems from El Capitan's misappropriation of Planet 13's funds while providing cash management services. A special-purpose receiver has been appointed to investigate and trace the stolen funds. El Capitan and Nash have not responded to the lawsuit, resulting in a default entry against them.
Planet 13 Holdings (CSE: PLTH) (OTCQX: PLNH) has announced a new partnership to co-brand, package, and produce premium cannabis products with boxing champion Mike Tyson, wrestling icon Ric Flair, and multi-platinum artist Future.
Under the agreement, Planet 13 will manufacture and distribute cannabis products under the Tyson 2.0, Ric Flair Drip, and Future's Evol brands. The company plans to initially launch these products in Nevada before expanding across all their markets.
This collaboration strengthens Planet 13's position as the national celebrity brand leader in the cannabis industry, following successful launches like Tyson Ranch and Khalifa Kush. The company is increasingly being recognized as the partner of choice for celebrities entering the cannabis space.
Planet 13 Holdings announced the opening of its Panama City dispensary on December 27, 2024, marking its 30th location in Florida and 34th nationwide. The 1,600-square-foot facility, located at 309 E 23rd Street, will operate daily from 8 a.m. to 8 p.m.
The new dispensary is strategically positioned in a high-traffic area with over 34,000 vehicles passing daily, offering convenient access to shopping, dining, and beach areas. The location was chosen for its strong consumer spending potential and visibility, furthering Planet 13's expansion strategy along Florida's Gulf Coast.
Planet 13 Holdings (CSE: PLTH) (OTCQX: PLNH) announced the opening of its 29th dispensary in Florida and 33rd nationwide on December 18th, 2024. The new Planet 13 Gulf Breeze facility, spanning 4,771 square feet, is located at 2871 Gulf Breeze Parkway, Gulf Breeze, FL. The dispensary will operate daily from 9 a.m. to 7 p.m., serving the Pensacola metropolitan area's medical cannabis community.
The location is strategically positioned near Pensacola's beaches, downtown, Gulf Islands Seashore National Park, Tiger Point Golf Club, and Oriole Beach Boat Ramp. The facility offers express in-store pickup and drive-thru services through their website.
Planet 13 Holdings announces an exclusive launch event for Khalifa Kush 'Redferrin' Concentrates and Vapes during National Finals Rodeo week. The event will be held on December 12, 2024, from 1:30 p.m. to 4:00 p.m. at Planet 13's Las Vegas Superstore.
The event features Warner Music Nashville Country artist Redferrin for a meet-and-greet session (2:00-3:30 p.m.) and rodeo star Leslie Smalygo, winner of four rodeo events in 2024, for autograph signing (1:30-2:00 p.m.).
This launch marks the debut of 'Yellow by Khalifa Kush,' a new product line pairing unique strains with emerging artists. The 'Redferrin' products represent the first collaboration in this series, following Redferrin's partnership with Wiz Khalifa earlier this year.
Planet 13 Holdings has appointed Bryant Ison as VP of National Marketing to drive brand growth. Ison brings over 20 years of marketing expertise from global brands like Pepsi, Band-Aid, and Clorox, along with cannabis industry experience as former CMO of Columbia Care. He will oversee the expansion of Planet 13's in-house brands, including Trendi, Medizin, HaHa gummies, and Dreamland chocolates. The company plans to launch brands in new markets, pursue celebrity partnerships, and transition VidaCann locations in Florida to the Planet 13 banner. Planet 13 currently operates 32 retail locations across four states.
Planet 13 Holdings reported Q3 2024 financial results with revenue of $32.2 million, up 29.7% year-over-year, driven by Florida operations and strong Illinois store sales. Gross profit improved to $16.7 million (51.9% margin) from $11.1 million (44.7%). The company posted a net loss of $7.4 million, significantly lower than the previous year's $46.3 million loss. Adjusted EBITDA increased to $1.3 million from $0.2 million, benefiting from Florida inclusion and better gross margin performance. The company maintains a strong balance sheet with $27.4 million in cash.
Planet 13 Holdings has appointed Jillian Austin as National Head of Marketing Experiences to accelerate its growth as a national brand. Austin, previously Director of Brand Partnerships at AREA15, brings 17 years of experience in immersive entertainment and marketing. She will oversee special events, celebrity partnerships across Planet 13's SuperStore and 31 neighborhood stores nationally, and lead the newly created Planet 13 Lifestyles brand. The company aims to leverage partnerships with global companies and celebrities like Mike Tyson and Wiz Khalifa, while expanding its reach across all 50 U.S. states and internationally.
Planet 13 Holdings, a vertically-integrated multi-state cannabis company, has scheduled the release of its Q3 2024 financial results for November 8, 2024, after market close. The company will host a conference call on the same day at 5:00 p.m. ET to discuss the results and provide business updates. The call will feature Co-CEOs Bob Groesbeck and Larry Scheffler, along with CFO Dennis Logan.
Planet 13 Holdings has launched the Healing Heroes initiative to support Florida veterans and first responders by helping cover medical cannabis card costs from November 1-14, 2024. The company is partnering with The Grateful Veteran and DocMJ to facilitate the program, which coincides with Veterans Day on November 11.
The initiative aims to make medical cannabis more accessible by defraying costs for cards and renewals through a network of cannabis doctors across Florida. The Grateful Veteran will manage applicant intake and vetting through online signups, connecting participants with nearby doctors. Florida residents who are veterans or first responders can register through The Grateful Veteran's website to participate in this -time program.
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