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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 (CSE: PLTH, OTCQX: PLNH), a leading multi-state cannabis company, has appointed David Loop to its board of directors. Loop, the former CEO of VidaCann, brings his extensive horticulture and cannabis industry experience to Planet 13, particularly as the company integrates VidaCann and expands in Florida. Under Loop’s leadership, VidaCann became one of the largest retail networks in Florida, with significant per store revenue growth. Lee Fraser will step down from the board to focus on his role as Chief Administrative Officer of Planet 13.
On June 11, 2024, Planet 13, a leading multi-state cannabis company, announced the results of its Annual General Meeting of Stockholders. Key outcomes include the election of directors, with Robert Groesbeck, Larry Scheffler, Lee Fraser, Adrienne O’Neal, and Kevin Martin receiving between 97.31% and 99.33% of votes in favor. Additionally, Davidson & Company LLP was ratified as the independent public accounting firm with 99.25% support. Planet 13 operates in California, Nevada, Illinois, and Florida, focusing on cultivation, production, and dispensary operations. The company aims to build a global brand known for its dispensary operations and innovative cannabis products.
Planet 13 Holdings, a leading multi-state cannabis company, announced preliminary unaudited Q1 2024 financial results for recently acquired VidaCann. The results show significant year-over-year improvements in cultivation and retail, with total revenue at $12.51 million and a gross profit of $5.58 million (45% margin). Operating expenses were reported at $2.98 million (24% of revenue). VidaCann posted a net income before taxes of $2.48 million and an adjusted EBITDA of $2.75 million (22% margin). The acquisition is expected to enhance Planet 13's profitability and cash flow as they plan to open more dispensaries in Florida and introduce new product formats.
Planet 13 Holdings Inc. has completed the acquisition of VidaCann, , after receiving approval from the Florida Office of Medical Marijuana Use and selling all equity interests in Planet 13 Florida, Inc. The acquisition was valued at approximately US$63.4 million, with the consideration including shares of common stock, cash, and promissory notes. VidaCann's former CEO will join Planet 13's board of directors, and there are resale restrictions on the shares issued.
Planet 13 Holdings Inc. announced Q1 2024 financial results with revenue of $22.9 million and a net loss of $5.9 million. They are capitalizing on the rescheduling from schedule I to III for better cash flow. The company aims to grow its Neighborhood store network to offset Nevada market decline. Financially, revenue decreased 8.2%, with a gross profit of $10.5 million and total expenses of $14.1 million. Adjusted EBITDA loss improved due to better gross margin and cost control.
Planet 13 Holdings Inc. (PLNH) will release its first quarter financial results on May 9, 2024, followed by a conference call discussing key business highlights, strategy, and outlook led by top executives. The Company is a prominent vertically-integrated multi-state cannabis company.
Planet 13 Holdings Inc. launches a new line of MEDIZIN branded topicals, including CBD and cannabis derived products. The topicals will be available in-store, online, and through wholesale channels. The products will be manufactured at the Planet 13 SuperStore, enhancing the customer experience. The company secured the Nevada rights to Ovation Science's patented skin delivery technology. The new topicals include MEDIZIN REST, MEDIZIN RECOVERY, MEDIZIN RELIEF, and PLANET 13 PURE CBD.
Planet 13 Holdings Inc. has received approval from the Florida Office of Medical Marijuana Use for the proposed sale of Planet 13 Florida, Inc. and the acquisition of VidaCann, , both of which own a Medical Marijuana Treatment Center License. The approval from OMMU marks the final regulatory step needed for Planet 13 to close the Transactions. The company has extended the end date of the VidaCann acquisition to May 31, 2024, and anticipates closing the Transactions in May 2024.
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