PLANET 13 HLDGS INC NEV - PLNH STOCK NEWS

Planet 13 Holdings Inc. announced an underwritten public offering of units consisting of common stock and warrants. The company plans to use the net proceeds for working capital, acquiring additional cannabis licenses, expanding retail presence, and other capital improvements.

Planet 13 Holdings Inc. releases unaudited preliminary financial results for Q4 2023 and full year 2023, showcasing solid revenue performance, positive Adjusted EBITDA, and strategic growth plans. Despite challenges, the company maintains a strong balance sheet with over $17 million in cash and minimal debt. Key highlights include the opening of new locations in Illinois and plans for expansion in Florida and Nevada.

Planet 13 Holdings Inc. announced the appointments of Lee Fraser as Chief Administrative Officer, Tatev Oganyan as General Counsel, and Kevin Martin to the board of directors. The company emphasizes its commitment to governance, compliance, financial security, and leadership strength. Fraser's appointment reflects the company's expansion and acquisition of VidaCann. Martin is expected to enhance governance, financial practices, and audit procedures, while Oganyan will oversee legal matters and regulatory compliance. The appointments are strategic moves to maximize shareholder value and leverage opportunities in Illinois, Florida, and potential federal legislation.

Planet 13 Holdings Inc., a leading multi-state cannabis company, announced the need to restate its financial statements due to material errors caused by the misappropriation of approximately US$22.0 million of the company's funds held by El Capitan Advisors, Inc. As a result, the previously issued audited consolidated financial statements for the years ended December 31, 2022 and 2021, as well as the unaudited consolidated financial statements for the quarters ended March 31, 2023, June 30, 2023, and September 30, 2023, should no longer be relied upon. The company intends to file amendments to the reports as promptly as practicable.

Planet 13 Holdings Inc. provided an update on a dispute involving El Capitan Advisors, Inc., where approximately $5.5 million of the company's funds were directed to the Orange County Sheriff's Office due to a default judgment obtained by Casa Verde Capital. The company has secured a partial settlement with Casa Verde for the release of $3.4 million of the funds and initiated a lawsuit seeking approximately $16.5 million in compensatory damages and other relief. The company is vigorously pursuing its rights against the defendants and conducting an internal investigation. Despite near-term expenses, the incident is not expected to have a material impact on the company's current business operations or its ability to fund ongoing operations.

Planet 13 Holdings Inc. will hold its 2024 Annual Meeting on June 11, 2024, using a hybrid meeting format. Shareholders of record as of April 12, 2024, are entitled to notice of and to vote at the meeting. The company will provide additional details in its proxy statement to be filed with the SEC. Shareholder proposals and nominations for directors must be submitted by specific deadlines.

Planet 13 Holdings Inc. has entered into a stock purchase agreement to sell all of the issued and outstanding shares of common stock of Planet 13 Florida, Inc. to SGW FL Enterprises, LLC. The sale of the medical marijuana treatment center license is a closing condition to the Company's previously announced proposed acquisition of VidaCann, LLC. The Company will sell the shares for a cash payment of US$9,000,000 due on closing, expected to close in the first quarter of 2024.

Planet 13 Holdings Inc. (PLTH) subleases a 500 square foot portion of the Las Vegas SuperStore to Koolsville Tattoo Shop, a prominent Las Vegas based Tattoo chain. This move is in line with the company's strategic goal to add attractions and increase utilization of the SuperStore footprint. The addition of Koolsville is expected to drive additional traffic to the SuperStore and enhance the customer experience. Koolsville will be the closest location to the strip and is anticipated to be their busiest. The newest attraction is set to open in Q1 2024, further expanding Planet 13's unique entertainment options.

Planet 13 Holdings Inc. (PLTH) announces the opening of its fourth dispensary, located in Waukegan, Illinois, on December 4, 2023. The 4,000 square foot dispensary is strategically placed in a shopping and entertainment district near Chicago, with high revenue growth expectations for 2024. Co-CEOs Larry Scheffler and Bob Groesbeck express excitement and confidence in the potential of the Illinois market and the company's expansion.