Message from Planet 13 CEOs
Planet 13 Holdings shared insights from Co-CEOs Bob Groesbeck and Larry Scheffler regarding the challenges faced in 2022, a year marked by a significant downturn in cannabis markets. They noted that despite federal reform failures, the company retained a 8-10% market share in Nevada and saw revenue growth in California. With $50 million in cash and zero debt, Planet 13 is well-positioned for long-term success. The company is expanding operations in Florida and Illinois, aiming to operate in four states by the end of 2023.
- Maintained 8-10% market share in Nevada.
- Revenue growth in California.
- $50 million in cash and zero debt.
- Planning operations in four states by end of 2023.
- 2022 was the worst year for the cannabis markets since 2008.
- Industry-wide price declines due to federal reform failures.
LAS VEGAS, NV / ACCESSWIRE / January 3, 2023 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated multi-state cannabis company, shared a message from Bob Groesbeck and Larry Scheffler, Co-CEOs.
Bob Groesbeck and Larry Scheffler shared, "2022 was a difficult year for cannabis investors and as CEOs and holders of over 78 million shares of Planet 13 combined we certainly empathize with shareholders. 2022 was the worst year for the markets since 2008 and our industry was not spared. Prices were down across the board for cannabis stocks, with the biggest driver, as we saw in December, the failure of reform at the federal level.
At Planet 13 we can only control what we can control and so that is what we focus on. We've maintained 8
There is a saying, ‘Revenue is Vanity, Profit is Sanity and Cash is King.' We have always managed our business aligned with this even when everyone else was focused on rapid growth. We encourage investors to think in this context and when comparing Planet 13 to other cannabis companies please remember the following:
As of our last quarter, September 30, 2022, we had positive operating cash flow. We had
We are well positioned to weather the current downturn in the cannabis markets and be one of the winners in this industry long-term.
With that we'd like to thank our shareholders and encourage anyone who would like a call with investor relations to reach out to ir@planet13lasvegas.com to set up a time."
For more information on Planet 13, visit the investor website.
About Planet 13
Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas and in Orange County, California. Planet 13 also holds a medical marijuana treatment center license in Florida and a
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and are forward-looking statements. In this news release, forward looking-statements relate to the Company's future strategy and performance.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: final regulatory and other approvals or consents needed to operate our business; risks associated with COVID-19 and other infectious diseases presenting as major health issues; fluctuations in general macroeconomic conditions; inflationary pressures; fluctuations in securities markets; expectations regarding the size of the cannabis market in the states in which we currently operate in or contemplate future operations and changing consumer habits in such states; the ability of the Company to successfully achieve its business objectives; the ability of the Company to integrate the NGW business and realize any benefits from the acquisition; plans for expansion; political and social uncertainties including international conflict; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in the states in which we currently operate in or contemplate future operations; employee relations and other risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission at www.sec.gov and on the Company's issuer profile on SEDAR at www.sedar.com and in the Company's periodic reports subsequently filed with the U.S. Securities and Exchange Commission and on SEDAR. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States through licensed subsidiary entities in states that have legalized marijuana operations, however, these activities are currently illegal under United States federal law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. For further inquiries, please contact:
LodeRock Advisors Inc., Planet 13 Investor Relations
mark.kuindersma@loderockadvisors.com
Robert Groesbeck or Larry Scheffler
Co-Chief Executive Officers
ir@planet13lasvegas.com
SOURCE: Planet 13 Holdings
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