Welcome to our dedicated page for Planet 13 Holdings news (Ticker: PLNHF), a resource for investors and traders seeking the latest updates and insights on Planet 13 Holdings stock.
Planet 13 Holdings Inc. (PLNHF) is a prominent vertically-integrated multi-state cannabis company known for its award-winning cultivation, production, and dispensary operations in Las Vegas, Orange County, and beyond. Recently, the company signed an exclusive licensing agreement with Ovation Science Inc. for their topical/transdermal formulations, highlighting a strong commitment to innovation and expansion in the cannabis market. With a mission to build a recognizable global brand through world-class dispensary operations and cutting-edge cannabis products, Planet 13 continues to be a key player in the rapidly evolving cannabis industry.
Planet 13 Holdings mourns the loss of Board member Mike Harman, who passed away on April 6, 2023, at the age of 50. A key figure since the Company's public listing in June 2018, he served as Chair of the Audit Committee and significantly contributed to the Company's evolution. Co-CEOs Bob Groesbeck and Larry Scheffler expressed deep condolences to his family, highlighting Mr. Harman's valued contributions and friendship. Groesbeck has temporarily taken over the Audit Committee role, with plans to appoint an independent director for the vacant board position. Planet 13 remains focused on building a global brand in the cannabis market, with operations in Las Vegas, California, and a medical license in Florida.
Planet 13 Holdings reported Q4 2022 revenue of $24.8 million, down from $29.9 million in Q4 2021, marking a 16.8% decline. The net loss increased to $38.6 million, significantly influenced by a $32.8 million impairment charge. For the full year, revenues declined 12.5% to $104.6 million with a net loss of $49 million, compared to a $19.5 million loss in 2021. The company maintained positive operating cash flow of $3.8 million and had $52.4 million in cash at year-end. Despite challenges, the co-CEOs expressed optimism about revenue stabilization and growth prospects for 2023, particularly in wholesale revenue, which grew 26% year-over-year.
Planet 13 Holdings (CSE:PLTH, OTCQB:PLNHF) will announce its financial results for Q4 and the year ending December 31, 2022, on March 23, 2023, after market close. The company is hosting a conference call at 5:00 p.m. ET on the same day to discuss the results, key business highlights, strategy, and future outlook. Leading the call will be Co-CEOs Bob Groesbeck and Larry Scheffler, alongside CFO Dennis Logan. Planet 13 is known for its vertically integrated operations, with dispensaries in Las Vegas and Orange County, California, and a medical marijuana license in Florida.
Planet 13 Holdings has officially acquired the remaining 51% stake in Planet 13 Illinois for US$866,250 in cash and 1,063,377 shares. The dispensary, located in Waukegan, Illinois, is strategically positioned near a new casino project and major highways. The acquisition, finalized on February 7, 2023, aligns with Planet 13’s growth strategy and aims to enhance their retail footprint. The shares involved in the deal are currently subject to a holding period before resale. Construction is ongoing with the dispensary expected to open later this year, contingent upon final approvals.
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