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 (CSE:PLTH)(OTCQX:PLNHF) has announced the opening of its fourth dispensary in Florida, located in Port Orange, a rapidly growing tourist area with over 600,000 residents. This strategic move aims to enhance their presence in a market that attracts over 8 million visitors annually. Co-CEO Larry Scheffler highlighted the company's commitment to a cost-effective expansion while maintaining high standards. The new location is near shopping areas and major attractions, which is expected to bolster traffic and sales.
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.
Planet 13 Holdings (CSE:PLTH, OTCQX:PLNHF) announced the approval of a consumption lounge license from the Nevada Cannabis Compliance Board. This lounge, located near the Las Vegas Strip, will provide a unique experience by allowing customers to watch product creation, purchase, and consume cannabis all in one place. Co-CEO Larry Scheffler expressed excitement about offering an immersive cannabis experience, emphasizing the company's commitment to innovation in the cannabis industry.
Planet 13 Holdings (PLNHF) reported Q3 2022 revenue of $25.6 million, down 22.2% from $33.0 million in Q3 2021. The company experienced a net loss of $6.3 million, compared to a net loss of $2.7 million the previous year. Adjusted EBITDA fell to $0.4 million, down 85.9% year-over-year. Despite the economic downturn affecting consumer spending, Planet 13 maintained a 9% retail market share in Nevada. The company is expanding operations in Florida and Illinois, focusing on financial discipline and future growth initiatives.
Planet 13 Holdings (CSE:PLTH)(OTCQX:PLNHF) announced the upcoming release of its third-quarter financial results for the period ending September 30, 2022, scheduled for November 10, 2022, after market close. The company will conduct a conference call on the same day at 5:00 p.m. ET, featuring co-CEOs Bob Groesbeck and Larry Scheffler, along with CFO Dennis Logan to discuss results and business highlights. Investors can access the call via dial-in or listen to a webcast. Planet 13 operates leading cannabis cultivation and dispensary services in Las Vegas and California.
Planet 13 Holdings has submitted a proposed dispensary location in Fountain Square, Waukegan, Illinois, for approval by the Illinois Department of Financial & Professional Regulation (IDFPR). This new location, smaller than its existing Las Vegas and Orange County dispensaries, aims to enhance customer experience and is strategically situated near key amenities including a casino project. The opening is contingent upon receiving regulatory approvals, and the company will provide further updates as necessary.
Planet 13 Holdings (CSE:PLTH)(OTCQX:PLNHF) has received approvals for its 22,000 square foot cultivation expansion in Nevada, achieving the first harvest ahead of the planned Q4 2022 timeline. This expansion aims to boost the supply of premium cannabis products, including the Medizin, TRENDI, and Leaf & Vine brands. Co-CEO Larry Scheffler highlighted the project's completion and its potential to increase vertical integration and profitability in the cannabis market.
Planet 13 Holdings reported Q2 2022 revenue of $28.4 million, reflecting a 10.6% increase compared to Q1 2022 but a 13.5% decline year-over-year from Q2 2021. The net loss narrowed to $2.0 million from $5.6 million in Q2 2021. Adjusted EBITDA was $3.0 million, down 58.4% year-over-year. Despite a weakening consumer environment affecting sales, the company maintained a market share above 9% in Nevada and expanded its operations in Florida and California. The company is optimistic about doubling its retail footprint in the coming year.
Planet 13 Holdings (CSE: PLTH, OTCQX: PLNHF) announced plans to release its financial results for Q2 2022, ending June 30, on August 15, 2022, after market close. The company will host a conference call at 5:00 p.m. ET on the same day, featuring Co-CEOs Bob Groesbeck and Larry Scheffler, along with CFO Dennis Logan, to discuss results and business highlights. Interested parties can access the call via phone or webcast.
Planet 13 Holdings (CSE:PLTH, OTCQX:PLNHF) reported results from its Annual Meeting of Shareholders on July 27, 2022. The meeting included the election of directors, with Robert Groesbeck receiving 99.02% approval, Larry Scheffler 99.00%, Michael Harman 99.52%, and Adrienne O'Neal 99.37%. Additionally, Davidson & Company LLP was re-appointed as auditor, with 99.00% of votes in favor. Planet 13 is a leading vertically-integrated cannabis company with operations in Nevada and California, as well as licenses in Florida and Illinois.
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