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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 receipt of a Conditional Adult Use Dispensing Organization License for its Illinois operations from the Illinois Department of Financial and Professional Regulation. This license allows Planet 13 Illinois LLC to implement its dispensary plans in the lucrative Chicago-Naperville-Elgin area, known for strong cannabis sales and a large population. The company holds a 49% interest in the venture, with local partner Frank Cowan owning the remaining 51%. The license positions Planet 13 to leverage the growing demand for cannabis in Illinois.
Planet 13 Holdings (CSE:PLTH) (OTCQX:PLNHF) is preparing to apply for a cannabis lounge license following the Nevada Cannabis Compliance Board's approval of lounge legislation. The company plans to convert its existing Trece restaurant into a consumption lounge, providing a unique dining and consumption experience in Las Vegas. This lounge will allow onsite consumption, catering to both tourists and locals. The venue's close proximity to the Las Vegas Strip enhances its appeal as a luxury destination for cannabis enthusiasts.
Planet 13 Holdings has completed the acquisition of a 23-acre parcel in Florida for USD $3.3 million, intended for cultivation and processing expansion. This site, near Ocala, will replace its leased 10,500 square foot facility, allowing for a new 63,000 square foot cultivation building estimated to produce 12,000 pounds of premium flower annually. The company aims to expedite construction while maintaining quality standards, bringing its popular brands to Florida's medical marijuana market.
Planet 13 Holdings has announced the opening of its third dispensary in Florida, located in Ocala, as part of its expansion strategy. This new outlet is strategically positioned near a Walmart Supercenter and an IMAX theater, aiming to serve a densely populated area. The company plans to establish a total of six dispensaries in major Florida population centers, enhancing its presence in the state's underserved markets. Co-CEO Bob Groesbeck emphasized the brand’s commitment to delivering high-quality products and exceptional in-store experiences.
Planet 13 Holdings reported Q1 2022 revenue of $25.7 million, an 8% increase year-over-year. The net loss decreased to $2.1 million from $6.0 million in Q1 2021, reflecting improved operational efficiency. Adjusted EBITDA was $2.6 million, down 49% from the prior year. The company has expanded its cultivation facility in Nevada and initiated plans for Florida dispensaries. Compliance with U.S. SEC regulations was confirmed, enhancing transparency. Cash reserves stood at $62.1 million as of March 31, 2022.
Planet 13 Holdings (CSE:PLTH, OTCQX:PLNHF) announced its financial results release for Q1 2022, scheduled for May 16, 2022, after market close. A conference call will follow at 5:00 p.m. ET to discuss results and business highlights, hosted by Co-CEOs Bob Groesbeck and Larry Scheffler, along with CFO Dennis Logan. Planet 13 operates award-winning cannabis facilities in Las Vegas and California, and has a significant license in Florida, aiming to establish a global cannabis brand.
Planet 13 Holdings (CSE:PLTH)(OTCQX:PLNHF) announces the opening of its second Florida dispensary in Port Richey, enhancing its expansion in a growing market. This location aligns with the company's strategy to establish six dispensaries in underserved areas across Florida's major population centers. The Port Richey site is strategically positioned on a busy retail corridor, addressing local demand for cannabis products. Co-CEO Larry Scheffler confirms that the expansion is progressing according to budget and timeline.
Planet 13 Holdings (CSE:PLTH)(OTCQX:PLNHF) is expanding its successful shop-in-shop partnership with STIIIZY to include a project at the Las Vegas SuperStore. This collaboration follows the success of their Orange County location, where STIIIZY was recognized as a leading cannabis brand. Co-CEO Larry Scheffler emphasized the importance of this partnership and the company's strategy to replicate similar initiatives in new markets like Florida and Illinois. Planet 13 is committed to being a top entry point for California brands entering Nevada.
Planet 13 Holdings (CSE: PLTH, OTCQX: PLNHF) has announced the expansion of its TRENDI brand into California, starting with premium small batch flower strains exclusive to Planet 13 Orange County. The company is fully vertically integrated in California, enhancing its ability to increase margins and enter the wholesale market. CEO Bob Groesbeck indicated that the strategy aims to drive revenue and profitability across California, Nevada, and Florida. TRENDI, established in 2018, offers a range of premium cannabis products.
Planet 13 Holdings has announced an expansion of its Nevada cultivation facility, adding 22,000 square feet to boost in-house product growth. This move aims to address supply constraints that have limited the premium flower brand Medizin from reaching top sales rankings in Nevada. Co-CEO Larry Scheffler emphasized the demand for their brands such as TRENDI and HaHa and the need for increased supply to satisfy customers. The company aims to enhance its market share by improving product availability.
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