Planet 13 Holdings Inc. - PLNHF STOCK NEWS

Planet 13 Holdings (CSE:PLTH)(OTCQX:PLNHF) has announced adjustments to the vesting schedule of previously issued restricted stock units (RSUs) due to a blackout period for insider transactions following the September 30 quarter end. The vesting of 3,763,594 RSUs will now occur in three equal tranches on December 1, 2021, 2022, and 2023, which is a one-month delay. Conversely, 835,484 unvested RSUs from a prior award will now vest on December 1, 2021, one month earlier than initially planned. This adjustment aims to align tax obligations with the vesting dates.

Planet 13 Holdings has finalized the acquisition of a medical marijuana treatment center license in Florida for US$55 million. This strategic purchase aims to expand their operational footprint in Florida, focusing on developing high-performing neighborhood stores and cultivating cannabis products. The move positions Planet 13 advantageously as Florida approaches potential legalization of adult-use cannabis. Currently, there are only 22 license holders permitted to dispense medical marijuana in Florida, presenting a unique opportunity for growth.

Planet 13 Holdings (OTCQX: PLNHF) has expanded its Las Vegas dispensary by doubling its retail space and adding 40 cash registers to improve customer service and checkout speeds. The expansion addresses significant customer wait times, especially during peak hours, by enhancing the shopping experience with new entertainment features, including a large LED wall. The company's leadership emphasizes innovation and customer satisfaction in cannabis retailing as essential for ongoing growth and revenue increases.

Planet 13 Holdings has announced a definitive license purchase agreement to acquire a Medical Marijuana Treatment Center license in Florida from a Harvest Health subsidiary for US$55 million in cash. This acquisition aims to enhance the company's presence in a state boasting over 20 million residents and significant medical marijuana demand. With plans for retail and cultivation buildout, including SuperStores in key tourist areas, the move is seen as a strategic entry ahead of anticipated adult-use legislation in the state.

Planet 13 Holdings reported a substantial Q2 2021 revenue of $32.8 million, marking a 205% increase year-over-year. The company achieved an Adjusted EBITDA of $7.2 million compared to a loss last year. Despite a net loss of $4.4 million, improvements in gross profit margins to 56.9% were noted. Cash reserves stand at $136.3 million. The company continues to expand, successfully opening a new location in Orange County and securing a dispensary license in Chicago. This growth positions Planet 13 favorably for future expansion and revenue generation.

Planet 13 Holdings (CSE:PLTH, OTCQB:PLNHF), a leading vertically-integrated cannabis company, announced it will release its second quarter 2021 financial results on August 26, 2021, after market close. A conference call will follow at 5:00 p.m. ET, featuring Co-CEOs Bob Groesbeck and Larry Scheffler, along with CFO Dennis Logan, to discuss financial performance and key business highlights. Investors can participate via dial-in or listen live through a webcast. Planet 13 operates award-winning facilities in Nevada and aims to establish a recognizable global brand in the cannabis industry.

Planet 13 Holdings Inc. (CSE:PLTH)(OTCQB:PLNHF) has successfully secured a Conditional Adult Use Dispensing Organization License for Planet 13 Illinois in the Chicago-Naperville-Elgin area. This milestone is significant as Chicago is a key target market due to its growing cannabis sales and large population. Co-CEO Larry Scheffler expressed enthusiasm for the expansion, which aims to recreate the successful Las Vegas dispensary experience in Chicago, further solidifying Planet 13's position in the cannabis retail industry.

Planet 13 Holdings (CSE:PLTH)(OTCQX:PLNHF) recorded $11.9 million in sales for July 2021, with its new Orange County store contributing approximately $800,000. The company achieved a gross margin exceeding 50% during this period. Co-CEO Bob Groesbeck expressed confidence in the store's growth, citing past experiences in Las Vegas to highlight customer trust-building. Planet 13 aims to expand its brand and product offerings while keeping shareholders updated on developments.

Planet 13 Holdings (CSE:PLTH)(OTCQX:PLNHF), a Nevada cannabis company, held its Annual Meeting of Shareholders on July 13, 2021. The company reported a strong approval rate for its directors, with Robert Groesbeck and Michael Harman receiving 99.88% of votes in favor. Larry Scheffler and Adrienne O'Neal also received high support, at 99.77% and 99.68%, respectively. Additionally, 99.7% of shares voted affirmed the re-appointment of Davidson & Company LLP as auditors. The meeting signals a positive outlook for corporate governance and continued operational integrity.