Planet 13 Delivers Rising Revenues As It Trims Losses

Planet 13 Holdings Inc. (CSE: PLTH)(OTCQX: PLNHF) announced its financial results for the fourth quarter and year ending December 31, 2021. Planet 13 reported revenues rose 48% to $29.9 million versus last year’s $20.1 million for the same time period. The revenues dropped sequentially from the third quarter’s revenues of $32 million. The net loss before taxes declined to $1.3 million as compared to a net loss of $18.7 million. the company also trimmed the total net loss to $5.1 million as compared to a net loss of $18.2 million.

2021 Results

For the full year, Planet 13 reported revenues rose 70% to $119.5 million as compared to $70.5 million. The net loss before taxes of $6.0 million as compared to a net loss of $17.9 million. The company also trimmed the net loss to $19.5 million as compared to a net loss of $25.0 million. The company said that the  increase in wholesale transactions during the period, the re-opening of the Medizin Dispensary in late November 2020 and the addition of revenue from the recently opened Planet 13 OC Superstore in Santa Ana, also contributed to the increase in overall revenue when compared to the year ended December 31, 2020 that was negatively impacted by the COVID-19-related shutdowns.

“During a quarter that is seasonally slower and marked by significantly less tourist traffic, Planet 13 was able to maintain a market share above 10% in the Las Vegas cannabis market. In addition to the competitive performance demonstrated by our SuperStore and neighborhood store, our brands grew 21% in a market that was down 5% in Q4[2],” said Larry Scheffler, Co-CEO of Planet 13. “Similarly, while the California market was down sequentially in Q4 [3] , our Orange County store grew 7.2% in the quarter on the back of increased brand awareness.”

Florida/Illinois

The company acquired a Florida license in October 2021. On March 17, 2022, Planet 13 announced the initiation of its Florida dispensary roadmap with a lease for its first dispensary in Jacksonville.
On August 5, 2021, the subsidiary, Planet 13 Illinois LLC, which is owned 49% by Planet 13 and 51% by Frank Cowan, a resident of Illinois, was a lottery winner for a Social-Equity Justice Involved Conditional Adult Use Dispensing Organization License in the Chicago-Naperville-Elgin region from the Department of Financial and Professional Regulation in the State of Illinois. “We intend to open a dispensary in the downtown Chicago area and anticipate that it will be operational in late 2022. On October 5, 2021, we formed Planet 13 Chicago, LLC as a 100% owned leasing entity to support future operations in Illinois.”

“Over the last couple of months, the Planet 13 team has been working hard to operationalize all of the exciting new assets we’ve acquired over the past year. We are making strong progress on our Florida roadmap working in dual tracks to bring cultivation and retail online,” commented Bob Groesbeck, Co-CEO of Planet 13 . “In California, we closed the acquisition of Next Green Wave in March allowing us to become vertically integrated in the state and bring our award-winning brands to Planet 13’s California fans.”

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.


Leave a Reply

Your email address will not be published. Required fields are marked *

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

We respect your privacy. See our privacy policy.


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 2 days

Aurora’s Price Keeps Dropping For Bought Deals

@GreenMarketRpt – 2 days

Harborside Says Revenue Is Increasing

@GreenMarketRpt – 2 days

Canopy Suffers From Declining Revenue

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

We respect your privacy. See our privacy policy.