Planet 13's Revenues Fall in First Quarter

Planet 13 Holdings Inc. (CSE: PLTH)(OTCQX: PLNHF) announced its financial results for the three-month period ended March 31, 2022, with revenues rising 8% to $25.7 million from last year’s $23.8 million. However, Planet 13’s revenue fell sequentially from the fourth quarter’s $29 million. According to Yahoo Finance, three analysts cover the company and the average estimate for revenues was $46 million, so the company missed that by a mile.

Net income was before taxes of $0.7 million as compared to a net loss of $2.7 million, the company reported a net loss of $2.1 million as compared to a net loss of $6.0 million.

“While January and February were seasonally slow, we saw traffic start to pickup in March. Despite the lower tourist numbers, the Las Vegas SuperStore and our Medizin dispensary continue to compete very well taking a strong share of the overall Nevada market” said Larry Scheffler, Co-CEO of Planet 13. “Our branded products are performing well with wholesale continuing to grow nicely in Nevada. We are proud to have closed the acquisition of Next Green Wave in March and begin to bring our brands to California.”

After the quarter ended, Planet 13 announced the expansion of its Nevada cultivation to fuel in-house product growth and the expansion of STIIIZY partnership with a new shop-in-shop at the Las Vegas SuperStore. In California, the company announced the launch of the TRENDI brand into California. On May 10, 2022, Planet 13 announced it has entered into a lease for its second Florida dispensary location.

“We continue to make progress on our Florida roadmap working in dual tracks to bring cultivation and retail online. We are excited to drive growth throughout 2023 from our Florida operations,” commented Bob Groesbeck, Co-CEO of Planet 13. “In Nevada, we’ve begun the expansion of our cultivation facility to expand supply of our incredibly popular premium flower line.”

Planet 13 has cash of $62.1 million versus last year’s $61.6 million for the same time period.

Planet 13’s financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

FundCanna

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