Planet 13 Holdings Inc
CNSX:PLTH
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Planet 13 Holdings Inc
Planet 13 Holdings, Inc. engages in the manufacture and production of cannabis products. The company is headquartered in Las Vegas, Nevada and currently employs 575 full-time employees. The company went IPO on 2018-06-21. The firm owns and manufactures cannabis products under various brands, including HaHa (gummies and beverages), Dreamland (chocolates), Trendi (vapes and concentrates), Medizin (flower, vapes, concentrates), Leaf and Vine (vapes). Through its subsidiaries in Nevada, it holds six licenses for cultivation (three medical licenses and three recreational licenses), six licenses for production (three medical licenses and three recreational licenses), three dispensary licenses (one medical license and two recreational licenses) and two distribution licenses (one active and one conditional). The company operates two dispensaries in Nevada under two adult-use and one medical licenses. Its manufactured products and Trendi-branded third-party flower are distributed through Nevada under its Nevada distribution license. The firm sells over 123 different strains of cannabis.
Planet 13 Holdings, Inc. engages in the manufacture and production of cannabis products. The company is headquartered in Las Vegas, Nevada and currently employs 575 full-time employees. The company went IPO on 2018-06-21. The firm owns and manufactures cannabis products under various brands, including HaHa (gummies and beverages), Dreamland (chocolates), Trendi (vapes and concentrates), Medizin (flower, vapes, concentrates), Leaf and Vine (vapes). Through its subsidiaries in Nevada, it holds six licenses for cultivation (three medical licenses and three recreational licenses), six licenses for production (three medical licenses and three recreational licenses), three dispensary licenses (one medical license and two recreational licenses) and two distribution licenses (one active and one conditional). The company operates two dispensaries in Nevada under two adult-use and one medical licenses. Its manufactured products and Trendi-branded third-party flower are distributed through Nevada under its Nevada distribution license. The firm sells over 123 different strains of cannabis.
Sequential Growth: Planet 13 reported $25.8 million in Q2 2023 revenue, up 3.7% from Q1, with Nevada driving gains as pricing stabilized and market share increased.
Gross Margin Improvement: Gross margin rose to 46% in Q2 from 43.7% in Q1, benefiting from higher cultivation yields and cost control.
Market Share: The company maintained a market share above its 8% target in Nevada, gaining about 1% in the quarter despite statewide sales declines.
Stability & Outlook: Management expects Q3 to be similar to Q2 and sees a relatively flat finish to 2023, with new growth expected from an Illinois dispensary opening late in the year.
Balance Sheet: Planet 13 reported a cash balance of $40.5 million and no debt as of June 30, prioritizing cash flow and capital preservation.
Strategic Initiatives: Progress continues on new projects including a consumption lounge, cannabis museum, and an Illinois dispensary, all expected to drive growth in 2024.
