LAS VEGAS, Nevada, November 23, 2021 - PRESS RELEASE - Planet 13 Holdings Inc. (Planet 13), a vertically-integrated cannabis company, announced its financial results for the three-month and nine-month period ended Sept. 30. Planet 13's financial statements are prepared in accordance with International Financial Reporting Standards (IFRS).
"We continued to drive strong performance during the quarter from our core Las Vegas operations," said Larry Scheffler, Planet 13 Co-CEO. "Along with our dispensary operations, our product brands are performing well with Trendi vapes seeing 110% dollar sales growth year over year according to Headset. It now makes up about 5% of Vape sales and 7% of Concentrate sales, and HaHa edibles was 14% of edibles sales in the state."
"Along with stellar performance from our Nevada operations, this was a massive quarter towards securing the future growth of Planet 13. We opened our California store, and while initial sales growth has been slower due to headwinds from COVID and untimely road construction around the SuperStore, customer reviews have been outstanding. We expect growth as those headwinds abate," said Bob Groesbeck, Planet 13 Co-CEO. "We also won a dispensary license for the Chicago area giving us a clear path for our next SuperStore, and acquired a Florida license that will allow us to vertically integrate and open multiple neighborhood and SuperStores in the state."
Financial Highlights, Q3 2021
All comparisons below are to the quarter ended Sept. 30, 2020, unless otherwise noted.
- Revenues were $33.0 million as compared to $22.8 million, an increase of 45%
- Gross profit before biological adjustments was $17.6 million or 53.5%, as compared to $13.0 million or 56.9%
- Operating expenses, excluding non-cash compensation expense and depreciation and amortization, was $15.1 million as compared to $7.2 million, an increase of 110%
- Net loss before taxes of $4.6 million as compared to a net profit of $3.4 million
- Net loss of $10.2 million as compared to a net profit of $0.2 million
- Adjusted EBITDA (non-GAAP financial measure) of $3.6 million as compared to adjusted EBITDA of $6.4 million
All comparisons below are to Dec. 31, 2020, unless otherwise noted
- Cash of $73.7 million as compared to $79.0 million
- Total assets of $220.5 million as compared to $150.0 million
- Total liabilities of $35.4 million as compared to $29.3 million
Q3 Highlights and Recent Developments
For a more comprehensive overview of these highlights and recent developments, please refer to Planet 13's Management's Discussion and Analysis of the Financial Condition and Results of Operations for the Three and Nine Months Ended Sept. 30, 2021 (MD&A).
- On July 1, Planet 13 opened the Orange County SuperStore.
- On July 7, Planet 13 announced Moxie as the third store-in-store in Orange County SuperStore.
- On July 14, Planet 13 announced the results of its AGM.
- On Aug. 5, Planet 13 announced that its 49% owned subsidiary Planet 13 Illinois won a Chicago dispensary license.
- On Sept. 1, Planet 13 announced a definitive agreement to acquire a Florida cannabis license.
- On Sept. 21, Planet 13 announced the doubling of the dispensary floor space at the Las Vegas SuperStore.
- On Oct. 1, Planet 13 announced the close of its acquisition of a Florida cannabis license.