Planet 13 Announces Q4, Full-Year 2021 Financial Results

Planet 13, the Las Vegas-based, vertically integrated powerhouse that recently began offering cannabis-themed weddings and is branching out in markets such as California and Florida, has announced fourth-quarter (Q4) and full-year financial results for 2021.

Those numbers include the Q4 2021 revenue of $29.9 million, a 48% increase from Q4 2020, and $119.5 million in full-year revenue, up 70% compared to all of 2020, according to a press release.

Meanwhile, in 2021, Planet 13 established $66 million in gross profit, a net loss of $19.5 million, and an adjusted EBITDA of $16.9 million.

"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 percent in the Las Vegas cannabis market. In addition to the competitive performance demonstrated by our SuperStore and neighborhood store, our brands grew 21 percent in a market that was down 5 percent in Q4," Larry Scheffler, co-CEO of Planet 13, stated in the release. "Similarly, while the California market was down sequentially in Q4 , our Orange County store grew 7.2 percent in the quarter on the back of increased brand awareness."

"Over the last couple 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," added 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."