[PRESS RELEASE] – LAS VEGAS, Feb. 12, 2026 – Planet 13 Holdings Inc., a leading vertically integrated multistate cannabis company, announced the successful completion of the previously disclosed divestiture of its Orange County, Calif., retail and distribution licenses. The company has also closed on the sale of the property associated with its cultivation facility in Coalinga, Calif., and is advancing the transfer of the cultivation license to the buyer. This marks the substantial completion of the company’s planned exit from the California market.
These actions represent significant progress against Planet 13’s previously communicated strategic priority to exit California during the 2025–2026 period and reallocate capital and management focus toward its largest and highest-return markets, particularly Nevada and Florida. With retail and distribution operations now closed and the cultivation license transfer process underway, the company has meaningfully simplified its operating footprint and further strengthened its balance sheet and liquidity profile.
“This milestone reflects our disciplined execution against a clear strategic objective,” Planet 13 co-CEO Bob Groesbeck said. “Exiting California was a deliberate priority for 2025–2026, and we have now successfully completed the closure of our retail and distribution operations while advancing the final steps related to cultivation. This disciplined approach underscores our commitment to operational focus, capital allocation rigor and accountability to shareholders as we move through 2026.”
California operations historically represented a small portion of the company’s consolidated revenue and were cash-flow negative. The company expects the substantial completion of the exit to reduce operating complexity and overhead while allowing management to concentrate resources on expansion and operational excellence in its core markets.
