Planet 13 Holdings Inc (PLNH)

[trixRabbit]

Earnings calls key takeaways. current dispensaries.

1st Q traffic 581/day

2nd Q traffic 693/day

3rd Q traffic 776/day'

Super Store.

Cost = 8.4M, 400k over budget due to steel tariffs and tight labor market.

Spending upgrades made in anticipation of approval for consumption lounge.

Overall.

Margin improvements will be seen in Q4

Existing cash will be used for phase 2 of the superstore, reopen dispensary, and targeting additional adjacent markets.

Closed dispensary was closed on Oct 29, additional licenses should be approved by Dec 5, they applied for 6 licenses.

If they win additional licenses, will open additional dispensaries across Nevada.

Regulatory information for onsite consumption by Q4 this year or Q1 next year.

In late stage discussions to bring in premium confectioneries and a brewery and infused products.

Coffee shop will open soon with food options in discussion.

------------------- Personal look at the numbers ------------

Take in your consideration that the quarter does not include a single day of the grand opening of the 1300/day traffic. The 8.6M in cash also does not include the recent offering of 25M. With that ~33M cash, expect them to be quickly expanding the business (either the lounge area or the dispensary into other states), thats what I would do with excess cash.

Entertainment complex.
If you calculate their number of 1300/day not increasing at all for the year, with avg spending of $70, thats $33,215,000 in revenue annually.

They hold 2 retail licenses, one will be moved to the entertainment complex (cross over time about 1 month). The ones running prior to the move brings in about 776 customers/day with avg spending of $70/customer: $19,826,800-$1,652,233(1 month) = 18,174,567

Together you are looking at annual sales of $51,389,567, with current market cap of 264M, its trading 5.14x sales.

Planet 13 Holdings, Inc. operates as a vertically integrated cannabis organization. The company currently holds 6 licenses in the Nevada market. (source: https://www.planet13holdings.com/locations/)

I did not take into consideration of cross-over customers not future increase decrease of foot traffic.