Planet 13 Reports Unaudited, Preliminary Fourth Quarter and Full Year 2023 Financial Results and Date for Full Earnings Release
LAS VEGAS, NV / ACCESSWIRE / February 27, 2024 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNH) ("Planet 13" or the "Company"), a leading vertically-integrated multi-state cannabis company, today announced its unaudited preliminary financial results for the fourth quarter and full year ended December 31, 2023. All financial information is provided in U.S. dollars unless otherwise indicated and is prepared under U.S. Generally Accepted Accounting Principles ("GAAP").
The Company will host a conference call on March 13, 2024, at 6:00 p.m. ET to discuss its fourth-quarter and year end financial results and provide investors with key business highlights, strategy, and outlook. The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO.
CONFERENCE CALL DETAILS
Date: March 13, 2024, | Time: 6:00 p.m. ET
Participant Dial-in: Toll Free: 888-506-0062 or International: 973-528-0011. Access Code: 815562
Replay Dial-in: Toll Free: 877-481-4010 or International: 919-882-2331. Replay Passcode: 50013
Listen to webcast: Link
"Given the turbulence of the last few months, the challenging macroeconomic backdrop, and the continued cannabis price compression we are seeing, I am pleased to report a solid quarter. We generated solid revenue performance and positive Adjusted EBITDA, driven by gross margin expansion and strong cost controls. We continue to hold ~9% of Nevada's retail market share and top five brands in every category, demonstrating the strength of our Nevada operations and brand value," said Larry Scheffler, Co-CEO of Planet 13. "In spite of recent events, Planet 13 is generating positive Adjusted EBITDA and continues to have a strong balance sheet with over $17 million in cash and effectively no debt. We are well capitalized to continue executing our announced growth plan in Florida and Nevada."
"Towards the end of the quarter, we opened our new Illinois location and are working towards closing our acquisition of VidaCann and opening our consumption lounge at the Las Vegas SuperStore. These exciting additions are set to drive Planet 13's next leg of growth," said Bob Groesbeck, Co-CEO of Planet 13. "We've built an attractive portfolio of operations in highly sought-after states. As we look to 2024, our goal is to prepare for the exciting potential of adult use in Florida and increase our scale, efficiency and operating leverage in core states to drive growth in operating cashflow and shareholder value."
