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Planet 13 Holdings Q3 Revenue of $33 Million Slightly Exceeds Q2 Level

Nov 23, 2021
All figures are reported in United States dollars ($) unless otherwise indicated LAS VEGAS, NV / ACCESSWIRE / November 23, 2021 / Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) (“Pl ...

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All figures are reported in United States dollars ($) unless otherwise indicated

LAS VEGAS, NV / ACCESSWIRE / November 23, 2021 / Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) (“Planet 13” or the “Company”), a leading vertically-integrated cannabis company, today announced its financial results for the three-month and nine-month period ended September 30, 2021. 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. 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,” commented Bob Groesbeck, Co-CEO of Planet 13.

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

Operating Results

All comparisons below are to the quarter ended September 30, 2020, unless otherwise noted

¹Adjusted EBITDA is a non-GAAP financial measure

Balance Sheet

All comparisons below are to December 31, 2020, unless otherwise noted

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 September 30, 2021 (the “MD&A”).

Results of Operations (Summary)

The following tables set forth consolidated statements of financial information for the three-and nine-month periods ending September 30, 2021, and September 30, 2020. For further information regarding the Company’s financial results for these periods, please refer to the Company’s financial statements for the period ended September 30, 2021, together with the MD&A, available on Planet 13’s issuer profile on SEDAR at www.sedar.com and the Company’s website https://www.planet13holdings.com.

Adjusted EBITDA²

²Adjusted EBITDA is a non-GAAP financial measure

Outstanding Shares

As of November 23, 2021, the Company had 196,463,520 common shares outstanding. There were 169,168 options issued and outstanding of which 169,168 have fully vested. There were 8,875,651 warrants outstanding and 4,927,869 RSU’s outstanding of which nil 104,440 had fully vested as at the date of this MD&A.

Conference Call

Planet 13 will host a conference call on Tuesday, November 23, 2021 at 5:00 p.m. ET to discuss its third quarter financial results and provide investors with key business highlights. The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO.

CONFERENCE CALL DETAILS Date: November 23, 2021 | Time: 5:00 p.m. EST Participant Dial-in: Toll Free 888-506-0062 or International 973-528-0011 Replay Dial-in: Toll Free 877-481-4010 or International 919-882-2331 (Available for 2 weeks) Reference Number: 571591 Listen to webcast: https://bit.ly/3ccZOce

Financial Measures

There are measures included in this news release that do not have a standardized meaning under generally accepted accounting principles (GAAP) and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. The Company includes these measures because it believes certain investors use these measures and metrics as a means of assessing financial performance. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) is calculated as net earnings before finance costs (net of finance income), income tax expense, share-based compensation, one-time costs and depreciation and amortization of intangibles and is a non-GAAP financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.

About Planet 13

Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas and dispensary operations in Orange County, California. Planet 13 also holds a medical marijuana treatment center license in Florida and a 49% interest in Planet 13 Illinois which won a lottery for a Social-Equity Justice Involved dispensing license in the Chicago-region of Illinois. Planet 13’s mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13’s shares trade on the Canadian Stock Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.

Original press release