Planet 13 Holdings Inc. PLNHF, a multi-state cannabis company, unveiled Q2 2023 financial results on Wednesday afternoon.
Highlights
- Despite a 9.1% revenue decrease to $25.8 million, owing to lowered cannabis prices in Nevada, the company reported improved gross and EBITDA margins: $11.9 million in gross profit (46.0%) and $3.0 million in Adjusted EBITDA.
- Total expenses reduced by 1.6% to $15.4 million.
- Net loss expanded to $4.3 million due to potential M&A-associated costs.
Co-CEOs Of Planet 13, Highlights Growth And Margin Improvements
“During the quarter, we grew our share of total Nevada state-wide sales and once again had some of the most sold brands across all major product categories. We had a steady quarter in California and across our business, we saw improvement in gross margins and EBITDA margins sequentially. Overall we’ve had a good first half of the year,” said Larry Scheffler, Co-CEO of Planet 13.
“We are executing the strategic goals we laid out at the beginning of the year. We continue to strengthen the destination appeal and reputation of the SuperStore and are making progress towards opening our consumption lounge. We are also nearing the completion of our new dispensary in Illinois, an exciting addition to our retail portfolio,” commented Bob Groesbeck, Co-CEO of Planet 13. “Between our ongoing construction projects, the strength of our business in Nevada, and our rock-solid balance sheet 2024 is shaping up to be a good year for Planet 13.”
Reported Outlook For 2024
With $40.5 million in cash and strategic projects, the outlook for 2024 appears promising, reinforcing the company’s solid standing and growth trajectory in the cannabis industry.
Price Action
Planet 13’s stocks were trading up 0.02% at $0.56 per share at the time of writing Wednesday evening.
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