Debra Borchardt
Planet 13 Holdings Inc. (CSE: PLTH)(OTCQX: PLNHF) announced its financial results for the fourth quarter and year ending December 31, 2021. Planet 13 reported revenues rose 48% to $29.9 million versus last year’s $20.1 million for the same time period. The revenues dropped sequentially from the third quarter’s revenues of $32 million. The net loss before taxes declined to $1.3 million as compared to a net loss of $18.7 million. the company also trimmed the total net loss to $5.1 million as compared to a net loss of $18.2 million.
2021 Results
For the full year, Planet 13 reported revenues rose 70% to $119.5 million as compared to $70.5 million. The net loss before taxes of $6.0 million as compared to a net loss of $17.9 million. The company also trimmed the net loss to $19.5 million as compared to a net loss of $25.0 million. The company said that the increase in wholesale transactions during the period, the re-opening of the Medizin Dispensary in late November 2020 and the addition of revenue from the recently opened Planet 13 OC Superstore in Santa Ana, also contributed to the increase in overall revenue when compared to the year ended December 31, 2020 that was negatively impacted by the COVID-19-related shutdowns.
“During a quarter that is seasonally slower and marked by significantly less tourist traffic, Planet 13 was able to maintain a market share above 10% in the Las Vegas cannabis market. In addition to the competitive performance demonstrated by our SuperStore and neighborhood store, our brands grew 21% in a market that was down 5% in Q4[2],” said Larry Scheffler, Co-CEO of Planet 13. “Similarly, while the California market was down sequentially in Q4 [3] , our Orange County store grew 7.2% in the quarter on the back of increased brand awareness.”
Florida/Illinois
“Over the last couple of months, the Planet 13 team has been working hard to operationalize all of the exciting new assets we’ve acquired over the past year. We are making strong progress on our Florida roadmap working in dual tracks to bring cultivation and retail online,” commented Bob Groesbeck, Co-CEO of Planet 13 . “In California, we closed the acquisition of Next Green Wave in March allowing us to become vertically integrated in the state and bring our award-winning brands to Planet 13’s California fans.”
