Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLTHDF), a vertically integrated cannabis company, today announced its financial and operational results for the first quarter of 2017.
“Planet 13” has become the biggest publicly traded licensed producer of cannabis in the world. It’s crazy to think that only a few years ago, this type of environment would have been unimaginable.
The marijuana business is a multi-billion dollar industry, and as the industry continues to grow, so does the number of cannabis businesses that have received funding. Last year, investors have been flocking to the marijuana industry, which is expected to see a growth rate of 25% in 2017. Today, we’re going to take a look at the latest marijuana funding news, and how this funding is going to shape the future of the industry.
Planet 13 announces financial results for first quarter of 2021
- First quarter revenue Net income for the second quarter of 2021 was $23.8 million.
- Planet 13 accounted for 8.6 percent of all cannabis dispensary revenue in Nevada in the first quarter.
- EBITDA in the first quarter of 2021 was $5.2 million.
All figures are in US dollars ($) unless otherwise stated. LAS VEGAS, NV / ACCESSWIRE / 27. May 2021 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQB:PLNHF) (Planet 13 or the Company), Nevada’s largest vertically integrated cannabis company, today announced its financial results for the three months ended December 31. March 2021 announced. The annual accounts of Planet 13 have been drawn up in accordance with the International Financial Reporting Standards (IFRS). After a slow January and February due to COVID-19 restrictions in Nevada, March, April and now May have been exceptional. Apparently Vegas is making a comeback, and with hotels and casinos all over the Strip declaring they’ll be selling out in the near future, we think it’s only just beginning.
Larry Scheffler, Co-CEO of Planet 13
After a year of battling the worst of the macroeconomic storm, it’s nice to feel the wind at our backs and see that all the improvements we’ve made are starting to bear fruit. Tourism is making a strong comeback and the SuperStore is doing well. The medical store proves that our combination of entertainment, customer service and product selection works in small retail stores. Our wholesale business is growing at a good pace. We are experiencing a successful return to growth at all of our Nevada locations, said Bob Grosbeck, co-CEO of Planet 13. In California, we are on schedule and on budget for our Orange County Superstore – P13 OC. We applied everything we learned from running the Las Vegas SuperStore to this store. We open in July and we are excited to bring Planet 13 to California and show it for the first time to millions of visitors.
Bob Groesbeck, Co-CEO of Planet 13
Financial highlights – 1st quarter 2021 Operational Results All of the following comparisons are for the three months ended December 31. March 2020, unless otherwise stated
- Revenue was $23.8 million, up from $16.8 million, an increase of 41.8 percent.
- Gross margin before biological adjustments was $12.8 million or 53.8%, compared to $9.0 million or 53.9%.
- Operating expenses, excluding non-cash expenses for fees and depreciation, were $8.4 million, up from $7.0 million, an increase of 21.0%.
- Earnings before taxes of $3.0 million, compared to earnings of $0.3 million.
- Net income of $0.4 million compares to a net loss of $1.4 million.
- Adjusted EBITDA was $5.2 million, compared to adjusted EBITDA of $2.4 million.
Balance All of the following comparisons relate to December 31. 2020, unless otherwise indicated
- Cash of $141.1 million, compared to $79.0 million.
- Total assets were $218.4 million, down from $150.0 million.
- Total liabilities were $35.0 million, compared to $29.3 million.
First quarter highlights and current developments For a more complete overview of these highlights and recent developments, please refer to Planet 13’s Management’s Discussion and Analysis of Financial Condition and Results of Operations for the three months ended December 31. March 2021 (MD&A).
- The second one. In February 2021, Planet 13 announced the completion of a C$69 million sale, up from C$50 million.
- The 3rd. In February 2021, Planet 13 announced the construction of the Orange County SuperStore.
- The 15th. In March 2021, Planet 13 announced a partnership with Curaleaf Select to open a store.
- The 19th. In April 2021, Planet 13 announced the grant of restricted shares.
- The 22nd. April 2021, Planet 13 announces record sales of the 420 album.
- On the 10th. On May 20, 2021, Planet 13 announced the conversion of all Class A restricted stock into common stock.
Results of the activities (summary information) The following tables present the consolidated financial information for the three-month periods ended March 31, 2021 and March 31, 2021. March 2020. Further information on the Company’s financial results for these periods is available in the Company’s financial statements for the period ended December 31. March 2021, as well as Management’s Discussion and Analysis, which are available in the Planet 13 Issuer Profile on SEDAR at www.sedar.com and on the Company’s website at https://www.planet13holdings.com. Adjusted EBITDA Outstanding shares As of May 26, 2021, the Company had 196,386,104 common shares outstanding. There were 184,168 options issued and outstanding, of which 176,669 were fully exercisable. As of the date of this MD&A, there were 8,877,751 outstanding warrants and 4,994,567 outstanding RSUs, none of which were fully vested. Conference call Planet 13 will hold a conference call on Thursday, May 27, 2021, at 5:00 p.m. ET will discuss first quarter financial results and share company highlights with investors. The conference call will be led by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO. DETAILS OF THE CONFERENCE CALL Date: 27. May 2021: Time: 5:00 PM EST Recruitment of participants : Toll free 877-407-8035 or international 201-689-8035 Re-enrollment : Toll-free 877-481-4010 or internationally 919-882-2331. (Available for 2 weeks) Reference Number : 41412 Listen to the webcast: https://bit.ly/3or4jFC Financial standing This press release contains non-GAAP financial measures that may not be comparable to those of other publicly traded companies. The Company includes these measures because it believes that some investors use these ratios and measures as a means of assessing financial performance. EBITDA (earnings before interest, taxes, depreciation and amortization) is calculated on the basis of net income before finance costs (excluding finance income), income taxes and amortization of intangible assets and is a non-IFRS standardized measure that may not be comparable to similar measures proposed by other companies. For more information, please contact : LodeRock Advisors Inc, Planet 13 Investor Relations [email protected] (416) 519-2156 ext. 2230 Bob Groesbeck and Larry Scheffler Co-CEOs [email protected] About Planet 13 Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company based in Nevada with award-winning cultivation, production and dispensary operations in Las Vegas, the entertainment capital of the world. Planet 13’s mission is to create a recognizable global brand known for its world-class dispensary operations and production of innovative cannabis products. Planet 13 is traded on the Canadian Securities Exchange (CSE) under the symbol PLTH and on the OTCQX under the symbol PLNHF. ¹ Market share data based on January and February results https://tax.nv.gov/uploadedFiles/taxnvgov/Content/TaxLibrary/NV-Marijuana-Revenue-FY21(4).pdf Original press release Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013. New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. Do you have sensitive information? Please contact us.
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