Planet 13 Triples Second Quarter Revenue to $ 32.8 Million – New Cannabis Companies

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Planet 13 announces financial results for the second quarter of 2021
  • Revenue in Q2 2021 of $ 32.8 million, 205% more than Q2 2020
  • Q2 2021 Adjusted EBITDA[1] of $ 7.2 million

All numbers are in US dollars ($) unless otherwise noted

LAS VEGAS, NV / ACCESSWIRE / Aug 26, 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 six-month periods ended June 30, 2021. Planet 13’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).

“Q2 was a strong quarter for Planet 13. With the return of tourism, the superstore’s shopping experience proves once again that it is on the must-see destination list for any trip to Vegas,” said Larry Scheffler, Co-CEO of Planet 13.

Every week, thousands of people share their business experiences with their friends on social media and the reinforcing impact of this organic marketing is evident as even after three years of opening we are seeing strong growth and an increasing share of the market in Nevada every month.

Larry Scheffler, Co-CEO of Planet 13

In addition to our pharmacies, our product brands continue to gain in importance. According to headset data, HaHa was number two for edibles and number three for beverages in the state, and TRENDI was number three for concentrates and number six for vape brands.

“Coupled with the excellence of our Nevada operations, 2021 was all about securing our next growth opportunities,” commented Bob Groesbeck, Co-CEO of Planet 13

I’m proud to say we opened our Orange County location on time and on budget. We’re now focusing on growing consumer awareness that will ultimately drive sales that we know can be done from this location.

Bob Groesbeck, Co-CEO of Planet 13

Following the quarter, we also won a pharmacy license for the Chicago area, which gives us a clear path to our next SuperStore. Backed by a solid M&A pipeline and over $ 130 million in cash, the future of Planet 13 looks bright.

Financial Highlights – Q2 – 2021

Operating results

All comparisons below are for the quarter ended June 30, 2020 unless otherwise stated

  • Revenue was $ 32.8 million compared to $ 10.8 million, an increase of 205.2%
  • Gross profit before biological adjustments was $ 18.7 million, or 56.9%, versus $ 4.7 million, or 43.8%
  • Operating expenses excluding non-cash compensation expenses and depreciation were $ 12.5 million versus $ 5.8 million, an increase of 114.8%.
  • Pre-tax net loss of $ 0.9 million compared to a net loss of $ 3.3 million
  • Net loss of $ 4.4 million compared to a net loss of $ 4.0 million
  • Adjusted EBITDA of $ 7.2 million compared to an adjusted EBITDA loss of $ 0.6 million

Balance sheet

All following comparisons are as of December 31, 2020 unless otherwise stated

  • Cash of $ 136.3 million versus $ 79.0 million
  • Total assets of $ 226.2 million versus $ 150.0 million
  • Total debt of $ 37.6 million versus $ 29.3 million

Q2 highlights and recent developments

For a more comprehensive overview of these highlights and recent developments, see the Planet 13 management discussion and analysis of the financial position and results of operations for the three and six month periods ended June 30, 2021 (the “MD&A”).

  • On May 10, 2021, Planet 13 announced the conversion of all Class A restricted shares into common shares.
  • On June 2, 2021, Nevada announced the passage of Bill 341, which allows lounges for cannabis use.
  • On June 22, 2021, Planet 13 announced the launch of Select and STIIIZY store-in-stores in the Orange County SupterStore.
  • On July 1, 2021, Planet 13 opened the Orange County SuperStore.
  • On July 7, 2021, Planet 13 announced Moxie as the third store-in-store in the Orange County SuperStore.
  • On July 14, 2021, Planet 13 announced the results of its annual general meeting.
  • On August 5, 2021, Planet 13 announced that its 49% owned subsidiary Planet 13 Illinois has received a Chicago pharmacy license.

Earnings position (summary)

The following tables contain consolidated financial information for the three and six month periods ended June 30, 2021 and June 30, 2020. For more information on the Company’s financial results for these periods, see the Company’s Financial Statements for the period ended June 30, 2021, together with MD&A, available in Planet 13’s issuer profile on SEDAR at www.sedar.com and on the company’s website https://www.planet13holdings.com.

Outstanding Shares

As of August 26, 2021, the company had 196,463,520 shares of common stock outstanding. 169,167 options were issued and outstanding, 169,167 of which are fully vested. There were 8,875,651 warrants outstanding and 4,943,789 RSUs outstanding, none of which were fully vested as of the date of this MD&A.

telephone conference

Planet 13 will host a conference call on Thursday, August 26, 2021 at 5:00 p.m. ET to discuss second quarter financial results and share key business highlights to investors. The conference call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO.

CONFERENCE CALL DETAILS

Date: August 26, 2021 | Time: 5:00 p.m. EST
Participant dial-in: Toll-free 877-407-8035 or International 201-689-8035
Replay dial-in: Toll Free 877-481-4010 or International 919-882-2331
(Available for 2 weeks)
Reference number: 42398
Listen to the webcast: https://bit.ly/3yyUidB

Financial measures

This press release contains measures that have no standardized meaning under GAAP and therefore may not be comparable to similarly named measures and measures of other publicly traded companies. The Company considers these metrics because it believes that certain investors will use these metrics and metrics to assess financial performance. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is calculated as net income before finance costs (minus finance income), income tax expense, stock-based compensation, one-time charges, and amortization of intangible assets, and is a non-GAAP financial measure that is not required by IFRS has the prescribed standardized meaning and may not be comparable with similar key figures from other companies.

About planet 13

Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company based in Nevada, with award-winning grow, manufacture and pharmacy operations in Las Vegas – the entertainment capital of the world and pharmacy operations in Orange County. Planet 13’s mission is to build a recognizable global brand known for world class pharmacy operations and a creator of innovative cannabis products. Planet 13’s shares are traded on the Canadian Stock Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.

Original press release

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Published by NCV Newswire

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