Planet 13 Generates $16.7 Million Revenue in Nevada Cannabis Market in Q3

Planet 13 Announces Third Quarter 2019 Financial Results
  • Q3 Revenue of $16.7 million, $47.1 million for the nine months ended September 30, 2019
  • SuperStore accounted for 9.1% of all Nevada cannabis dispensary revenue in Q3 20191
  • Q3 EBITDA of $3.4 million, 24% sequential growth over Q2 2019
  • Well capitalized with $18.1 million in cash to complete all growth initiatives

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

LAS VEGAS, Nov. 25, 2019 /CNW/ – Planet 13 Holdings Inc. (CSE: PLTH) (OTCQB: PLNHF) (“Planet 13” or the “Company”), a leading vertically-integrated Nevada cannabis company, today announced financial results for the three-month period ended September 30, 2019. Planet 13’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).

Cannabis Entertainment Complex (the “SuperStore”) monthly performance for first 12 months of operations.

Larry Scheffler, Co-CEO of Planet 13 commented, “The SuperStore celebrated its one-year anniversary at the start of this month and 12 months on, even with this location generating $59.5 million in revenue² and accounting for 9% of the State’s cannabis sales³, we are just at the beginning of the growth potential for this site and for Planet 13. With Phase II and wholesale operations just getting underway, we expect to continue generating profitable growth as we expand the sales of our well-regarded in-house, in-store produced brands both on-site and in 3rd party dispensaries state-wide commencing in the New Year.”

In Q3, the highly profitable four-wall economics at the SuperStore drove our third consecutive quarter of positive EBITDA and positive operating cash flow. In addition to having recently opened Phase II in Las Vegas, we have been moving forward with our license acquisition in Santa Ana.

Bob Groesbeck, Co-CEO

Backed by a tier-one location close to tourist traffic and Planet 13’s world-class customer service, this location is poised to continue to build Planet 13’s reputation for creating world-class cannabis entertainment destinations while generating additional value for shareholders.

Financial Highlights – Q3 – 2019

Operating Results

All comparisons below are to the quarter ended September 30, 2018, unless otherwise noted

  • Revenues were $16.7 million as compared to $4.9 million, an increase of 241%
  • Gross profit before biological adjustments was $9.9 million or 59.1% as compared $2.6 million or 53.2%, an increase of 280%
  • Operating expenses, excluding non-cash compensation expense, were $6.7 million as compared to $2.4 million, an increase of 182%
  • Net income before taxes of $0.3 million as compared to a net loss of $0.5 million
  • Net loss of $1.7 million as compared to a net loss of $0.9 million
  • Adjusted EBITDA of $3.4 million as compared to Adjusted EBITDA of $376,611

Balance Sheet

All comparisons below are to December 31, 2018, unless otherwise noted

  • Cash of $18.1 million as compared to $19.4 million
  • Total assets of $67.1 million as compared to $44.9 million, an increase of 49%
  • Total liabilities of $26.0 million as compared to $7.0 million, an increase of 269%

²$59.5 million revenue generated from November 1, 2018 to October 31, 2019

³ from January 1, 2019 to August 31, 2019. Nevada sales for September are unavailable.

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, 2019(the “MD&A”).

  • On July 29, 2019, Planet 13 announced new edible brands: HaHa Gummies™ and Dreamland Chocolates™
  • On September 6, 2019, Planet 13 announced Cannabition Joining the Planet 13 SuperStore
  • On October 18, 2019, Planet 13 announced the opening of Rickety Cricket Pizzeria and Purc Coffee
  • On October 22, 2019, Planet 13 announced new beverage brand Elysium
  • On November 1, 2019, Planet 13 announced the opening of customer-facing production facility

Results of Operations (Summary)

The following tables set forth consolidated statements of financial information for the three-month and nine-month period ending September 30, 2019 and September 30, 2018. For further information regarding the Company’s financial results for these periods, please refer to the Company’s interim financial statements for the period ended September 30, 2019 together with the MD&A, available on Planet 13’s issuer profile on SEDAR at and the Company’s website

Outstanding Shares

As at the date of this report, the Company had 81,517,869 common shares and 55,232,940 class A convertible, restricted voting shares issued and outstanding for a total of 136,750,809 shares outstanding. There were 753,508 options issued and outstanding of which 445,835 have fully vested. There were 15,380,713 warrants outstanding and 4,382,409 RSU’s outstanding of which nil RSUs had fully vested as at the date of this report.

Conference Call

Planet 13 will host a conference call on Tuesday, November 26, 2019 at 8:30 a.m. EST 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.


Date: November 26, 2019 | Time: 8:30 a.m. EST
Participant Dial-in: 416-764-8688 or 1-888-390-0546
Replay Dial-in: 416-764-8677 or 1-888-390-0541
(Available for 2 weeks)
Reference Number: 906344
Listen to webcast:

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. EBITDA (earnings before interest, taxes, depreciation and amortization) is calculated as net earnings before finance costs (net of finance income), income tax expense, 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 ( 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 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.

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Published by NCV Newswire
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