Planet 13 cuts losses, grows balance sheet, largely thanks to Florida entrance

Nevada-based Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) this week reported a net loss of $7.4 million for the third quarter, down significantly from the $46.3 million loss during the same quarter a year ago.

The company reported revenue of $32.2 million, up year-over-year by almost 30% from $24.8 million in the third quarter of 2023. Planet 13 said the increase in sales was thanks to its entrance into the Florida medical marijuana market earlier this year.

That brings revenue for the calendar year to $86.1 million, up from $75.5 million for the first nine months of 2023, the company reported. Net loss so far for the year totals $21.3 million, down from $59.3 million a year prior.

“Despite Florida not moving forward with adult-use, we see a significant growth runway by expanding our store footprint and enhancing cultivation assets in the state,” Planet 13 co-CEO Larry Scheffler said in a press release. “We’re focused on driving growth by scaling our neighborhood store network and broadening the distribution of our HaHa edibles.”

Highlights from the most recent quarter for Planet 13 included the launch of a new lifestyles brand in July, the opening of the company’s 27th Florida dispensary in August, and the possible acquisition announced in September of another Las Vegas dispensary competitor. After the close of the third quarter, Planet 13 announced its 28th Florida dispensary, in the town of Port Orange.

As of Sept. 30, Planet 13 had $243 million in total assets, including $27.4 million in cash, against $92.3 million in total liabilities.