Planet 13 Cannabis Co. Shrinks Net Loss Over 60%, Achieves Positive EBITDA In Q4 Despite Industry Headwinds
Planet 13 Holdings, a cannabis multi-state operator, released its unaudited preliminary financial results for Q4 2023, noting a solid performance despite challenges in the industry. Total revenue decreased to $23 million, with a 2.8% increase in gross profit and a 47.8% gross margin. Operating expenses saw a significant decline, resulting in a net loss of $14.3 million. However, adjusted EBITDA turned positive at $1.3 million. The company had $17.4 million in cash and is focused on expanding its retail portfolio in Illinois and finalizing the acquisition of VidaCann in Florida. Planet 13 aims to enhance its operational efficiency and drive growth in operating cash flow and shareholder value in 2024.
