Planet 13 Posts Q4 Results, Touting Single-Month Record In March; CEO Says 'Las Vegas Is Back'

Cannabis retailer Planet 13 Holdings Inc. PLNHF reported Monday it has generated $23.8 million in the first three months of 2021.

Moreover, March revenue amounted to $9.7 million, representing its single-month record.

Larry Scheffler, the company’s co-CEO, believes that revenue will continue to increase “as more people get vaccinated.”

“Based on our performance in March 2021, it is clear that Las Vegas is back,” Scheffler said Tuesday.

The company also posted its fourth-quarter and full-year financial results, revealing a year-over-year increase in revenue in both 2020 and the fourth quarter, of 10.8% and 21.8%, respectively.

Full-Year Highlights

• Revenues hit $70.5 million versus $63.6 million in 2019.
• Gross profit, before biological adjustments, amounted to $34.2 million, a 48.5% profit margin.
• Operating expenses, excluding non-cash compensation expenses, were $28.0 million, representing an increase of 4.3% year-over-year.
• The net loss amounted to $7.9 million.
• Adjusted EBITDA came in at $8.9 million, compared to adjusted EBITDA of $10.2 million in 2019.

Fourth Quarter Highlights

• Revenue amounted to $20.1 million as compared to $16.5 million.
• Gross profit before biological adjustment was $7.5 million, a 37.1% margin.
• Operating expenses, excluding non-cash compensation expenses and depreciation and amortization, were $8 million, representing an increase of 13.1% year-over-year.
• The net loss was $2.9 million.
• Adjusted EBITDA came in positive, at $0.3 million, compared to a $2.6 million gain in the corresponding period of 2019.
• As of December 31, the company had $79 million in cash and $150 million in assets.

Recent Moves

In February, Planet 13 opted to expand outside of Nevada and launch the build-out of its first store in California.

The construction of the Orange County Cannabis SuperStore Entertainment Complex, located at 3400 Warner Ave. in Santa Ana, is scheduled to complete by mid-2021.

Last month the company partnered with Curaleaf Holdings Inc. CURA CURLF to commercialize cannabis oil brand Select at its Las Vegas SuperStore.

Photo by Matthew Brodeur on Unsplash