PLNHF - Planet 13 Holdings Inc

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Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas Nevada, premium cultivation operations in California and dispensary operations in Orange County, California. Planet 13 also holds a medical marijuana treatment center license in Florida and a 49% interest in Planet 13 Illinois which won a lottery for a Social-Equity Justice Involved dispensing license in the Chicago-region of Illinois. 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 Securities Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.

OTC Market: OTCQX International  | Related ticker symbols: CSX: PLTH

Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas Nevada, premium cultivation operations in California and dispensary operations in Orange County, California. Planet 13 also holds a medical marijuana treatment center license in Florida and a 49% interest in Planet 13 Illinois which won a lottery for a Social-Equity Justice Involved dispensing license in the Chicago-region of Illinois. 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 Securities Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.

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Company Details[edit]

Planet 13 Holdings, Inc. (OTC: PLNHF, CSX: PLTH) is a vertically integrated multi-state cannabis company with operational licenses in California, Florida, Illinois, and Nevada. The company engages in the cultivation, production, distribution, and marketing of cannabis and cannabis-infused products for medical and retail cannabis markets in the United States. The Nevada-based firm owns, manufactures, and distributes cannabis products under different brands, including HaHa; gummies and beverages, Dreamland; chocolates, Trendi; vapes and concentrates, Medizin; flower, vapes, concentrates, and Leaf, and Vine; vapes. It also operates licensed cannabis dispensaries; a non-cannabis retail merchandise store and event space; and owns and operates Trece Eatery + Spirits, a coffee shop, and a pizzeria. The company further provides consultation, education, and convenience services. It sells more than 123 distinct strains of cannabis. Planet 13 is a public company listed on the Canadian Securities Exchange (“CSE”) under the symbol PLTH and the OTCQX exchange under the symbol “PLNHF”. The firm has its headquarters in Las Vegas, Nevada.[1]

Company Operations[edit]

The company is focused on operating ultra-high-end dispensaries in one-tier markets nationwide and bringing its in-house brands; Medizin, Trendi, Leaf & Vine, Dreamland, HaHa, and Planet M into its branded store and wholesale. Through its Nevada subsidiary, the firm holds six licenses for cultivation (three medical and three adult-use), six production licenses (three medical and three adult-use), three dispensary licenses (one medical and two adult-use), and one Nevada distribution license. The firm has one adult-use dispensary license and one distribution license in California. The company also has one Florida Medical Marijuana Treatment Center license (unlimited medical dispensary, cultivation, and processing facilities), and one Illinois conditional adult-use dispensary license. Planet 13, on n March 2, 2022, added three cultivation licenses (one medical and two adult-use), one cultivation nursery license, one California distribution license, and one license for adult-use manufacture in California through acquisition. The California Department of Cannabis Control approved the Company’s pending cultivation processing license on July 12, 2022.[2]

Subsidiaries[edit]

Planet 13 is focused on its large-store dispensing stores as superior stores that advance practical and experimental approaches to its customers, including cannabis-culture-inspired social-media backdrops for customer interaction, customer-facing production, drones, robotics, 3-D mapping projection, one-on-one sales staffing and customer education, and additional interactive market essentials contrary to traditional dispensing approaches. The company’s subsidiaries include:

(a) Newtonian Principles, Inc. for California-licensed cannabis dispensing and distribution activities,

(b) Next Green Wave, LLC for California-licensed cannabis cultivation and production activities,

(c) MM Development Company, Inc. for all licensed Nevada cannabis cultivation, production, distribution, and dispensing,

(d) Planet 13 Florida, Inc. ("Planet 13 Florida") holds the company’s Florida Medical Marijuana Treatment Center ("MMTC") license, and

(e) a 49% minority interest in Planet 13 Illinois, LLC ("Planet 13 Illinois") which, as of July 22, 2022, holds a conditional Illinois social-equity justice impaired dispensing license.[3]

Early Life[edit]

Planet 13 was incorporated on April 15, 2002, under the Canada Business Corporations Act under the name ‘‘High Income Preferred Shares Corporation.’’ Wombat Investment Trust acquired control of the firm on October 19, 2010.  The company changed our name to ‘‘Carpincho Capital Corp.’’ on January 1, 2011. MM Development Company, Inc., one of Planet 13’s subsidiaries, was created on March 20, 2014, as a Nevada limited liability company to provide compassionate, dignified and affordable access to cannabis, cannabis concentrates and cannabis-infused products to approved customers in the State of Nevada. Before 2018, the company was largely financed by its founders Robert Groesbeck and Larry Scheffler, and companies controlled by them, through a combination of cash contributions classified as debt.[4]

Significant Company and Industry News[edit]

Significant Company and Industry News

Planet 13 officially published its Q3 financial and operational results for the period ending September 30, 2022, on Nov 11. Larry Scheffler, the company’s Co-CEO, was quick to point out the negative effects of high inflation and interest rates, which have drugged down consumer spending and the economy at large. Highlights of the firm’s performance in the quarter compared to the same quarter in 2021 include:

  • Revenues were $25.6 million as compared to $33.0 million, representing a 22.2% decrease
  • Gross profit was $10.6 million versus $17.7 million
  • The gross profit margin for the three months was 41.2% compared to 53.8 in 2021
  • Net loss before taxes of $4.0 million as compared to a net income of $0.7 million
  • Net loss of $6.3 million against a net loss of $2.7 million
  • Adjusted EBITDA of $0.4 million as compared to Adjusted EBITDA of $2.6 million

Balance sheet comparisons for Q3 2022 versus December 31, 2021, include:

  • Cash of $50.9 million compared to $61.6 million
  • Total assets of $263.4 million as compared to $216.8 million
  • Total liabilities stood at $35.9 million against $43.1 million

On August 5, 2022, the firm announced it had agreed to an option to acquire the remaining 51% ownership of Planet 13 Illinois.[5]

On November 2, Planet 13 announced that it had submitted its proposed Illinois location in Fountain Square, Waukegan, Illinois to the Illinois Department of Financial & Professional Regulation ("IDFPR") and local regulators for approval. The company is heavily leveraging its diversification efforts to expand its customer base and generate more revenue for shareholders. The proposed spot is in a prominent shopping center with hotels, multiple stores, restaurants, and an underway casino project.[6]

Leadership[edit]

The Team[7][edit]

Robert Groesbeck, Co-CEO and Board Member

  • A long-time entrepreneur, starting and assisting in the creation of numerous start-ups
  • Has extensive experience in the legal field
  •  Has practiced law for over 25 years, and knows multiple aspects of the law
  • Served as the Mayor of the City of Henderson from 1993 to 1997
  • Holds a B.S. in Criminal Justice from the University of Nevada, an M.B.A. from the National University, and a J.D. from Western Michigan University


Larry Scheffler, Co-CEO and Board Member

  • Founded Las Vegas Color Graphics, Inc. 40 years ago in 1978 and grew it into the largest privately-owned commercial printing company in Nevada
  • Served as a councilman for the city of Henderson, Nevada from 1990 to 1995
  • Has also served as a commissioner on 6 major commissions in the Southern Nevada government and has an extensive background in real estate


Dennis Logan, Chief Financial Officer, CFO

  • Over 25 years of financial advisory and senior financial management and accounting experience, on the back of 17 years in Investment Banking before transitioning into Public Company CFO roles
  • Currently serves as the Chair of the Audit Committee of Magna Terra Minerals Inc., he is the part-time CFO for BTU Metals Corp. and the part-time CFO for Sterling Metals Corp.
  • Previously, Dennis served as the CFO, Director, and Corporate Secretary of Almonty Industries Inc., a publicly traded tungsten mining and processing company, and served as the Chairman of the Audit Committee of Eurocontrol Technics Group Ltd
  • He is a CPA, CA, who began his career in finance and accounting with Ernst & Young LLP


References[edit]

Create News


Thu, 21:32 November 10, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Fri, 10:30 November 4, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Wed, 21:30 November 2, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Mon, 10:30 September 26, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Mon, 20:31 August 15, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Fri, 13:09 August 5, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Tue, 10:30 August 2, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Thu, 21:15 July 28, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Thu, 10:30 July 28, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Tue, 10:30 July 12, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Tue, 10:33 July 5, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Mon, 17:40 May 16, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Tue, 10:45 May 10, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Tue, 10:30 May 10, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Wed, 10:30 May 4, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Mon, 10:30 May 2, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Thu, 10:30 April 14, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Tue, 01:15 March 29, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Mon, 20:49 March 28, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Mon, 10:30 March 21, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |


Thu, 10:30 March 17, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Planet 13 Holdings Inc. | Tier: OTCQX International | Source: ACSW |




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PLNHF Stock

As of 11/22/2022 there were 220,470,061 shares of PLNHF stock outstanding.

As of 10/31/2022 short interest was 132,398 shares, which represents 1 day to cover.

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