An original article by Lorimer Wilson, Managing Editor of munKNEE.com, Your KEY To Making Money!
Planet 13 Holdings Inc. a non-pure-play American cannabis MSO, is:
- engaged in the cultivation, production, distribution, and marketing of cannabis and cannabis-infused products for medical and retail cannabis markets;
- has 3 cultivation and production facilities in Nevada and one distribution license and operates 2 licensed cannabis dispensaries in Nevada with the Las Vegas Superstore being the world’s largest and accounting for 10% of all cannabis sold in the state;
- operates the largest licensed cannabis dispensary in California and has one cultivation/production facility and 2 distribution licenses;
- has a medical marijuana treatment center license in Florida and licenses to open 4 dispensaries there;
- has exercised and closed its option to purchase the remaining 51% in Planet 13 Illinois, LLC and will initially operate one dispensary there.
About Planet 13 Holdings
- In addition to the opening description of Planet 13, it:
- manufactures chocolates, gummies, sparkling beverages, vapes and concentrates, and flowers;
- has 6 in-house brands, namely, Medizin, Trendi, Leaf & Vine, Dreamland, HaHa, and Planet M;
- owns and operates:
- a non-cannabis retail merchandise store and event space in Nevada; and
- a coffee shop and pizzeria in its Nevada location.
- and its shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and on the OTCQX under the symbol PLNHF.
- For more detailed information refer to the most recent Corporate Presentation.
Message from Planet 13 CEOs
Bob Groesbeck and Larry Scheffler are Planet 13’s Co-CEOs and they shared the following message back on January 3rd, 2023:
- “2022 was a difficult year for cannabis investors and as CEOs and holders of over 78 million shares of Planet 13 combined we certainly empathize with shareholders. 2022 was the worst year for the markets since 2008 and our industry was not spared. Prices were down across the board for cannabis stocks, with the biggest driver, as we saw in December, the failure of reform at the federal level.
- At Planet 13 we can only control what we can control and so that is what we focus on.
- We’ve maintained 8-10% market share in Nevada while cutting costs to maintain margins.
- We are growing revenue in California.
- We’ve made progress on our growth initiatives in Florida and Illinois, setting the stage for us having operations in four states by the end of 2023 and
- we continue to have one of the strongest balance sheets and cleanest capital structures in the cannabis industry.
- There is a saying, ‘Revenue is Vanity, Profit is Sanity and Cash is King.’ We have always managed our business aligned with this even when everyone else was focused on rapid growth. We encourage investors to think in this context and when comparing Planet 13 to other cannabis companies please remember the following: As of our last quarter, September 30, 2022,
- we had positive operating cash flow,
- we had $50 million in cash, and
- we were up to date on all tax payments.
- We are well positioned to weather the current downturn in the cannabis markets and be one of the winners in this industry long-term.”
Latest Financial Information
For a detailed look at all the financial metrics related to Planet 13 in the last quarter and for every year going back to 2018 go here.
Planet 13’s stock price declined 77% in 2022 which was only slightly more than the 73% experienced by the other 11 constituents in the munKNEE American Cannabis MSOs Index. Its stock price has advanced 13% YTD (as of the close of business on March 24th, 2023) as compared to a 15.2% decline in the MSO Index (excluding PLNHF).
According to 3 stock analysts, the average 12-month stock price forecast for PLNHF stock is $0.95, which represents an increase of 22% from its March 24th close. On average, analysts rate PLNHF stock as a BUY (1 Buy, 2 Hold). Source