Planet 13 Holdings Inc. Announces Preliminary Fourth Quarter and Full Year 2023 Financial Results

Planet 13 Holdings Inc., a major company in the U.S. cannabis sector, revealed its preliminary unaudited financial results for the fourth quarter and full year ending December 31, 2023. Despite a macroeconomic backdrop difficult and cannabis price compression, the company reports strong performance with gross margin growth and improved cost control.

The company generated revenue of $23 million in the fourth quarter and $98.5 million for the full year, marking a slight decrease from the previous year. However, it reports an increase in gross margin and a significant reduction in operating expenses. The company also highlights positive adjusted EBITDA and a strong balance sheet position with over $17 million on hand and virtually no debt.

Planet 13 recently opened a new location in Illinois and continues to expand its operations, including the acquisition of VidaCann and the opening of a consumer lounge in Las Vegas. These initiatives are part of the company's expansion strategy in Florida and Nevada. Company executives express optimism for 2024, with plans to capitalize on adult-use opportunities in Florida and improve operational efficiencies in key states.