Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) 100% BUY TOP 1%
73Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) 100% BUY TOP 1% - RICH TV LIVE - DECEMBER 6, 2020 - HERE IS ONE OF MY EARLY PLANET 13 VIDEOS - https://www.youtube.com/watch?v=0dR7RALyO4U&t=128s
Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated Nevada cannabis company, today announced its financial results for the three-month and nine-month period ended September 30, 2020. Planet 13's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").
Larry Scheffler, Co-CEO of Planet 13 said, "Our performance in the third quarter exceeded expectations - leading to our highest quarter of sales ever. Despite being impacted by the ongoing global pandemic and our Las Vegas SuperStore only at 50% capacity, we achieved 36% higher revenue compared to pre-COVID quarters. This is a testament to the strength of Planet 13's business model and the success of the operational improvements we put in place to ensure our ability to serve local customers. As Las Vegas returns to normal and the economy recovers, we will undertake further strategic initiatives to grow revenue at the SuperStore and increase our sales to local customers in Las Vegas."
"In the third quarter, our in-house brands contributed 25% to SuperStore revenue - continuing to be one of the most recognized and fastest-growing segments within the Planet 13 portfolio. In the wholesale market we saw increasing sales month over month throughout the quarter and continuing into October. Building on this momentum, we continue to invest in cultivation with our recently announced acquisition of a 45,000 square foot facility in Las Vegas, better positioning us to supply wholesale and retail sales within the state," commented Bob Groesbeck, Co-CEO. "We are excited to leverage our knowledge and experience from Nevada to California, with the opening of our new dispensary in Santa Ana in 2021 - the world's second largest dispensary. Planet 13 is well capitalized, and we look forward to executing on future expansion into other major growth markets."
Financial Highlights - Q3 - 2020
Operating Results
All comparisons below are to the quarter ended September 30, 2019, unless otherwise noted
Revenues were $22.8 million as compared to $16.7 million, an increase of 36.5%
Gross profit before biological adjustments was $13.0 million or 56.9% as compared to $9.9 million or 59.1%, an increase of 31.4%
Operating expenses, excluding non-cash compensation expense and depreciation and amortization, was $7.2 million as compared to $6.7 million, an increase of 7.9%
Net income before taxes of $3.4 million as compared to a net income of $0.3 million
Net income of $0.2 million as compared to a net loss of $1.7 million
Adjusted EBITDA of $6.2 million as compared to Adjusted EBITDA of $3.4 million
Balance Sheet
All comparisons below are to December 31, 2019, unless otherwise noted
Cash of $56.8 million as compared to $12.8 million
Total assets of $125.5 million as compared to $62.9 million
Total liabilities of $39.3 million as compared to $21.6 million
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