E Cannabis Central: Planet 13 Holdings Rebounded Dramatically In Q3

Planet 13 Holdings, Inc. (PLNHF), a constituent in the munKNEE Pure-Play Pot Stock Index, is a vertically integrated cannabis company based in Nevada and it announced its Q3, 2020 financial and operating results on Tuesday for the period ended September 30, 2020, as follows:

Q3 Financial Highlights 

(All results are presented in USD and compared to the previous quarter.)

  • Revenue: increased 93% to $22.8M 
  • Gross Profit: increased 177% to $13.0M 
  • Operating Exp.: increased 24% to $7.2M
  • Net Income: increased to $3.4M from $(4.0)M 
  • Adj. EBITDA: improved to $6.2M from $(0.7)M
  • Cash Equiv. on Hand: $56.8M 

Q3 Operational Highlights

  • announced closing of a CDN$11.5 million bought deal public offering.
  • announced acquisition of 45,000 square feet of indoor cultivation.
  • awarded a Nevada dispensary license.
  • announced a CDN$15 million bought deal public offering.
  • announced an upsize to bought deal public offering to CDN$20 million.
  • announced closing of a CDN$23 million bought deal public offering.

Management Commentary

Larry Scheffler, Co-CEO, Chief Executive Officer, Chairman, and Founder, 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...."

Commented Bob Groesbeck, Co-CEO

  • "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...
  • 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."
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