Planet 13 Holdings Inc. (PLNHF), a Multi-State Operator in the munKNEE Pure-Play Pot Stock Portfolio, yesterday announced its Q2 financial results for the period ended June 30, 2020, and they were terrible showing decreases across the board.

Q2 Financial Highlights  (Unless otherwise noted, all results are presented in U.S. dollars and compared to the previous quarter.)

• Revenue: -35% to $10.8M
• Gross Profit: -51.5% to $4.7M
• Operating Expenses: -18.5% to $5.8M
• Net Loss: +344% to $(3.3M)
• Adj. EBITDA: -74% to $(0.7M)
• Cash Balance: +77% to $22.7M

Operational Highlights For Q2 and To Date

• On May 21, 2020, announced the acquisition of a dispensary license and the close of the Santa Ana acquisition.
• On June 15, 2020, announced a CDN$10 million bought deal public offering.
• On July 3, 2020, announced closing of a CDN$11.5 million bought deal public offering.
• On July 17, 2020, announced an acquisition of 45,000 square feet of indoor cultivation.
• On August 10, 2020, was awarded a Nevada dispensary license.
• On August 21, 2020, Planet 13 announced a CDN$20 million bought deal public offering.

Management Commentary

Larry Scheffler, Co-CEO, had the following comments:

• "Q2 was a challenging environment for all Nevada businesses...[but] as the State has reopened, we've seen an incredible pickup in our business, with July and August being our highest months of sales to date."

Bob Groesbeck, Co-CEO added:

• "Our brands are performing well...[and] will continue to increase now that we have expanded cultivation to supply our popular Medizin line.
• We are also seeing initial success in the wholesale market, which we began supplying in June...
• I'm incredibly excited about what the future holds for Planet 13."

Stock Performance

Planet 13 is one of the 25 pure-play stocks in the munKNEE Pure-Play Pot Stock Portfolio that trades for at least US$1/share. While the 12 multi-state operators (MSOs) in the portfolio are UP 24.8%, on average, YTD, Planet 13 is UP 79.1% YTD (and UP 122.2% since the end of the 2Q).