Planet 13 Holdings Inc. (CSE: PLTH)(OTCQX: PLNHF), a constituent in the munKNEE American MSO Pot Stock Index, announced its financial results yesterday for the three-month period ended June 30th, 2022 (Q2). 
 

Q2 Financial Highlights

Unlike the company press release which compares its financial results for Q2 with the same period a full 12 months ago, this summary compares its financial results with those of the previous quarter (Q1) to provide a more recent trend of its financial metrics. All financial information is provided in U.S. dollars unless otherwise indicated.

• Revenue: +10.5% to $28.4M 
• Gross Profit: +7.0% to $13.8M
• Net Income: +28.6% to $0.9M
• Net Loss: reduced by 4.8% to $(2.0)M
• Adj. EBITDA: +15.4% to $3.0M
• Cash on Hand: -15.3% to $52.6M
   

Q2 Operational Highlights

• The Company announced:
  • the expansion of its Nevada cultivation to fuel in-house product growth,
  • the launch of the TRENDI brand in California,
  • the expansion of STIIIZY partnership with a new shop-in-shop at the Las Vegas SuperStore,
  • that it has entered into a lease for its second Florida dispensary location and 
  • that it has entered into a lease for its third Florida dispensary location.
     

Management Commentary

Larry Scheffler, Co-CEO, said:

• "...Despite a material weakening of the consumer which has impacted tourist spending in Nevada, we have been able to maintain above 9% retail market share.
• All of our brands held or gained a share in Nevada according to research firm Headset.
• We also launched our owned brands in California for the first time, starting with the widely popular TRENDI products.”

Bob Groesbeck, Co-CEO, commented:

• “Q2 was a big quarter for advancing our growth initiatives:
  • We secured our cultivation property in Florida.
  • We entered into an option agreement to purchase the remaining ownership in our subsidiary which holds an Illinois dispensary license.
  • In Nevada, consumption lounge legislation was finally passed and we’ve completed our premium, indoor cultivation expansion and are just waiting on final approvals.
  • Our expansions are progressing according to plan and it is likely that a year from now we will have doubled our retail and state footprint.”
     

Stock Performance

The company's stock price:

• went DOWN 54.5% during Q2 (April 1st to June 30th), but
• has gone UP 65.2% since then (as of August 12th), but
• is still DOWN 35.8% YTD,
• and DOWN 76.8% from its peak price in 2021.

In comparison, the munKNEE American MSO Pot Stock Index, consisting of the 13 largest such stocks by market capitalization,

• was only DOWN 49.7% during the April to June period, but
• has only gone UP 13.2% since then (as of August 12th), and
• is now DOWN 51.8% YTD,
• and DOWN 77.8% from its peak price in 2021.

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