Planet 13 Holdings Inc. (CSE: PLTH) (OTCQB: PLNHF) announced its financial results for the three-month period ended September 30, 2021 today, as follows: 

Q3 Financial Highlights

(All financial information is provided in U.S. dollars unless otherwise indicated and in comparison to the previous quarter.)

• Total Revenue: increased .6% to $33.0M
• Gross Profit: decreased 3.8% to $17.6M
• Gross Profit as a % of Total Revenue: decreased to 53.5% from 55.8%
• Net Profit (Loss): increased 131.8% to $(10.2)M
• Adjusted EBITDA: declined 50.0% to $3.6M
• Adj. EBITDA as % of Tot. Revenue: declined to 10.8% from 22.0% 
• Cash/Cash Equiv./Securities on Hand: declined 45.9% to $73.7M

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Q3 Operational Highlights

• opened the Orange County SuperStore,
• announced Moxie as the third store-in-store in Orange County SuperStore,
• announced that its 49% owned subsidiary Planet 13 Illinois won a Chicago dispensary license,
• announced a definitive agreement to acquire a Florida cannabis license,
• announced the doubling of the dispensary floor space at the Las Vegas SuperStore.

Management Commentary

Larry Scheffler, Co-CEO of Planet 13 commented as follows:

• "Along with our dispensary operations, our product brands are performing well. Trendi vapes now make up about ~5% of Vape sales and 7% of Concentrate sales while HaHa edibles was ~14% of edibles sales in the State.”

Bob Groesbeck, Co-CEO of Planet 13, commented further, saying:

• "We opened our California store, and while initial sales growth has been slower due to headwinds from COVID and untimely road construction around the SuperStore, customer reviews have been outstanding. We expect growth as those headwinds abate.
• We also won a dispensary license for the Chicago area giving us a clear path for our next SuperStore, and acquired a Florida license that will allow us to vertically integrate and open multiple neighborhoods and SuperStores in the state.”

Stock Performance

The company's stock price has declined by -12.1% since Q3 ended and is now -24.9% YTD.