January 3, 2023 – Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) (“Planet 13” or the “Company“), a leading vertically-integrated multi-state cannabis company, shared a message from Bob Groesbeck and Larry Scheffler, Co-CEOs.
Bob Groesbeck and Larry Scheffler shared, “2022 was a difficult year for cannabis investors and as CEOs and holders of over 78 million shares of Planet 13 combined we certainly empathize with shareholders. 2022 was the worst year for the markets since 2008 and our industry was not spared. Prices were down across the board for cannabis stocks, with the biggest driver, as we saw in December, the failure of reform at the federal level.
At Planet 13 we can only control what we can control and so that is what we focus on. We’ve maintained 8-10% market share in Nevada while cutting costs to maintain margins. We are growing revenue in California. We’ve made progress on our growth initiatives in Florida and Illinois, setting the stage for us having operations in four states by the end of 2023 and we continue to have one of the strongest balance sheets and cleanest capital structures in the cannabis industry.
There is a saying, ‘Revenue is Vanity, Profit is Sanity and Cash is King.’ We have always managed our business aligned with this even when everyone else was focused on rapid growth. We encourage investors to think in this context and when comparing Planet 13 to other cannabis companies please remember the following:
As of our last quarter, September 30, 2022, we had positive operating cash flow. We had $50 million in cash. We had zero debt and are up to date on all tax payments.
We are well positioned to weather the current downturn in the cannabis markets and be one of the winners in this industry long-term.
With that we’d like to thank our shareholders and encourage anyone who would like a call with investor relations to reach out to ir@planet13lasvegas.com to set up a time.”
For more information on Planet 13, visit the investor website.
About Planet 13
Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas and in Orange County, California. Planet 13 also holds a medical marijuana treatment center license in Florida and a 49% interest in Planet 13 Illinois which holds a provisional Social-Equity Justice Involved dispensing license in the Chicago-region of Illinois. Planet 13’s mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13’s shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and on the OTCQX under the symbol PLNHF.
