Feb. 12, 2026 — Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) (“Planet 13” or the “Company”), a leading vertically-integrated multi-state cannabis company, today announced the successful completion of the previously disclosed divestiture of its Orange County, California retail and distribution licenses. The Company has also closed on the sale of the property associated with its cultivation facility in Coalinga, California, and is advancing the transfer of the cultivation license to the buyer. This marks the substantial completion of the Company’s planned exit from the California market.
These actions represent significant progress against Planet 13’s previously communicated strategic priority to exit California during the 2025–2026 period and reallocate capital and management focus toward its largest and highest-return markets, particularly Nevada and Florida. With retail and distribution operations now closed and the cultivation license transfer process underway, the Company has meaningfully simplified its operating footprint and further strengthened its balance sheet and liquidity profile.
“This milestone reflects our disciplined execution against a clear strategic objective,” said Bob Groesbeck, Co-CEO of Planet 13. “Exiting California was a deliberate priority for 2025–2026, and we have now successfully completed the closure of our retail and distribution operations while advancing the final steps related to cultivation. This disciplined approach underscores our commitment to operational focus, capital allocation rigor, and accountability to shareholders as we move through 2026.”
California operations historically represented a small portion of the Company’s consolidated revenue and were cash-flow negative. The Company expects the substantial completed exit to reduce operating complexity and overhead while allowing management to concentrate resources on expansion and operational excellence in its core markets.
About Planet 13
Planet 13 (https://planet13.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations across its locations in Nevada, Illinois, and Florida. Home to the nation’s largest dispensary, located just off The Strip in Las Vegas, Planet 13 continues to expand its footprint with the recent debut of its first consumption lounge in Las Vegas, DAZED!, the opening of its first Illinois dispensary in Waukegan, bringing unparalleled cannabis experiences to the Chicago metro area. Planet 13 operates dispensaries across Florida, a key market in its expansive footprint. Planet 13’s mission is to build a recognizable global brand known for world-class dispensary operations and innovative cannabis products. Licensed cannabis activity is legal in the states Planet 13 operates in but remains illegal under U.S. federal law. Planet 13’s shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and are quoted on the OTCQX under the symbol PLNH. To learn more, visit planet13.com and follow Planet 13 on X @ShopPlanet13 and on Instagram @planet13official_.
