Planet 13 Highlights the Growth of Planet 13 Florida (VidaCann) Through Q1 Preliminary Financials

LAS VEGAS, May 21, 2024 (GLOBE NEWSWIRE) -- Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) (“Planet 13” or the “Company”), a leading vertically-integrated multi-state cannabis company, today announced selected preliminary, unaudited financial results for VidaCann, LLC (“VidaCann”) for the first quarter ended March 31, 2024. The Company completed its acquisition of VidaCann on May 10, 2024. The results demonstrate the significant improvements driven by the VidaCann team over the last year. All financial information is provided in U.S. dollars unless otherwise indicated and is prepared under U.S. generally accepted accounting principles (“GAAP”).

“We continue to be blown away by the performance of the VidaCann team. The improvement they have been able to drive year over year on the cultivation and retail side has been tremendous,” said Bob Groesbeck, Co-CEO of Planet 13. “We are excited to continue building on this success by opening additional dispensaries this year to serve more patients across Florida. We also see lots of room for rounding out their product offering for patients by introducing our brands and new product formats.”

“Even before any cost or revenue synergies we are able to recognize VidaCann’s profitability margin is accretive to Planet 13,” said Larry Scheffler, Co-CEO of Planet 13. “We are executing on our multi-year growth plan to achieve greater scale, diversify into markets with growth tailwinds, and improve profitability and cashflow.”

Preliminary Unaudited Financial Highlights – Q1 2024 and Full Year 2023

		For the Three Months Ended		For the Full Year Ended
		March 31,		December 31,
(Figures in millions)		2024		2023
Total Revenue		$12.51		$34.26
Gross Profit		$5.58		$12.57
Gross Profit %		45%		37%
Operating Expenses		$2.98		$13.31
Operating Expenses %		24%		39%
Net Income Before Provision for Income Taxes		$2.48		$1.50
Net Loss		$2.48		$1.50
Adjusted EBITDA		$2.75		$0.55
Adjusted EBITDA Margin %		22.0%		1.6%

Note to Reader: