Planet 13 (CSE:PLTH) (OTCQX:PLNHF), a vertically integrated cannabis company with award-winning cultivation, production and dispensary operations in Las Vegas and California announced its fourth quarter and full-year 2021 financial results late on Monday.
Fourth Quarter Financial Results
- Revenue of $29.9 million, up 48% compared to the same quarter in 2020.
- Adjusted EBITDA of $1.9 million.
- Gross profit was $16.2 million or 54.3% as compared to $8.6 million or 42.7%
- Net loss before taxes of $1.3 million as compared to a net loss of $18.7 million
Full Year 2021 Financial Results
- Full-year 2021 revenue of $119.5 million, up 70% compared to 2020.
- Net loss of $19.5 million, compared to a net loss of $25.0 million in 2020.
- Adjusted EBITDA was $16.9 million.
"During a quarter that is seasonally slower and marked by significantly less tourist traffic, Planet 13 was able to maintain a market share above 10% in the Las Vegas cannabis market. In addition to the competitive performance demonstrated by our SuperStore and neighborhood store, our brands grew 21% in a market that was down 5% in Q4," said Larry Scheffler, co-CEO of Planet 13. "Similarly, while the California market was down sequentially in Q4, our Orange County store grew 7.2% in the quarter on the back of increased brand awareness."
Bob Groesbeck, co-CEO of Planet 13 added, "Over the last couple of months, the Planet 13 team has been working hard to operationalize all of the exciting new assets we've acquired over the past year. We are making strong progress on our Florida roadmap working in dual tracks to bring cultivation and retail online. In California, we closed the acquisition of Next Green Wave in March allowing us to become vertically integrated in the state and bring our award-winning brands to Planet 13's California fans."
Balance Sheet
- Cash of $61.6 million as compared to $79 million.
- Total assets of $216.8 million as compared to $150 million.
- Total liabilities of $43.1 million as compared to $43.1 million
Q4 Highlights and Recent Developments
- On December 15, 2021, Planet 13 announced that CANN launched a shop-in-shop in its Planet 13 Las Vegas dispensary.
- On February 11, 2022, Planet 13's registration statement on Form 10 filed with the U.S. Securities and Exchange Commission became effective and Planet 13 became a U.S. reporting company on such date.
- In March 2022, Planet 13 announced the closing of its acquisition of NGW and the initiation of its Florida dispensary roadmap with a lease for its first dispensary in Jacksonville.
Image courtesy of Planet 13.
