How Cannabis Company Planet 13 Stays Green Amid $23M Revenue And Red Ink, Q4 2023 Financial Results
Las Vegas-based cannabis giant, Planet 13 Holdings Inc. (CSE: PLTH) (OTC: PLNH), revealed its financial performance for the fourth quarter of 2023 on Wednesday afternoon.
Despite a net loss of $14.3 million, which included a $7.2 million non-cash impairment loss, the company reported a commendable revenue of $23.0 million and adjusted EBITDA of $1.3 million.
Larry Scheffler, co-CEO of Planet 13 attributed the strong performance to the expansion of gross margins and effective cost management strategies. Notably, the company accounted for approximately 9% of Nevada’s retail market share, underscoring its operational resilience and brand strength in the region.
Bob Groesbeck, co-CEO, highlighted strategic actions taken to fortify the company’s balance sheet, including the acquisition of VidaCann, positioning Planet 13 for growth opportunities, particularly with the potential legalization of adult-use cannabis in Florida.
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