Florida’s Marijuana Market Could Drive 139% Revenue Spike For Planet 13, Fourfold Market Cap Growth
Planet 13 Holdings (OTC: PLNH) has completed its acquisition of VidaCann, reporting $12.5 million in sales for the first quarter of 2024, a 56% increase compared to the previous period.
Pablo Zuanic of Zuanic & Associates notes, “We continue to be blown away by the performance of the VidaCann team,” emphasizing the growth and efficiency improvements in both cultivation and retail operations. By introducing Planet 13’s brands and new product formats, further revenue growth is anticipated.
VidaCann’s Performance
VidaCann operates 26 stores, accounting for 4% of Florida’s 625 cannabis shops. Despite a stable store count, sales per store have grown significantly. According to the report, flower volumes increased 157% year-over-year, while extracts rose 37% year-over-year.
“Flower volume per store reached 1.63K ounces in Q1 2024, up from 0.64K ounces in Q1 2023, nearing the state average of 2.25K ounces. Similarly, extracts per store were at 3.12 million mg in Q1 2024, compared to 22.28 million mg in Q1 2023 and the state average of 6.91 million mg.,” reads the report.
EBITDA margins for VidaCann were 22%, a significant improvement from the 2% seen in 2023. The company …