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Planet 13 Holdings Reports 275% Year-Over-Year Revenue Increase

August 30, 2019 2:50 pm
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Planet 13 Holdings Reports 275% Year-Over-Year Revenue Increase

Nevada cannabis company and dispensary operator Planet 13 Holdings Inc. (CSE:PLTH) (OTC:PLNHF) reported second-quarter revenues of $16.5 million on Thursday, up by 275% year-over-year.

The company achieved positive EBITDA of $2.7 million versus adjusted EBITDA of $504,851 in the second quarter of 2018.

It also reported gross profits before biological adjustments of $9.7 million or 58.7%, higher by 333% from the second quarter of 2018, when the figure was $2.2 million, or 50.8%.

Planet 13's second-quarter net income before taxes was $1.1 million, compared to a net loss of $6.1 million in the second quarter of 2018.

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"Q2 was another great quarter for Planet 13 as SuperStore sales grew 19.4% sequentially over Q1," co-CEO Larry Scheffler said in a statement.

“We are growing sales on both an absolute basis and as a percentage of the total market. Our Phase II expansion is progressing at full speed, with the goal of opening at the end of the third quarter. Phase II, which includes a 15,000-square-foot, customer-facing production facility, a restaurant, a coffee shop, and event space, will build on Planet 13's leading position in Las Vegas by creating an experience no other dispensary can offer.”

Planet 13 shares were down 4.06% at $1.80 at the time of publication Friday. 

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