Business
Correction of Press Release Titled "Planet 13 Announces Q1 2023 Financial Results"
LAS VEGAS, NV / ACCESSWIRE / May 15, 2023 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) (" P...
About this update from Planet 13 Holdings Inc
[{"type":"text","content":"Correction of Press Release Titled \"Planet 13 Announces Q1 2023 Financial Results\"LAS VEGAS, NV / ACCESSWIRE / May 15, 2023 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) (\"Planet 13\" or the \"Company\"), a leading vertically-integrated multi-state cannabis company, issued the following corrected press release dated May 15, 2023, announcing the Company's Q1 2023 Financial Results.The corrections are being made to correct typographical errors where the word \"loss\" was inserted in two bullets stating, \"Adjusted EBITDA loss of $0.68 million\". As corrected, those bullets now state, in relevant part, \"Adjusted EBITDA of $0.68 million\", clarifying that the Company did not incur an Adjusted EBITDA loss in Q1 2023.The complete news release, as corrected, is below:Planet 13 Announces Q1 2023 Financial ResultsQ1 2023 Revenue of $24.9 million, compared to $24.8 million in Q4 2022Q1 2023 Net loss of $6.3 millionQ1 2023 Adjusted EBITDA of $0.68 millionAll figures are reported in United States dollars ($) unless otherwise indicatedLAS VEGAS, NV / ACCESSWIRE / May 15, 2023 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQB:PLNHF) (\"Planet 13\" or the \"Company\"), a leading vertically-integrated multi-state cannabis company, today announced its financial results for the three-month ended March 31, 2023. Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (\"GAAP\").\"Planet 13 started the year with consistent results notwithstanding overall economic conditions. In Q1 we saw a stabilization in cannabis prices resulting in an improvement in our retail revenue from the SuperStore. In Nevada, we maintained our share of sales above 8%, consistent with our long-term goals. We also saw strong sequential growth in wholesale as we continued to add more accounts and increase sales and productivity with our existing buyers. In California, growth in our wholesale business offset some of the seasonal decline in retail sales,\" said Larry Scheffler, Co-CEO of Planet 13.\"In 2023, our corporate strategy has three key goals: strengthen our core business, increase scale, and improve cashflow and preserve capital,\" commented Bob Groesbeck, Co-CEO of Planet 13. \"We are leveraging our strong core business, taking strategic steps to reduce costs across our organization, and aggressively pursuing ac...