Planet 13 Holdings Inc (OTCQX: PLNH; CSE: PLTH) is a cannabis retail and production company that operates dispensaries and cultivation facilities across Nevada, California, Illinois, and Florida. Revenue comes from transactional sales of cannabis and cannabis-infused products directly to medical and adult-use consumers at retail dispensaries, plus wholesale distribution of manufactured products to other dispensaries in Nevada. The company's flagship location is the Planet 13 Las Vegas Superstore, a 24,000 square foot licensed dispensary inside an entertainment complex near the Las Vegas Strip, which sells both medical (Medizin) and adult-use (Planet 13) product lines. In Florida, the company operates 33 medical dispensaries encompassing over 80,000 square feet of retail space, acquired through the VidaCann transaction in 2024. The company also operates one dispensary in Santa Ana, California (approximately 25,600 square feet) and one in Waukegan, Illinois. Planet 13 has a recent history of operating losses, reported negative operating cash flow of $14.2 million for the year ended December 31, 2025, and carries ongoing capital needs tied to Florida expansion.

Revenue model

Transactional retail sales of cannabis flower, concentrates, edibles, and infused beverages to medical patients and adult-use consumers at company-operated dispensaries. Secondary revenue from wholesale distribution of Planet 13-manufactured products, including TRENDI, Leaf & Vine, Dreamland Chocolates, HaHa gummies, and infused beverages, to third-party dispensaries in Nevada.

Products and services

Cannabis flower, concentrates (including butane hash oil extracts), edibles (infused chocolates, infused gummies), infused beverages, and non-cannabis retail merchandise sold under brand names Planet 13, Medizin, TRENDI, Leaf & Vine, Dreamland Chocolates, and HaHa. The Las Vegas complex also includes DAZED! Consumption Lounge and an event space.

Customers and end markets

Medical cannabis patients and adult-use cannabis consumers in Nevada, California, Illinois, and Florida. Wholesale customers are third-party licensed dispensaries in Nevada.

Value-chain role

Vertically integrated cannabis operator: in-house cultivation at three licensed production facilities in Nevada (including an 18,500 square foot customer-facing facility inside the Las Vegas Superstore and a 45,000 square foot cultivation facility in Las Vegas), manufacturing of concentrates and edibles, distribution under a Nevada distribution license, and direct retail sale through company-owned dispensaries.

Geographic exposure

United States only, across four states: Nevada (Las Vegas Superstore, Medizin dispensary, production and cultivation facilities), Florida (33 medical dispensaries, over 80,000 square feet of retail space as of the 10-K filed 2026-03-25), California (one dispensary in Santa Ana, approximately 25,600 square feet), and Illinois (one dispensary in Waukegan). Corporate funding may occur in Canadian dollars, creating USD/CAD currency exposure.

Source: SEC 10-K, filed 2026-03-25

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