$PLNH Planet 13 Holdings Inc | Understand Stock

What Do They Do?

Cultivates and sells cannabis and cannabis-infused products to retail customers through its dispensaries, and supplies cannabis products to other dispensaries.

How Do They Make Money?

Retail customers buy cannabis at company-owned dispensaries, while other dispensaries buy wholesale products; retail purchases happen at the point of sale and wholesale sales on delivery and acceptance, with payment due within one year.

revenue

Segment	Share	Revenue	How money arrives
Retail Sold outright	90%		Sold outright
Wholesale Sold outright	10%		Sold outright

Who Are Their Customers?

Retail customers buy from the company’s own dispensaries; other dispensaries buy its wholesale cannabis products.

Do Revenues Turn Into Profits?

No. It lost $63.9M in FY2025.

Operating income, FY2025

−17% of revenue

▲ +1885% (Loss) vs FY2024 (−$867.2K, −1%)

Net income, FY2025

−62% of revenue

▲ +34% (Loss) vs FY2024 (−$47.8M, −41%)

Free cash flow, FY2025

−20% of revenue

▲ +204% (Loss) vs FY2024 (−$6.8M, −6%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −15%; vs $26.9M in Q2 FY2025
Net income: ▼ −58% (Loss); vs −$13.3M in Q2 FY2025

Retail share of revenue vs 90.1% in Q2 FY2025

Jul 31, 2026 Vireo agreed to acquire Planet 13 Planet 13 would become a wholly owned Vireo subsidiary; each eligible Planet 13 share would convert into the right to receive 0.015383618 Vireo share.

Revenue over time

Retail Wholesale

$200M$100M$0

FY2023 FY2024 FY2025