Planet 13 Holdings Inc (CSE:PLTH) (OTCQB:PLNHF) announced its fourth quarter and full-year financial results on Tuesday, revealing rising revenue and a significant chunk of cash on hand for the Las Vegas cannabis company.
For the three and 12-month periods ended December 31, revenue was $20.1 million and 70.5 million, representing year-over-year increases of more than 21 and 10%, respectively. Cash on hand ballooned over the same period to $79 million from $12.8 million, and total assets grew to $150 million from $62.9 million.
Net loss was $2.9 million for the quarter and $7.9 million for the year, compared to $2.6 million and $6.7 million, respectively.
Despite the challenges of the coronavirus (COVID-19) pandemic, Planet 13 managed to hold onto its slice of the Nevada cannabis pie.
“Looking back on 2020, we weathered the perfect storm of COVID-19 and the resulting 55% decrease in tourism and still increased revenue year-over-year, generating over $70 million while maintaining our share of the Nevada market,” Co-CEO Larry Scheffler said in a statement.
During the quarter, Planet 13 announced the addition of non-cannabis retail space to Las Vegas SuperStore and announced an expansion of the dispensary floor. The company also announced the opening of the Medizin dispensary.
These developments, paired with a C$69 million bought deal financing in the first quarter of 2021 and record monthly revenue in March, have Scheffer and fellow Co-CEO Bob Groesbeck excited about the future.
“Based on our performance in March 2021, it is clear that Las Vegas is back,” co-CEO Larry Scheffler said. “We dwarfed our single-month record with $9.7 million in revenue in March, and we believe that as more people get vaccinated and Las Vegas continues to open, revenue will continue to increase.”