Planet 13 Announces Third Quarter 2019 Financial Results Q3 Revenue of $16.7 million, $47.1 million for the nine months ended September 30, 2019 SuperStore accounted for 9.1% of all Nevada cannabis dispensary revenue in Q3 20191 Q3 EBITDA of $3.4 million, 24% sequential growth over Q2 2019 Well capitalized with $18.1 million in cash to complete all growth initiatives
All figures are reported in United States dollars ($) unless otherwise indicated
LAS VEGAS, Nov. 25, 2019 /CNW/ – Planet 13 Holdings Inc. (CSE: PLTH) (OTCQB: PLNHF) (“Planet 13” or the “Company”), a leading vertically-integrated Nevada cannabis company, today announced financial results for the three-month period ended September 30, 2019. Planet 13’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).
Cannabis Entertainment Complex (the “SuperStore”) monthly performance for first 12 months of operations.
Larry Scheffler, Co-CEO of Planet 13 commented, “The SuperStore celebrated its one-year anniversary at the start of this month and 12 months on, even with this location generating $59.5 million in revenue² and accounting for 9% of the State’s cannabis sales³, we are just at the beginning of the growth potential for this site and for Planet 13. With Phase II and wholesale operations just getting underway, we expect to continue generating profitable growth as we expand the sales of our well-regarded in-house, in-store produced brands both on-site and in 3rd party dispensaries state-wide commencing in the New Year.”
In Q3, the highly profitable four-wall economics at the SuperStore drove our third consecutive quarter of positive EBITDA and positive operating cash flow. In addition to having recently opened Phase II in Las Vegas, we have been moving forward with our license acquisition in Santa Ana.
Bob Groesbeck, Co-CEO
Backed by a tier-one location close to tourist traffic and Planet