Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Planet 13 Reports Unaudited, Preliminary Fourth Quarter and Full Year 2023 Financial Results and Date for Full Earnings Release By: ACCESSWIRE February 27, 2024 at 12:10 PM EST LAS VEGAS, NV / ACCESSWIRE / February 27, 2024 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNH) ("Planet 13" or the "Company"), a leading vertically-integrated multi-state cannabis company, today announced its unaudited preliminary financial results for the fourth quarter and full year ended December 31, 2023. All financial information is provided in U.S. dollars unless otherwise indicated and is prepared under U.S. Generally Accepted Accounting Principles ("GAAP"). The Company will host a conference call on March 13, 2024, at 6:00 p.m. ET to discuss its fourth-quarter and year end financial results and provide investors with key business highlights, strategy, and outlook. The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO. CONFERENCE CALL DETAILS Date: March 13, 2024, | Time: 6:00 p.m. ETParticipant Dial-in: Toll Free: 888-506-0062 or International: 973-528-0011. Access Code: 815562Replay Dial-in: Toll Free: 877-481-4010 or International: 919-882-2331. Replay Passcode: 50013Listen to webcast: Link "Given the turbulence of the last few months, the challenging macroeconomic backdrop, and the continued cannabis price compression we are seeing, I am pleased to report a solid quarter. We generated solid revenue performance and positive Adjusted EBITDA, driven by gross margin expansion and strong cost controls. We continue to hold ~9% of Nevada's retail market share and top five brands in every category, demonstrating the strength of our Nevada operations and brand value," said Larry Scheffler, Co-CEO of Planet 13. "In spite of recent events, Planet 13 is generating positive Adjusted EBITDA and continues to have a strong balance sheet with over $17 million in cash and effectively no debt. We are well capitalized to continue executing our announced growth plan in Florida and Nevada." "Towards the end of the quarter, we opened our new Illinois location and are working towards closing our acquisition of VidaCann and opening our consumption lounge at the Las Vegas SuperStore. These exciting additions are set to drive Planet 13's next leg of growth," said Bob Groesbeck, Co-CEO of Planet 13. "We've built an attractive portfolio of operations in highly sought-after states. As we look to 2024, our goal is to prepare for the exciting potential of adult use in Florida and increase our scale, efficiency and operating leverage in core states to drive growth in operating cashflow and shareholder value." Preliminary Unaudited Financial Highlights - Q4 2023 (Figures in millions For the Three Months Ended For the Full Year Ended and % change based December 31, December 31, December 31, December 31, on these figures) 2023 2022 change 2023 2022 change Total Revenue $ 23.0 $ 24.8 -7.5 % $ 98.5 $ 104.6 -5.8 % Gross Profit $ 11.0 $ 10.7 2.8 % $ 44.8 $ 48.0 -6.6 % Gross Profit % 47.8 % 43.0 % 11.2 % 46 % 46 % -0.8 % Operating Expenses $ 18.1 $ 45.9 -60.5 % $ 94.8 $ 80.9 17.1 % Operating Expenses % 79 % 185 % 96 % 77 % 24.3 % Net Loss Before Provision for Income Taxes $ (10.3 ) $ (37.7 ) nmf $ (62.1 ) $ (50.8) 22.2 % Net Loss $ (14.3 ) $ (38.6 ) nmf $ (73.6 ) $ (59.5) 23.6 % Adjusted EBITDA $ 1.3 $ (0.6 ) nmf $ 1.9 $ (7.5) nmf Adjusted EBITDA Margin % 5.6 % -3.2 % 1.9 % (7.2) % (Figures in millions) As of December 31, 2023 Cash $ 11.9 Restricted cash $ 5.5 Total cash $ 17.4 Total Assets $ 151.7 Total debt $ 0.9 Total Liabilities (includes Debt, Accounts Payable and Accrued Expenses, Income Tax Payable and ROU Lease Liabilities) $ 44.1 Non-GAAP Financial Measures There are financial measures included in this press release that are not in accordance with GAAP and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. These non-GAAP financial measures should be considered as supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. The Company includes EBITDA and Adjusted EBITDA because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA is calculated as net income (loss) before interest, taxes, depreciation and amortization and Adjusted EBITDA is calculated as EBITDA before share-based compensation, the change in fair value of warrants and one-time non-recurring expenses. The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for each of the periods presented: Reconciliation of Non-GAAP Adjusted EBITDA (Figures in millions For the Three Months Ended For the Full Year Ended and % change based December 31, December 31, December 31, December 31, on these figures) 2023 2022 change 2023 2022 change Net Loss $ (14.3 ) $ (38.6 ) nmf $ (73.6 ) $ (59.5 ) 23.6 % Add impact of: Interest expense $ (0.1 ) $ 0.3 -143.6 % $ (0.2 ) $ (0.2 ) 3.3 % Provision for income taxes $ 4.0 $ 0.9 341.4 % $ 11.5 $ 8.8 31.8 % Depreciation and amortization $ 2.0 $ 2.4 -17.0 % $ 8.2 $ 8.3 -1.9 % Depreciation included in cost of goods sold $ 1.0 $ 1.1 -11.9 % $ 3.3 $ 1.9 71.3 % EBITDA $ (7.5 ) $ (34.0 ) nmf $ (50.8 ) $ (40.7 ) nmf Impairment of goodwill and other intangibles $ 7.2 $ 32.8 -78.1 % $ 46.8 $ 32.8 42.8 % Gain on sale-leaseback $ - $ (0.5 ) nmf $ - $ (0.5 ) nmf Change in fair value of warrants $ - $ (0.4 ) nmf $ (0.0 ) $ (7.2 ) nmf Professional fees expensed related to M&A activities $ 0.2 $ 0.2 -7.6 % $ 2.6 $ 0.7 296.8 % Professional fees expensed related to SEC Domestic Issuer Form 10 filing and U.S Domestication from British Columbia to Nevada $ - $ - 0.0 % $ 0.3 $ - 0.0 % Share-based compensation and related premiums $ 1.3 $ 1.3 1.7 % $ 3.0 $ 7.5 -60.0 % Adjusted EBITDA $ 1.3 $ (0.6 ) nmf $ 1.9 $ (7.5 ) nmf Note to Reader These preliminary, unaudited selected financial results and disclosures contained in this press release are preliminary, based on information available to management as of the date of this press release, remain subject to the completion of normal quarter and year end accounting procedures and adjustments, and are subject to change. Planet 13's independent registered public accounting firm has not completed its review and audit of the results for the quarter and year ended December 31, 2023. Planet 13 undertakes no obligation to update the information in this press release in the event facts or circumstances change after the date of this press release. Planet 13 plans to release its complete financial results for the fourth quarter and full year 2023 on March 13, 2024. A conference call to discuss the results will follow on March 13, 2024 at 6:00 pm EST. About Planet 13 Planet 13 (https://planet13.com/investors/) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations across its locations in California, Nevada, Illinois, and upcoming sites in Florida. Home to the nation's largest dispensary located just off The Strip in Las Vegas, Planet 13 recently opened its first Illinois dispensary in Waukegan, bringing unparalleled cannabis experiences to the Chicago metro area. Planet 13 holds a medical marijuana treatment center license in Florida allowing for state-wide expansion throughout the Sunshine State. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and innovative cannabis products. Licensed cannabis activity is legal in the states Planet 13 operates in but remains illegal under U.S. federal law. Planet 13's shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and are quoted on the OTCQX under the symbol PLNH. Cautionary Note Regarding Forward-Looking Information This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are often, but not always, identified by phrases such "plans", "expects", "proposed", "may", "could", "would", "intends", "anticipates", or "believes", or variations of such words and phrases. In this news release, forward-looking statements relate to the Company's fourth quarter 2023 financial performance and expectations for future financial performance. Such forward-looking statements reflect what management of the Company believes, or believed at the time, to be reasonable assumptions and accordingly readers are cautioned not to place undue reliance upon such forward-looking statements and that actual results may vary from such forward-looking statements. These assumptions, risks and uncertainties which may cause actual results to differ include, among others, those assumptions, risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K/A for the year ended December 31, 2022 and any of the Company's subsequent periodic reports filed with the U.S. Securities and Exchange Commission at www.sec.gov and on SEDAR+ at www.sedarplus.ca. Forward-looking statements contained herein are made only as to the date of this press release and we assume no obligation to update or revise any forward-looking statements should they change, except as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. For further inquiries, please contact: LodeRock Advisors Inc., Planet 13 Investor Relationsmark.kuindersma@loderockadvisors.com Robert Groesbeck or Larry SchefflerCo-Chief Executive Officersir@planet13lasvegas.com SOURCE: Planet 13 Holdings View the original press release on accesswire.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Planet 13 Reports Unaudited, Preliminary Fourth Quarter and Full Year 2023 Financial Results and Date for Full Earnings Release By: ACCESSWIRE February 27, 2024 at 12:10 PM EST LAS VEGAS, NV / ACCESSWIRE / February 27, 2024 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNH) ("Planet 13" or the "Company"), a leading vertically-integrated multi-state cannabis company, today announced its unaudited preliminary financial results for the fourth quarter and full year ended December 31, 2023. All financial information is provided in U.S. dollars unless otherwise indicated and is prepared under U.S. Generally Accepted Accounting Principles ("GAAP"). The Company will host a conference call on March 13, 2024, at 6:00 p.m. ET to discuss its fourth-quarter and year end financial results and provide investors with key business highlights, strategy, and outlook. The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO. CONFERENCE CALL DETAILS Date: March 13, 2024, | Time: 6:00 p.m. ETParticipant Dial-in: Toll Free: 888-506-0062 or International: 973-528-0011. Access Code: 815562Replay Dial-in: Toll Free: 877-481-4010 or International: 919-882-2331. Replay Passcode: 50013Listen to webcast: Link "Given the turbulence of the last few months, the challenging macroeconomic backdrop, and the continued cannabis price compression we are seeing, I am pleased to report a solid quarter. We generated solid revenue performance and positive Adjusted EBITDA, driven by gross margin expansion and strong cost controls. We continue to hold ~9% of Nevada's retail market share and top five brands in every category, demonstrating the strength of our Nevada operations and brand value," said Larry Scheffler, Co-CEO of Planet 13. "In spite of recent events, Planet 13 is generating positive Adjusted EBITDA and continues to have a strong balance sheet with over $17 million in cash and effectively no debt. We are well capitalized to continue executing our announced growth plan in Florida and Nevada." "Towards the end of the quarter, we opened our new Illinois location and are working towards closing our acquisition of VidaCann and opening our consumption lounge at the Las Vegas SuperStore. These exciting additions are set to drive Planet 13's next leg of growth," said Bob Groesbeck, Co-CEO of Planet 13. "We've built an attractive portfolio of operations in highly sought-after states. As we look to 2024, our goal is to prepare for the exciting potential of adult use in Florida and increase our scale, efficiency and operating leverage in core states to drive growth in operating cashflow and shareholder value." Preliminary Unaudited Financial Highlights - Q4 2023 (Figures in millions For the Three Months Ended For the Full Year Ended and % change based December 31, December 31, December 31, December 31, on these figures) 2023 2022 change 2023 2022 change Total Revenue $ 23.0 $ 24.8 -7.5 % $ 98.5 $ 104.6 -5.8 % Gross Profit $ 11.0 $ 10.7 2.8 % $ 44.8 $ 48.0 -6.6 % Gross Profit % 47.8 % 43.0 % 11.2 % 46 % 46 % -0.8 % Operating Expenses $ 18.1 $ 45.9 -60.5 % $ 94.8 $ 80.9 17.1 % Operating Expenses % 79 % 185 % 96 % 77 % 24.3 % Net Loss Before Provision for Income Taxes $ (10.3 ) $ (37.7 ) nmf $ (62.1 ) $ (50.8) 22.2 % Net Loss $ (14.3 ) $ (38.6 ) nmf $ (73.6 ) $ (59.5) 23.6 % Adjusted EBITDA $ 1.3 $ (0.6 ) nmf $ 1.9 $ (7.5) nmf Adjusted EBITDA Margin % 5.6 % -3.2 % 1.9 % (7.2) % (Figures in millions) As of December 31, 2023 Cash $ 11.9 Restricted cash $ 5.5 Total cash $ 17.4 Total Assets $ 151.7 Total debt $ 0.9 Total Liabilities (includes Debt, Accounts Payable and Accrued Expenses, Income Tax Payable and ROU Lease Liabilities) $ 44.1 Non-GAAP Financial Measures There are financial measures included in this press release that are not in accordance with GAAP and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. These non-GAAP financial measures should be considered as supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. The Company includes EBITDA and Adjusted EBITDA because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA is calculated as net income (loss) before interest, taxes, depreciation and amortization and Adjusted EBITDA is calculated as EBITDA before share-based compensation, the change in fair value of warrants and one-time non-recurring expenses. The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for each of the periods presented: Reconciliation of Non-GAAP Adjusted EBITDA (Figures in millions For the Three Months Ended For the Full Year Ended and % change based December 31, December 31, December 31, December 31, on these figures) 2023 2022 change 2023 2022 change Net Loss $ (14.3 ) $ (38.6 ) nmf $ (73.6 ) $ (59.5 ) 23.6 % Add impact of: Interest expense $ (0.1 ) $ 0.3 -143.6 % $ (0.2 ) $ (0.2 ) 3.3 % Provision for income taxes $ 4.0 $ 0.9 341.4 % $ 11.5 $ 8.8 31.8 % Depreciation and amortization $ 2.0 $ 2.4 -17.0 % $ 8.2 $ 8.3 -1.9 % Depreciation included in cost of goods sold $ 1.0 $ 1.1 -11.9 % $ 3.3 $ 1.9 71.3 % EBITDA $ (7.5 ) $ (34.0 ) nmf $ (50.8 ) $ (40.7 ) nmf Impairment of goodwill and other intangibles $ 7.2 $ 32.8 -78.1 % $ 46.8 $ 32.8 42.8 % Gain on sale-leaseback $ - $ (0.5 ) nmf $ - $ (0.5 ) nmf Change in fair value of warrants $ - $ (0.4 ) nmf $ (0.0 ) $ (7.2 ) nmf Professional fees expensed related to M&A activities $ 0.2 $ 0.2 -7.6 % $ 2.6 $ 0.7 296.8 % Professional fees expensed related to SEC Domestic Issuer Form 10 filing and U.S Domestication from British Columbia to Nevada $ - $ - 0.0 % $ 0.3 $ - 0.0 % Share-based compensation and related premiums $ 1.3 $ 1.3 1.7 % $ 3.0 $ 7.5 -60.0 % Adjusted EBITDA $ 1.3 $ (0.6 ) nmf $ 1.9 $ (7.5 ) nmf Note to Reader These preliminary, unaudited selected financial results and disclosures contained in this press release are preliminary, based on information available to management as of the date of this press release, remain subject to the completion of normal quarter and year end accounting procedures and adjustments, and are subject to change. Planet 13's independent registered public accounting firm has not completed its review and audit of the results for the quarter and year ended December 31, 2023. Planet 13 undertakes no obligation to update the information in this press release in the event facts or circumstances change after the date of this press release. Planet 13 plans to release its complete financial results for the fourth quarter and full year 2023 on March 13, 2024. A conference call to discuss the results will follow on March 13, 2024 at 6:00 pm EST. About Planet 13 Planet 13 (https://planet13.com/investors/) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations across its locations in California, Nevada, Illinois, and upcoming sites in Florida. Home to the nation's largest dispensary located just off The Strip in Las Vegas, Planet 13 recently opened its first Illinois dispensary in Waukegan, bringing unparalleled cannabis experiences to the Chicago metro area. Planet 13 holds a medical marijuana treatment center license in Florida allowing for state-wide expansion throughout the Sunshine State. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and innovative cannabis products. Licensed cannabis activity is legal in the states Planet 13 operates in but remains illegal under U.S. federal law. Planet 13's shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and are quoted on the OTCQX under the symbol PLNH. Cautionary Note Regarding Forward-Looking Information This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are often, but not always, identified by phrases such "plans", "expects", "proposed", "may", "could", "would", "intends", "anticipates", or "believes", or variations of such words and phrases. In this news release, forward-looking statements relate to the Company's fourth quarter 2023 financial performance and expectations for future financial performance. Such forward-looking statements reflect what management of the Company believes, or believed at the time, to be reasonable assumptions and accordingly readers are cautioned not to place undue reliance upon such forward-looking statements and that actual results may vary from such forward-looking statements. These assumptions, risks and uncertainties which may cause actual results to differ include, among others, those assumptions, risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K/A for the year ended December 31, 2022 and any of the Company's subsequent periodic reports filed with the U.S. Securities and Exchange Commission at www.sec.gov and on SEDAR+ at www.sedarplus.ca. Forward-looking statements contained herein are made only as to the date of this press release and we assume no obligation to update or revise any forward-looking statements should they change, except as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. For further inquiries, please contact: LodeRock Advisors Inc., Planet 13 Investor Relationsmark.kuindersma@loderockadvisors.com Robert Groesbeck or Larry SchefflerCo-Chief Executive Officersir@planet13lasvegas.com SOURCE: Planet 13 Holdings View the original press release on accesswire.com
LAS VEGAS, NV / ACCESSWIRE / February 27, 2024 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNH) ("Planet 13" or the "Company"), a leading vertically-integrated multi-state cannabis company, today announced its unaudited preliminary financial results for the fourth quarter and full year ended December 31, 2023. All financial information is provided in U.S. dollars unless otherwise indicated and is prepared under U.S. Generally Accepted Accounting Principles ("GAAP"). The Company will host a conference call on March 13, 2024, at 6:00 p.m. ET to discuss its fourth-quarter and year end financial results and provide investors with key business highlights, strategy, and outlook. The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO. CONFERENCE CALL DETAILS Date: March 13, 2024, | Time: 6:00 p.m. ETParticipant Dial-in: Toll Free: 888-506-0062 or International: 973-528-0011. Access Code: 815562Replay Dial-in: Toll Free: 877-481-4010 or International: 919-882-2331. Replay Passcode: 50013Listen to webcast: Link "Given the turbulence of the last few months, the challenging macroeconomic backdrop, and the continued cannabis price compression we are seeing, I am pleased to report a solid quarter. We generated solid revenue performance and positive Adjusted EBITDA, driven by gross margin expansion and strong cost controls. We continue to hold ~9% of Nevada's retail market share and top five brands in every category, demonstrating the strength of our Nevada operations and brand value," said Larry Scheffler, Co-CEO of Planet 13. "In spite of recent events, Planet 13 is generating positive Adjusted EBITDA and continues to have a strong balance sheet with over $17 million in cash and effectively no debt. We are well capitalized to continue executing our announced growth plan in Florida and Nevada." "Towards the end of the quarter, we opened our new Illinois location and are working towards closing our acquisition of VidaCann and opening our consumption lounge at the Las Vegas SuperStore. These exciting additions are set to drive Planet 13's next leg of growth," said Bob Groesbeck, Co-CEO of Planet 13. "We've built an attractive portfolio of operations in highly sought-after states. As we look to 2024, our goal is to prepare for the exciting potential of adult use in Florida and increase our scale, efficiency and operating leverage in core states to drive growth in operating cashflow and shareholder value." Preliminary Unaudited Financial Highlights - Q4 2023 (Figures in millions For the Three Months Ended For the Full Year Ended and % change based December 31, December 31, December 31, December 31, on these figures) 2023 2022 change 2023 2022 change Total Revenue $ 23.0 $ 24.8 -7.5 % $ 98.5 $ 104.6 -5.8 % Gross Profit $ 11.0 $ 10.7 2.8 % $ 44.8 $ 48.0 -6.6 % Gross Profit % 47.8 % 43.0 % 11.2 % 46 % 46 % -0.8 % Operating Expenses $ 18.1 $ 45.9 -60.5 % $ 94.8 $ 80.9 17.1 % Operating Expenses % 79 % 185 % 96 % 77 % 24.3 % Net Loss Before Provision for Income Taxes $ (10.3 ) $ (37.7 ) nmf $ (62.1 ) $ (50.8) 22.2 % Net Loss $ (14.3 ) $ (38.6 ) nmf $ (73.6 ) $ (59.5) 23.6 % Adjusted EBITDA $ 1.3 $ (0.6 ) nmf $ 1.9 $ (7.5) nmf Adjusted EBITDA Margin % 5.6 % -3.2 % 1.9 % (7.2) % (Figures in millions) As of December 31, 2023 Cash $ 11.9 Restricted cash $ 5.5 Total cash $ 17.4 Total Assets $ 151.7 Total debt $ 0.9 Total Liabilities (includes Debt, Accounts Payable and Accrued Expenses, Income Tax Payable and ROU Lease Liabilities) $ 44.1 Non-GAAP Financial Measures There are financial measures included in this press release that are not in accordance with GAAP and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. These non-GAAP financial measures should be considered as supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. The Company includes EBITDA and Adjusted EBITDA because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA is calculated as net income (loss) before interest, taxes, depreciation and amortization and Adjusted EBITDA is calculated as EBITDA before share-based compensation, the change in fair value of warrants and one-time non-recurring expenses. The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for each of the periods presented: Reconciliation of Non-GAAP Adjusted EBITDA (Figures in millions For the Three Months Ended For the Full Year Ended and % change based December 31, December 31, December 31, December 31, on these figures) 2023 2022 change 2023 2022 change Net Loss $ (14.3 ) $ (38.6 ) nmf $ (73.6 ) $ (59.5 ) 23.6 % Add impact of: Interest expense $ (0.1 ) $ 0.3 -143.6 % $ (0.2 ) $ (0.2 ) 3.3 % Provision for income taxes $ 4.0 $ 0.9 341.4 % $ 11.5 $ 8.8 31.8 % Depreciation and amortization $ 2.0 $ 2.4 -17.0 % $ 8.2 $ 8.3 -1.9 % Depreciation included in cost of goods sold $ 1.0 $ 1.1 -11.9 % $ 3.3 $ 1.9 71.3 % EBITDA $ (7.5 ) $ (34.0 ) nmf $ (50.8 ) $ (40.7 ) nmf Impairment of goodwill and other intangibles $ 7.2 $ 32.8 -78.1 % $ 46.8 $ 32.8 42.8 % Gain on sale-leaseback $ - $ (0.5 ) nmf $ - $ (0.5 ) nmf Change in fair value of warrants $ - $ (0.4 ) nmf $ (0.0 ) $ (7.2 ) nmf Professional fees expensed related to M&A activities $ 0.2 $ 0.2 -7.6 % $ 2.6 $ 0.7 296.8 % Professional fees expensed related to SEC Domestic Issuer Form 10 filing and U.S Domestication from British Columbia to Nevada $ - $ - 0.0 % $ 0.3 $ - 0.0 % Share-based compensation and related premiums $ 1.3 $ 1.3 1.7 % $ 3.0 $ 7.5 -60.0 % Adjusted EBITDA $ 1.3 $ (0.6 ) nmf $ 1.9 $ (7.5 ) nmf Note to Reader These preliminary, unaudited selected financial results and disclosures contained in this press release are preliminary, based on information available to management as of the date of this press release, remain subject to the completion of normal quarter and year end accounting procedures and adjustments, and are subject to change. Planet 13's independent registered public accounting firm has not completed its review and audit of the results for the quarter and year ended December 31, 2023. Planet 13 undertakes no obligation to update the information in this press release in the event facts or circumstances change after the date of this press release. Planet 13 plans to release its complete financial results for the fourth quarter and full year 2023 on March 13, 2024. A conference call to discuss the results will follow on March 13, 2024 at 6:00 pm EST. About Planet 13 Planet 13 (https://planet13.com/investors/) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations across its locations in California, Nevada, Illinois, and upcoming sites in Florida. Home to the nation's largest dispensary located just off The Strip in Las Vegas, Planet 13 recently opened its first Illinois dispensary in Waukegan, bringing unparalleled cannabis experiences to the Chicago metro area. Planet 13 holds a medical marijuana treatment center license in Florida allowing for state-wide expansion throughout the Sunshine State. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and innovative cannabis products. Licensed cannabis activity is legal in the states Planet 13 operates in but remains illegal under U.S. federal law. Planet 13's shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and are quoted on the OTCQX under the symbol PLNH. Cautionary Note Regarding Forward-Looking Information This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are often, but not always, identified by phrases such "plans", "expects", "proposed", "may", "could", "would", "intends", "anticipates", or "believes", or variations of such words and phrases. In this news release, forward-looking statements relate to the Company's fourth quarter 2023 financial performance and expectations for future financial performance. Such forward-looking statements reflect what management of the Company believes, or believed at the time, to be reasonable assumptions and accordingly readers are cautioned not to place undue reliance upon such forward-looking statements and that actual results may vary from such forward-looking statements. These assumptions, risks and uncertainties which may cause actual results to differ include, among others, those assumptions, risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K/A for the year ended December 31, 2022 and any of the Company's subsequent periodic reports filed with the U.S. Securities and Exchange Commission at www.sec.gov and on SEDAR+ at www.sedarplus.ca. Forward-looking statements contained herein are made only as to the date of this press release and we assume no obligation to update or revise any forward-looking statements should they change, except as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. For further inquiries, please contact: LodeRock Advisors Inc., Planet 13 Investor Relationsmark.kuindersma@loderockadvisors.com Robert Groesbeck or Larry SchefflerCo-Chief Executive Officersir@planet13lasvegas.com SOURCE: Planet 13 Holdings View the original press release on accesswire.com