Planet 13 Holdings Inc (CSE:PLTH, OTCQX:PLNHF). said it is looking forward to “a good year” in 2024 as it reported results for the second quarter to June 30, 2023.
The cannabis company hailed a “good” first half, with the second quarter seeing increased market share in Nevada and a steady performance in California.
Planet 13 also revealed progress on moves to open a consumption lounge and said its new dispensary in Illinois is close to completion.
Revenue in the second quarter came in at $25.8 million, up from $24.9 million in the first quarter, but lower than the $28.4 million reported for the same period last year. The year-on-year decline was due to a fall in the average price of cannabis in Nevada, partially offset by a rise in wholesale revenue in the state.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totalled $3.0 million, up from $2.9 million in the year-ago quarter, chiefly attributable to a 1.6% drop in costs.
Net losses widened to $4.3 million year-on-year from $2.0 million.
Bob Groesbeck, co-CEO of Planet 13, commented: "Between our ongoing construction projects, the strength of our business in Nevada and our rock-solid balance sheet 2024 is shaping up to be a good year for Planet 13."
The company had total cash of $40.5 million as at June 30, compared with $52.4 million at the end of 2022, while total liabilities fell to $40.5 million from $42.7 million in that period.