Planet 13 Holdings Inc (CSE:PLTH, OTCQX:PLNHF) has announced an 8% increase in its year-over-year first quarter revenue as the Nevada-based cannabis company expands its operations in California and Florida.
For the quarter ending March 31, 2022, the company reported revenue of $25.7 million, compared to $23.8 million for the same period in 2021.
Planet co-CEO Larry Scheffler noted while January and February were seasonally slow, traffic started to pickup in March.
READ: Planet 13 Holdings announces second location of its planned Florida dispensary network in the city of Port Richey
“Despite the low tourist numbers, the Las Vegas SuperStore and our Medizin dispensary continue to compete very well taking a strong share of the overall Nevada market,” Scheffler said.
"Our branded products are performing well with wholesale continuing to grow nicely in Nevada. We are proud to have closed the acquisition of Next Green Wave (CSE:NGW, OTCQX:NXGWF) in March and begin to bring our brands to California."
Planet co-CEO Bob Groesbeck added that the company continued to make progress on its Florida roadmap, working in dual tracks to bring cultivation and retail online.
“We are excited to drive growth through 2023 from our Florida operations,” Groesbeck said.
He noted that in Nevada, the company had also begun the expansion of its cultivation facility to expand the supply of its popular premium flower line.
During 1Q, the company significantly narrowed its net loss by 65% to $2.1 million from $6 million in the same quarter last year.
Planet 13 is a vertically integrated cannabis company with award-winning cultivation, production, and dispensary operations in Nevada and California.
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