Planet 13 Holdings Inc (CSE:PLTH, OTCQX:PLNHF) announced that it has ended its third quarter 2022 with US$50.9 million in cash as of September 30, 2022, as the company maintained its retail market share in its historical 8-10% range in addition to holding or gaining share for each of its brands in Nevada.
The vertically integrated cannabis firm also said it is seeing growth from its Orange County, California location and has signed a conditional location in Illinois, adding a fourth state to its portfolio.
“We have been able to maintain 9% retail market share, despite this economic downturn and an 18% increase in Nevada dispensaries year over year,” Planet 13 Holdings co-CEO Larry Scheffler said in a statement.
READ: Planet 13 Holdings submits approval for its proposed Illinois location in Fountain Square, Waukegan
“We anticipated this downturn and undertook proactive steps last quarter as well as exercised financial discipline to maintain positive operating cash flow and protect our cash position,” Scheffler added.
Planet 13 noted it generated US$25.6 million in revenue during the quarter along with adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of US$0.4 million.
Planet 13 is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas and in Orange County, California.
The company also holds a medical marijuana treatment center license in Florida and a 49% interest in Planet 13 Illinois, which holds a provisional Social-Equity Justice Involved dispensing license in the Chicago-region of Illinois.
Contact Sean at sean@proactiveinvestors.com