Planet 13 Holdings Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with total revenue reaching $116.4 million, an 18.2% increase from $98.5 million in 2023. The company attributed this growth primarily to the acquisition of VidaCann, which added substantial revenue from its operations in Florida. Gross profit also rose to $56.1 million, reflecting a gross profit margin of 48.2%, up from 45.5% in the previous year. This improvement was driven by a higher proportion of sales from retail dispensary operations, which typically yield better margins compared to wholesale activities.
In terms of operational changes, Planet 13 expanded its footprint significantly by acquiring VidaCann, which added 26 dispensaries to its portfolio, enhancing its presence in Florida. The company also opened its first consumption lounge, DAZED!, at its Las Vegas Superstore, further diversifying its offerings. As of December 31, 2024, Planet 13 employed approximately 1,000 individuals, reflecting its growth strategy and operational expansion across multiple states, including Nevada, California, Florida, and Illinois.
The company faced challenges, including a reduction in customer counts at its flagship Las Vegas location and a decline in wholesale revenue. Despite these setbacks, the overall increase in revenue was bolstered by the addition of the Illinois dispensary, which opened in December 2023, and the continued growth of its Florida operations. The company reported a net loss of $47.8 million for the year, a decrease from a loss of $73.6 million in 2023, indicating improved operational efficiency and cost management.
Looking ahead, Planet 13 expressed optimism about its growth trajectory, particularly as it anticipates a return of tourist traffic to Las Vegas and further expansion in Florida. The company plans to continue enhancing its product offerings and operational efficiencies, with expectations of upward trends in profit margins as market conditions stabilize. However, it remains cautious about potential economic downturns and inflationary pressures that could impact consumer spending and overall business performance.
In summary, Planet 13 Holdings Inc. demonstrated notable financial growth in 2024, driven by strategic acquisitions and operational expansions, while also navigating challenges in customer engagement and market conditions. The company is positioned for continued growth, with plans to leverage its expanded footprint and enhance its product offerings in the evolving cannabis market.
About Planet 13 Holdings Inc.
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