LAS VEGAS, Nov. 03, 2025 (GLOBE NEWSWIRE) -- Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) ("Planet 13" or the "Company"), a leading vertically-integrated multi-state cannabis company, today announced the divestiture of its non-core Orange County, California retail store and the closure of its cultivation facility in Coalinga, California.
These actions mark another step in Planet 13's strategy to focus resources on its highest-performing markets and to position the Company for long-term growth and profitability. Planet 13 will continue to invest in expanding its presence in Nevada and Florida while pursuing disciplined opportunities that enhance shareholder value.
"This reflects our continued commitment to disciplined capital allocation and operational efficiency." said Bob Groesbeck, Co-CEO of Planet 13. "By concentrating our efforts on our strongest markets, we're building a more focused, efficient, and resilient company that's well-positioned for future expansion."
The Company's California operations, which represented a small portion of the Company's overall revenue, were cash-flow negative and no longer aligned with Planet 13's long-term objectives. Proceeds from the transaction, while not material, will help further strengthen the Company's balance sheet, liquidity and enable investment in core markets.
"We're grateful to our dedicated California team members for their contributions and professionalism during this transition," added Larry Scheffler, Co-CEO of Planet 13.
The sale of the Orange County retail license is subject to customary closing conditions and regulatory approvals. The Company expects the transaction to close within approximately three to four months. The Coalinga facility is expected to wind down operations by the end of 2025.
About Planet 13
Planet 13 (https://planet13.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations across its locations in California, Nevada, Illinois, and Florida. Home to the nation's largest dispensary, located just off The Strip in Las Vegas, Planet 13 continues to expand its footprint with the recent debut of its first consumption lounge in Las Vegas, DAZED!, the opening of its first Illinois dispensary in Waukegan, bringing unparalleled cannabis experiences to the Chicago metro area. Planet 13 operates 33 dispensaries across Florida, a key market in its expansive footprint, bringing its total to 37 locations nationwide. 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. To learn more, visit planet13.com and follow Planet 13 on X @ShopPlanet13 and on Instagram @planet13official_.
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 divestiture and winding down of operations in California and Planet 13's ability to realize the anticipated benefits of the proposed transaction, information concerning the timing and completion of the proposed transaction, the timing and anticipated receipt of required regulatory approvals for the proposed transaction and the satisfaction of other customary closing conditions. 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 for the year ended December 31, 2024 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:
Planet 13 Investors:
Robert Groesbeck or Larry Scheffler
Co-Chief Executive Officers
ir@planet13lasvegas.com
Planet 13 Media:
Colin Trethewey / PRmediaNow Communications
Colin@PRmediaNow.com
