Planet 13 Streamlines Footprint to Focus on Core Growth Markets

Core Insights - Planet 13 Holdings Inc. has divested its non-core Orange County retail store and closed its Coalinga cultivation facility as part of its strategy to focus on high-performing markets for long-term growth and profitability [1][2][3] Company Strategy - The divestiture and closure are aimed at concentrating resources on the strongest markets, specifically Nevada and Florida, while pursuing disciplined opportunities to enhance shareholder value [2][3] - The California operations were cash-flow negative and did not align with the company's long-term objectives, prompting the decision to divest [3] Financial Implications - Proceeds from the divestiture, although not material, are expected to strengthen the company's balance sheet and liquidity, allowing for further investment in core markets [3] - The sale of the Orange County retail license is subject to customary closing conditions and regulatory approvals, with an expected closing timeline of approximately three to four months [4] Operational Updates - The Coalinga facility is anticipated to wind down operations by the end of 2025 [4] - Planet 13 operates 33 dispensaries in Florida and a total of 37 locations nationwide, including its flagship dispensary in Las Vegas [5]