04:43 PM EDT, 03/13/2024 (MT Newswires) -- Planet 13 Holdings Inc. ( PLNH ) , a vertically-integrated cannabis company, announced Wednesday its financial results for the three-month and twelve-month periods ending Dec. 31, 2023.

"Amidst recent challenges, economic uncertainties, and ongoing pressure on cannabis prices, I am pleased to announce a strong quarter. Our performance was highlighted by solid revenue and positive Adjusted EBITDA, fuelled by the expansion of gross margins and effective cost management. We were responsible for approximately 9% of Nevada's retail market share and boasted a top brands in each category, underscoring the resilience of our operations and brand appeal in Nevada," said Larry Scheffler, Co-CEO of Planet 13 ( PLNH ), in a statement.

The company reported the Q4 2023 Revenue of US$23.0 million; Net loss of $14.3 million, which included a non-cash impairment loss of $7.2 million; Adjusted EBITDA of $1.3 million.

"We recently took decisive actions to fortify our balance sheet and set the company up for growth through our acquisition of VidaCann. With the potential for adult-use in Florida, we are now well positioned to capture the full benefit of this tremendous opportunity," said Bob Groesbeck, Co-CEO of Planet 13 ( PLNH ), in a statement.

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