Planet 13 Holdings PLNH

Planet 13 Holdings Inc. is a vertically integrated cultivator and provider of cannabis and cannabis infused products in the states of Nevada and California, with retail cannabis operations in Illinois. In addition to these operational cannabis licenses, the company holds a license and is developing operations in Florida. As of December 31, 2025, the company held six cultivation licenses, six production licenses, three dispensary licenses, and one distribution license in Nevada; in California it held one medium indoor cultivation license, one manufacturing license, two distribution licenses, one dispensary license, and one event organizer license; in Florida it held one MMTC license that permits an unlimited number of dispensary locations (33 were operational as of December 31, 2025) and cultivation and manufacturing facilities; and in Illinois it held one adult use dispensing license. The firm engages in cultivation, production, distribution, and dispensing of cannabis through a network of owned facilities and licensed retail stores.

The company generates revenue primarily from the sale of cannabis and cannabis infused products to adult use and medical consumers. It sells flower, vapes, concentrates, edibles, and beverages under its own brands such as HaHa (gummies and beverages), Dreamland (chocolates), TRENDI (flower, vapes and concentrates), Medizin (flower, vapes, and concentrates), and Leaf and Vine (flower and vapes). The company’s flagship Las Vegas Superstore encompasses approximately 100,000 square feet of retail and entertainment space, while its Santa Ana dispensary occupies about 25,600 square feet. Revenue also derives from its consumption lounge, DAZED!, which offers a 3,000 square foot space for curated cannabis experiences. Wholesale distribution to third party dispensaries further contributes to sales. The firm maintains a customer loyalty database exceeding 485,000 individuals, which supports repeat purchases across its retail locations.

Within the multi state cannabis industry, Planet 13 Holdings Inc. competes with other licensed retailers, cultivators, and producers in Nevada, California, Illinois, and Florida. The company leverages an early mover advantage in Nevada and California, a fully integrated supply chain, and a portfolio of proprietary brands to differentiate itself. In Florida it faces competition from 22 other medical marijuana treatment center license holders, while in Illinois it contends with approximately 260 additional dispensary operators. The company operates roughly 33 dispensaries in Florida, two in Nevada, one in California, and one in Illinois, giving it a multi state footprint. Its vertically integrated model, extensive customer loyalty program, and focus on product innovation provide competitive advantages.

The company serves individual consumers seeking recreational and medical cannabis products across its four operating states. Its customer base includes adult use patrons in Nevada and California, medical patients in Florida, and adult use customers in Illinois, supported by a loyalty program that exceeds 485,000 members. In addition to individual consumers, the company supplies wholesale products to licensed third party dispensaries in Nevada and California. No specific corporate or institutional client names are disclosed in the filing.