Recent Updates — PLNH
Planet 13 Holdings Inc. reported financial results for the second quarter ended June 30, 2026, announcing revenue of $22.9 million and a net loss of $5.6 million. Revenue decreased 14.9% year-over-year due to the exit from California retail and wholesale operations and continued price compression in Nevada and Florida. Gross profit improved to $12.3 million with a gross margin of 53.9%, driven by cost-cutting initiatives, the California exit, and a $1.0 million reduction in inventory reserves for Florida distillate. Adjusted EBITDA loss narrowed to $0.5 million from $2.4 million in the prior year period. The company also highlighted continued expansion with an upcoming Sarasota store and OMMU approval for its Florida BHO extraction facility. Planet 13 Holdings Inc. is a vertically integrated multi-state cannabis company operating dispensaries, cultivation, and production facilities.
On July 26, 2026, Planet 13 Holdings Inc. entered into an Agreement and Plan of Merger with Vireo Growth Inc., pursuant to which Vireo will acquire all outstanding equity interests of Planet 13 through a merger with a wholly owned subsidiary. The transaction involves an exchange ratio where each share of Planet 13 common stock converts into 0.015383618 subordinate voting shares of Vireo. The board unanimously recommended approval, subject to customary conditions including shareholder votes and regulatory approvals. Outstanding options above the merger value will be cancelled, while RSUs vest immediately prior to closing. A $1.8 million termination fee applies if the deal is terminated under specific circumstances. Planet 13 Holdings Inc. operates in the cannabis retail industry.
Planet 13 Holdings Inc. entered into a definitive merger agreement with Vireo Growth Inc. on July 26, 2026. Under the terms, Vireo's subsidiary, Supernova Merger Sub Inc., will merge into Planet 13, making Planet 13 a wholly owned subsidiary of Vireo. Planet 13 stockholders will receive 0.015383618 of a Vireo subordinate voting share for each share held, representing a 16.6% premium over the 20-day volume-weighted average price as of July 24, 2026. The transaction is subject to stockholder approval and regulatory clearances. Planet 13 is a vertically integrated cannabis company operating in Nevada, Illinois, and Florida.