Planet 13 Streamlines Footprint to Focus on Core Growth Markets

Executive Summary

• Planet 13 announced the sale of its non‑core Orange County, California retail license and the wind‑down of its Coalinga cultivation facility.
• The California assets represented a small, cash‑flow negative portion of revenue; proceeds are not material but will modestly strengthen the balance sheet.
• The company is refocusing capital on higher‑performing markets in Nevada and Florida, with closure expected within 3–4 months for the sale and by end‑2025 for the cultivation site.

Key Details

• Divestiture: Sale of Orange County retail license (subject to customary closing conditions and regulatory approvals).
• Closure: Coalinga cultivation facility to cease operations by December 2025.
• Strategic Rationale: California operations were cash‑flow negative and not aligned with long‑term objectives; the move supports disciplined capital allocation and operational efficiency.
• Proceeds: Expected to be modest and not material to overall financial position, but will improve liquidity and balance sheet strength.
• Timeline: Transaction expected to close in approximately three to four months from announcement.
• Focus Areas: Continued investment and expansion in Nevada (including the Las Vegas flagship dispensary) and Florida markets.

Notable Quotes

“This reflects our continued commitment to disciplined capital allocation and operational efficiency.” – Bob Groesbeck, Co‑CEO

“We’re grateful to our dedicated California team members for their contributions and professionalism during this transition.” – Larry Scheffler, Co‑CEO