Planet 13 Holdings Business Summary

Planet 13 Holdings Inc. (PLNH) operates as a vertically integrated cannabis company, generating revenue primarily through the retail sale of proprietary and third-party cannabis products, cultivation, and production. The company’s business model is anchored by its "Superstore" strategy—exemplified by its flagship Las Vegas location—which combines high-volume retail with experiential elements like consumption lounges (DAZED!) and on-site production viewing. Following a strategic divestiture of its California assets in early 2026, the company has streamlined its operations to focus on its core high-margin markets in Nevada, Illinois, and Florida, the latter of which was significantly expanded through the 2024 acquisition of VidaCann. Planet 13 competes directly with major multi-state operators (MSOs) such as Curaleaf Holdings, Green Thumb Industries, and Cresco Labs; however, it distinguishes itself by prioritizing destination-based, large-scale retail "theatre" over the high-density, small-footprint dispensary models favored by its larger peers. The company is led by Co-Founders and Co-CEOs Robert Groesbeck and Larry Scheffler, both of whom bring deep roots in Nevada’s political and commercial landscapes. Groesbeck is a legal professional and former Mayor of Henderson, while Scheffler is a real estate developer and founder of Nevada’s largest commercial printing company. Their leadership is supported by Chief Administrative Officer Lee Fraser, who previously held senior financial roles at Fox Corp and Warner Bros, and Interim CFO Steve McLean. The board of directors includes notable industry figures such as David Loop, the former CEO of VidaCann, and Kevin Martin, an audit specialist with a background in multinational risk management. While the company remains founder-led with significant insider ownership, it has attracted institutional interest from specialized cannabis investment firms and maintains a public listing on the CSE and OTCQX.