Planet 13 Refines Operations to Concentrate on Key Growth Areas

Divestiture Announcement: Planet 13 Holdings Inc. has announced the sale of its non-core retail store in Orange County, California, and the closure of its cultivation facility in Coalinga, California, as part of its strategy to focus on higher-performing markets.

Focus on Core Markets: The company aims to concentrate resources on its most profitable locations, particularly in Nevada and Florida, to enhance long-term growth and shareholder value.

Operational Efficiency: Co-CEO Bob Groesbeck emphasized the importance of disciplined capital allocation and operational efficiency, stating that these changes will help build a more focused and resilient company.

Future Plans: The sale is subject to regulatory approvals and is expected to close within three to four months, with the Coalinga facility winding down operations by the end of 2025.