Friday, October 17, 2025

Plant 13: Canaccord Lowers Estimates Due To COVID Headwinds

On August 26, Planet 13 Holdings (CSE: PLTH) announced its second quarter financial results. The company reported revenues of $32.8 million, up 205% year over year. Gross margins came in at 57%, or $18.7 million, up 44% year over year. They also reported an adjusted EBITDA of $7.2 million or a 22% adjusted EBITDA margin, and a net loss of $4.4 million for the quarter. The company also ended the quarter with $136.3 million in cash on hand.

Planet 13 only has 4 analysts covering the stock with an average 12-month price target of $8.84, or a 42% upside. The street high sits at $11.50 from Beacon Securities while the lowest comes in at $7.00. Out of the 4 analysts, 3 have buy ratings and the 1 analyst has a hold rating.

Canaccord Genuity lowered their 12-month price target on Planet 13 to $7 from $9 and reiterated their hold rating saying that this quarter shows a solid rebound in foot traffic but uncertainty still persists.

Planet 13 beat Canaccord’s $30.3 million revenue estimate, which was driven by better average spend per customer, while the reopening of the Medizin dispensary and increased wholesale sales also contributed to the revenue beat. For adjusted EBITDA, the company beat Canaccord’s $6.8 million estimate but came in slightly below the street estimate.

Canaccord says that Planet 13 now has 11.1% of Nevada’s market as the company’s HaHa brand was #2 for edibles and #3 for beverages in the state, but warns that COVID headwinds are expected to continue to impact the market. Although tourism in Nevada has started to grow as the heavy restrictions are being lifted, mask mandates being re-introduced are expected to cut into this.

Due to the uncertainty, Canaccord has lowered their third quarter, full year 2021, and 2022 estimates slightly. They now expect revenues to come in at $36.4 million, $129.8 million, and $172.1 million respectively, while EBITDA estimates have been lowered to $6.6 million, $26.1 million, and $47.8 million respectively.


Information for this briefing was found via Sedar and Refinitiv. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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