{"url_path":"/sec/plnh/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1813452/0001437749-26-016731-index.html","accession_number":"0001437749-26-016731","cik":"0001813452","ticker":"PLNH","issuer_name":"Planet 13 Holdings Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1813452/0001437749-26-016731-index.html","primary_entity_key":"0001813452","primary_entity_name":"Planet 13 Holdings Inc."},"word_count":1957,"has_tables":true,"body_markdown":"plnh20260331_10q.htm\n\n0001813452\nPlanet 13 Holdings Inc.\nfalse\n--12-31\nQ1\n2026\n0\n0\n1,500,000,000\n1,500,000,000\n328,270,798\n328,270,798\n325,670,800\n325,670,800\n0\n0\n50,000,000\n50,000,000\n0\n0\n0\n0\n6\n3\n3\n6\n3\n3\n3\n1\n2\n2\n1\n1\n1\n1\n1\n2\nMay 6, 2029\nJune 30, 2026\n0\n0\n1\n1\n1\n0\n0\n0\n100,000\n100,000\n0\n0\n0\n0\n0\n2.1\n5.5\n5.0\nfalse\nfalse\nfalse\nfalse\nThe Company entered into a cash secured line of credit up to $9,750,000, effective June 13, 2024, with no other collateral securing the credit line (the \"revolving line of credit\"). The revolving line of credit contains no financial, or other incurrence-based covenants or no material maintenance covenants. The revolving line of credit balance at December 31, 2025 equaled $9,750,000 (2024 - $0). Total interest expense for the year ended December 31, 2025 equaled $434,442 (2024 - $0).\nThe Promisory note to VidaCann former managers had a face value of $1,500,000. The Company determined a fair value of $1,148,423 at the May 9, 2024 acquisition date using a 15% estimated borrowing rate. Total interest expense including paid interest and amortization of the note discount for the year ended December 31, 2025 equaled $169,119 (2024 - 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STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, DC 20549**\n\n \n\n \n\n**FORM 10-Q**\n\n \n\n**(Mark One)**\n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n  \n\nFor the quarterly period ended **March 31, 2026**\n\n  \n\n \nOR\n\n  \n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the transition period from ________ to ________\n\n \n\nCommission File Number:******000-56374**\n\n \n\n \n\n \n**PLANET 13 HOLDINGS INC.**\n \n\n \n**(Exact name of Registrant as Specified in its Charter)** \n \n\n \n\n**Nevada**\n \n**83-2787199**\n\n**(State or other jurisdiction of**\n\n**incorporation or organization)**\n \n**(I.R.S. Employer**\n\n**Identification No.)**\n\n   \n\n**2548 West Desert Inn Road, Suite 100**\n\n**Las Vegas, Nevada**\n \n**89109**\n\n**(Address of principal executive offices)**\n \n**(Zip Code)**\n\n \n\n**Registrant**’**s telephone number, including area code: (702) 815-1313** \n\n \n\nSecurities registered pursuant to Section 12(b) of the Act: None\n\n \n\nSecurities registered pursuant to Section 12(g) of the Act: Common Stock\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒     No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒     No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated Filer\n☒\nSmaller reporting company\n\n☒\n\nEmerging growth company\n\n☒\n  \n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐     No ☒\n\n \n\nAs of May 13, 2026, there were 328,604,131 shares of common stock outstanding.\n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\n \n\n**Planet 13 Holdings Inc.**\n\n**Quarterly Report on Form 10-Q**\n\n**For Quarterly Period Ended March 31, 2026**\n\n \n\n**Table of Contents**\n\n \n\n \n \n\n**Page**\n\n[PART I](#part1)\n\n[FINANCIAL INFORMATION](#part1)\n\n \n\n[Item 1.](#fs)\n\n[Financial Statements.](#fs)\n\n[5](#fs)\n\n[Item 2.](#item2)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations.](#item2)\n\n[25](#item2)\n\n[Item 3.](#item3)\n\n[Quantitative and Qualitative Disclosures About Market Risk.](#item3)\n\n[32](#item3)\n\n[Item 4.](#item4)\n\n[Controls and Procedures.](#item4)\n\n[32](#item4)\n\n \n \n \n\n \n \n \n\n[PART II](#part2)\n\n[OTHER INFORMATION](#part2)\n\n \n\n[Item 1.](#legal)\n\n[Legal Proceedings.](#legal)\n\n[33](#legal)\n\n[Item 1A.](#risk)\n\n[Risk Factors.](#risk)\n\n[33](#risk)\n\n[Item 2.](#unregistered)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds.](#unregistered)\n\n[33](#unregistered)\n\n[Item 3.](#defaults)\n\n[Defaults Upon Senior Securities.](#defaults)\n\n[33](#defaults)\n\n[Item 4.](#minesafety)\n\n[Mine Safety Disclosures.](#minesafety)\n\n[33](#minesafety)\n\n[Item 5.](#otherinfo)\n\n[Other Information.](#otherinfo)\n\n[33](#otherinfo)\n\n[Item 6.](#exhibits)\n\n[Exhibits.](#exhibits)\n\n[34](#exhibits)\n\n[SIGNATURES](#signatures)\n\n[35](#signatures)\n\n \n\n \n\n2\n\n[Table of Contents](#toc)\n\n \n\n \n\n \n\n \n\n**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**\n\n \n\nThis Quarterly Report on Form 10-Q includes “forward-looking information” and “forward-looking statements” within the meaning of applicable United States securities laws and Canadian securities laws. All information, other than statements of historical facts, included in this Quarterly Report on Form 10-Q that addresses activities, events or developments that we expect or anticipate will or may occur in the future is forward-looking information. Forward-looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” or similar expressions and includes, among others, information regarding: our strategic plans and expansion and expectations regarding the growth of the California, Florida and Illinois cannabis markets; statements relating to the business and future activities of, and developments related to, us after the date of this Quarterly Report on Form 10-Q, including such things as future business strategy, competitive strengths, goals, expansion and growth of our business, operations and plans, new revenue streams, the completion by us of contemplated acquisitions of additional real estate, cultivation and licensing assets, the roll out of new dispensaries, the application for additional licenses and the grant of licenses or renewals of existing licenses that have been applied for, the expansion of existing cultivation and production facilities, the completion of cultivation and production facilities that are under construction, the construction of additional cultivation and production facilities, the expansion into additional U.S. markets, any potential future legalization of adult-use and/or medical cannabis under U.S. federal law; expectations of market size and growth in the United States and the states in which we operate or contemplate future operations; expectations for other economic, business, regulatory and/or competitive factors related to us or the cannabis industry generally; and other events or conditions that may occur in the future.\n\n \n\n3\n\n[Table of Contents](#toc)\n\n \n\nReaders are cautioned that forward-looking information and statements are not based on historical facts but instead are based on reasonable assumptions and estimates of our management at the time they were provided or made and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information and statements. Such factors include, among others, our actual financial position and results of operations differing from management’s expectations; our business model; a lack of business diversification; increasing competition in the industry; public opinion and perception of the cannabis industry; expected significant costs and obligations; current reliance on limited jurisdictions; development of our business; access to capital; risks relating to the management of growth; risks inherent in an agricultural business; risks relating to energy costs; risks related to research and market development; risks related to breaches of security at our facilities; reliance on suppliers; risks relating to the concentrated voting control of the Company; risks related to our being a holding company; risks related to service providers withdrawing or suspending services under threat of prosecution; risks related to proprietary intellectual property and potential infringement by third parties; risks of litigation relating to intellectual property; negative clinical trial results; insurance related risks; risk of litigation generally; risks associated with cannabis products manufactured for human consumption, including potential product recalls; risks relating to being unable to attract and retain key personnel; risks relating to obtaining and retaining relevant licenses; risks relating to integration of acquired businesses; risks related to quantifying our target market; risks related to industry growth and consolidation; fraudulent activity by employees, contractors and consultants; cyber-security risks; conflicts of interest; risks related to reputational damage in certain circumstances; leased premises risks; risks related to epidemics and pandemics; U.S. regulatory landscape and enforcement related to cannabis, including political risks; heightened scrutiny by Canadian regulatory authorities; risks related to capital raising due to heightened regulatory scrutiny; risks related to tax liabilities; risks related to U.S. state and local law and regulations; risks related to access to banks and credit card payment processors; risks related to potential violation of laws by banks and other financial institutions; ability and constraints on marketing products; risks related to lack of U.S. federal trademark and patent protection; risks related to the enforceability of contracts; the limited market for our securities; difficulty for U.S. holders of our common stock to resell over the Canadian Securities Exchange; price volatility of our common stock; future sales by shareholders; no guarantee regarding use of available funds; currency fluctuations; risks related to entry into the U.S; and other factors beyond our control, as more particularly described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent reports.\n\n \n\nReaders are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Although we have attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information and statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such information and statements. Accordingly, readers should not place undue reliance on forward-looking information and statements. The forward-looking information and statements contained herein are presented for the purposes of assisting readers in understanding our expected financial and operating performance and our plans and objectives and may not be appropriate for other purposes.\n\n \n\nThe forward-looking information and statements contained in this Quarterly Report on Form 10-Q represent our views and expectations as of the date of this Quarterly Report on Form 10-Q. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update such forward-looking information and statements at a future time, we have no current intention of doing so except to the extent required by applicable law.\n\n \n\n**ADDITIONAL INFORMATION**\n\n \n\nIn this Quarterly Report on Form 10-Q, unless the context otherwise requires, the terms “**we**,” “**us**,” “**our**,” “**Company**,” or “**Planet 13**” refer to Planet 13 Holdings Inc. together with its wholly-owned subsidiaries.\n\n \n\nUnless otherwise indicated, all references to “$,” “US$” or “USD” in this Quarterly Report on Form 10-Q refer to United States dollars, and all references to “C$,” “CAD$,” or “CAD” refer to Canadian dollars.\n\n \n\n4\n\n[Table of Contents](#toc)\n\n \n\n**PART I**—**FINANCIAL INFORMATION**"}