Planet 13 Substantially Completes Exit from California, Fully Streamlining Operations to Core Growth Markets

Rhea-AI Summary

Planet 13 (OTCQX: PLNH) has substantially completed its exit from California by divesting Orange County retail and distribution licenses and closing the sale of its Coalinga cultivation property on Feb 12, 2026.

With cultivation license transfer underway, the company says this simplifies its operating footprint and strengthens its balance sheet, freeing capital and management focus for Nevada and Florida expansion during 2026.

Positive

• Divested Orange County retail and distribution licenses
• Closed sale of Coalinga cultivation property
• Substantial exit from California completed, refocusing on Nevada and Florida
• Company reports streamlined operations and strengthened balance sheet

Negative

• California operations were historically cash-flow negative
• Cultivation license transfer remains in progress and not yet finalized

LAS VEGAS, Feb. 12, 2026 (GLOBE NEWSWIRE) -- Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) (“Planet 13” or the “Company”), a leading vertically-integrated multi-state cannabis company, today announced the successful completion of the previously disclosed divestiture of its Orange County, California retail and distribution licenses. The Company has also closed on the sale of the property associated with its cultivation facility in Coalinga, California, and is advancing the transfer of the cultivation license to the buyer. This marks the substantial completion of the Company’s planned exit from the California market.

These actions represent significant progress against Planet 13’s previously communicated strategic priority to exit California during the 2025–2026 period and reallocate capital and management focus toward its largest and highest-return markets, particularly Nevada and Florida. With retail and distribution operations now closed and the cultivation license transfer process underway, the Company has meaningfully simplified its operating footprint and further strengthened its balance sheet and liquidity profile.

“This milestone reflects our disciplined execution against a clear strategic objective,” said Bob Groesbeck, Co-CEO of Planet 13. “Exiting California was a deliberate priority for 2025–2026, and we have now successfully completed the closure of our retail and distribution operations while advancing the final steps related to cultivation. This disciplined approach underscores our commitment to operational focus, capital allocation rigor, and accountability to shareholders as we move through 2026.”

California operations historically represented a small portion of the Company’s consolidated revenue and were cash-flow negative. The Company expects the substantial completed exit to reduce operating complexity and overhead while allowing management to concentrate resources on expansion and operational excellence in its core markets.

About Planet 13

Planet 13 (https://planet13.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations across its locations in Nevada, Illinois, and Florida. Home to the nation's largest dispensary, located just off The Strip in Las Vegas, Planet 13 continues to expand its footprint with the recent debut of its first consumption lounge in Las Vegas, DAZED!, the opening of its first Illinois dispensary in Waukegan, bringing unparalleled cannabis experiences to the Chicago metro area. Planet 13 operates dispensaries across Florida, a key market in its expansive footprint. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and innovative cannabis products. Licensed cannabis activity is legal in the states Planet 13 operates in but remains illegal under U.S. federal law. Planet 13's shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and are quoted on the OTCQX under the symbol PLNH. To learn more, visit planet13.com and follow Planet 13 on X @ShopPlanet13 and on Instagram @planet13official_.

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are often, but not always, identified by phrases such "plans", "expects", "proposed", "may", "could", "would", "intends", "anticipates", or "believes", or variations of such words and phrases. In this news release, forward-looking statements relate to the loyalty program. Such forward-looking statements reflect what management of the Company believes, or believed at the time, to be reasonable assumptions and accordingly readers are cautioned not to place undue reliance upon such forward-looking statements and that actual results may vary from such forward-looking statements. These assumptions, risks and uncertainties which may cause actual results to differ include, among others, those assumptions, risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and any of the Company's subsequent periodic reports filed with the U.S. Securities and Exchange Commission at www.sec.gov and on SEDAR+ at www.sedarplus.ca. Forward-looking statements contained herein are made only as to the date of this press release and we assume no obligation to update or revise any forward-looking statements should they change, except as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For further inquiries, please contact:

Planet 13 Investors:
Robert Groesbeck or Larry Scheffler
Co-Chief Executive Officers
ir@planet13lasvegas.com

Planet 13 Media:
Colin Trethewey / PRmediaNow Communications
Colin@PRmediaNow.com

FAQ

What did Planet 13 (PLNH) announce on February 12, 2026 about California operations?

Planet 13 announced it substantially completed its exit from California by divesting retail and distribution licenses and selling a cultivation property. According to the company, the cultivation license transfer is advancing and the moves free capital and management focus for Nevada and Florida in 2026.

How will Planet 13's (PLNH) California exit affect its balance sheet and operations in 2026?

The company says the exit meaningfully strengthened its balance sheet and liquidity profile while simplifying operations. According to the company, reduced overhead should let management reallocate capital toward higher-return markets such as Nevada and Florida during 2026.

Did Planet 13 (PLNH) complete the sale of its Coalinga cultivation property?

Yes, Planet 13 closed on the sale of the Coalinga cultivation property as part of its California exit. According to the company, the property sale is closed while the cultivation license transfer to the buyer is currently being advanced.

Which California licenses did Planet 13 (PLNH) divest as part of the exit?

Planet 13 divested its Orange County retail and distribution licenses to substantially exit the California market. According to the company, retail and distribution operations are now closed as part of the 2025–2026 strategic exit plan.

What is the strategic rationale for Planet 13 (PLNH) leaving California now?

Planet 13 says exiting California lets it reallocate capital and management focus to its largest, highest-return markets, notably Nevada and Florida. According to the company, California represented a small revenue portion and was historically cash-flow negative.

Are there remaining steps before Planet 13's (PLNH) California exit is fully completed?

Yes, the company reports the cultivation license transfer is still underway and not yet finalized. According to the company, retail and distribution closures are complete while final regulatory transfer steps for cultivation remain in progress.