Planet 13 Holdings Completes Major California Exit Strategy

LAS VEGAS, Feb. 12, 2026 — Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH), a premier vertically-integrated cannabis company, announced the successful divestiture of its retail and distribution licenses in Orange County, California. Additionally, the company has finalized the sale of its cultivation facility property in Coalinga, California, and is in the process of transferring the associated cultivation license to the buyer. This development represents a significant milestone in Planet 13’s strategic plan to exit the California market.

Streamlining Operations and Focus on Core Markets

These critical actions align with Planet 13’s articulated goal to exit California within the 2025–2026 timeframe, allowing the company to reallocate resources toward more profitable markets like Nevada and Florida. With the closure of its retail and distribution operations, the organization is simplifying its operational structure, enhancing liquidity, and strengthening its overall financial position.

Co-CEO Bob Groesbeck commented on this achievement, stating, “This milestone reflects our disciplined execution against a clear strategic objective. 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.”

Financial Implications of the Exit

Historically, California operations contributed a minimal portion of Planet 13’s consolidated revenue and were not financially sustainable. The exit from California is expected to significantly reduce operational complexity and overhead costs, thereby enabling management to better focus on expanding its footprint in core markets. This strategic realignment positions Planet 13 for sustained growth and operational excellence.

About Planet 13 Holdings

Planet 13 is a leading player in the cannabis industry, recognized for its award-winning cultivation, production, and dispensary operations across Nevada, Illinois, and Florida. The company is home to the largest cannabis dispensary in the U.S., located just off The Strip in Las Vegas, and has recently launched its first consumption lounge, DAZED!, in Las Vegas. In addition to Nevada, Planet 13 has expanded its reach with a new dispensary in Waukegan, Illinois, and operates several locations across Florida.

The company’s mission is to establish a globally recognized brand known for exceptional dispensary experiences and innovative cannabis products. Though legal cannabis activities are permitted in the states where Planet 13 operates, they remain illegal under U.S. federal law.

For more information about their operations, visit Planet 13. Follow them on social media platforms like X and Instagram for updates.

Conclusion

Planet 13 Holdings is making significant strides toward optimizing its business model through the exit from California, allowing for a more streamlined focus on its most lucrative markets. As the company navigates through its strategic objectives for 2026, stakeholders can expect a concentrated effort to maximize profit and operational efficiency.

Note: This article contains forward-looking statements, including assumptions and risks. Readers should not rely solely on these projections, as actual results may differ significantly. For more intricate details, consult the Company’s annual report and risk factors.

For inquiries, reach out to Planet 13’s investor relations team at ir@planet13lasvegas.com. For media-related questions, contact Colin Trethewey at Colin@PRmediaNow.com.