The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 195.1M (2021) → 325.3M (2025)
Planet 13 Holdings Inc. operates as a vertically integrated cannabis company, overseeing the cultivation, manufacturing, distribution, and marketing of cannabis and infused products. Its primary focus is serving both the medical and recreational marijuana markets within Nevada, U.S. Beyond its core cannabis activities, the company manages licensed cannabis dispensaries, a retail store for general merchandise, and an event space. Planet 13 further expands its portfolio by owning and operating hospitality venues, including Trece Eatery + Spirits, a coffee shop, and a pizzeria. Additionally, it offers consulting, educational resources, and various convenience services. The company is responsible for producing a diverse range of cannabis items such as chocolates, gummies, sparkling beverages, vapes, concentrates, and raw flower, which are marketed under its proprietary brands: TRENDI, Leaf & Vine, Dreamland, HaHa, and Medizin. The corporate headquarters for Planet 13 Holdings Inc. are situated in Las Vegas, Nevada.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
-26.0% YoY
YoY Growth Rate
Revenue declining
-285.7% YoY
YoY Growth Rate
Earnings declining
$0/ year
0.0% of revenue
Below sector average (18%)
Research and development spending
~5 years
$16M cash & investments
Quarterly Free Cash Flow
→ Burn rate stable
$16M cash & investments at current burn rate
Planet 13 Holdings's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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Negative ROIC means the business is losing money on every dollar invested in it.
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Free cash flow is negative. They are burning cash, not generating it.
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