Not So Fast: Planet 13 Halts Plans To Expand To Florida

Last week, it was reported that Planet 13 was planning to expand its reach to the great state of Florida. Seems like those plans may be on hold.

According to The Green Report, Planet 13 will stop its expansion plans for now.

“Las Vegas-based Planet 13 Holdings slowed its roll to accommodate industry setbacks, including the November loss of recreational marijuana legalization in Florida and ‘ongoing industry-wide price compression,” company leadership said during its quarterly earnings call last week.”

That means less rapid expansion and probably not as many new store openings in 2025 as originally hoped, co-CEO Bob Groesbeck said during the call, noting that the coming year’s focus will be on “increasing productivity of our footprint, particularly here in Florida” following the acquisition of VidaCann last year.

“2024 presented industry-wide challenges, including competition from the illicit market, the rise of intoxicating hemp products and significant price compression putting pressure on margins,” Groesbeck said.

As a result, Planet 13’s strategy has shifted, particularly because the company lost almost $50 million last year and now won’t be seeing a revenue boom in Florida, given that the state has remained medical-only following the November vote.

The company looks like they are holding onto optimism, and are still planning to take up shop in Florida eventually.

“Right now, our focus has to be Florida,” Groesbeck said. “We’re disappointed with the vote in November, but we still have close to 1 million cardholders here in Florida. And it’s a challenging market right now. And I think it requires our complete focus to really build these stores up and drive revenue and of course, get to the margins that we need.”