Planet 13 Hldgs Inc Nev

Good day, everyone, and welcome to the Planet 13 Q1 2025 Financial Results Conference call. Just a reminder, today's call is being recorded. At this time, I would like to hand the call over to Mr. Mark Kindersma. Please go ahead, sir.

Thank you. Good afternoon, everyone, and thanks for joining us today. Planet 13 Holdings, first quarter, 2025 financial results were released today. The press release, the company's quarterly report 10Q, including the NB&A and financial statements are available on the SEC website. Edgar and Cedar Plus, as well as on our website, plan13.com. Before I pass the call over to management, I'd like to remind listeners that portions of today's discussion include forward-looking statements. The forward-looking statements in this conference call are made as of the date of this call. There can be no assurances that such information will prove to be accurate, but management's expectations or estimates of future developments, circumstances, or results will materialize. Risk factors that could affect results are detailed in the company's public violence that are made available with the United States Securities and Exchange Commission's and on CDAR+. We encourage listeners to read those statements in conjunction with today's call. As a result of these risks and concerns, the results or events predicted in these four clicking statements may differ materially from actual results or events. In addition, we'll refer to both GAAP and non-GAAP financial measures. For information regarding our non-GAAP financial measures and reconciliation to the most directly comparable GAAP measures, please refer to today's press release posted on our website. Financial statements are presented in U.S. dollars, and the results discussed during this call are in U.S. dollars, unless otherwise indicated. On the call today, we have Larry Scheffler, co-chairman and co-CEO, Bob Gronsbeck, co-chairman and co-CEO, and Dennis Logan, CFO. I'll now pass the call over to Larry Scheffler, co-chairman and co-CEO of Plan 13. Larry, go ahead.

Hello, everyone, and welcome. We appreciate you taking the time to be with us. I'll start with a look at our operational performance before handing things over to Dennis for a deep dive into our financials. Bob will then take you through how we're adapting and executing on our strategy in today's volatile environment. In Q1 2025, the Superstore, including Dazed, delivered $11.2 million in revenue. Q1 was a challenging quarter in Las Vegas, with our visitor volume, per the Las Vegas Visitors Authority, reported down 7% year over year, in what is already a seasonably low part of the year. This translates into cannabis sales statewide for all operators down 9% year over year, with a disproportionate impact on the Las Vegas area. Despite the broader headwinds, our teams executed with discipline. Our diversified product mix, unique celebrity-focused products and events, and superior location are helping us defend our market share. Revenue from our neighborhood store network came in at $13.4 million, reflecting a 5% sequential decline from Q4, largely driven by seasonal trends. Declines in Nevada, California, and Illinois were offset by encouraging growth in Florida. This is early signs of the impact we're seeing from the upgrades and improvements we started making late last year. These new cultivation rooms are producing significantly improved flower quality, potency, and yield, which is fundamental to us regaining the market share in Florida, a core priority to us. Across the Superstore and our neighborhood network, total retail revenue reached $24.6 million compared to $26.9 million in Q4 2024. While this market is certainly challenging, we are pleased with our relative performance, especially in our core states of Nevada and Florida. We generated $3.4 million from wholesale in Q1, consistent with 3.4 million in Q4. In a quarter where both our wholesale markets were down over 3% sequentially, this is a strong performance, illustrative of the difference of our branded products in Nevada. Our performance was led by our medicine and ha-ha brands, which both saw strong growth year over year. In addition, We augmented our popular in-house brands with celebrity brands that have significant built-in customer following, like Khalifa Kush. In California, our performance is driven by our ability to flex a low-cost cultivation facility in California to maximize our yields. While consumer softness and industry-wide price compression continue to pressure the market, we remain confident in our ability to execute. Backed by commitment to product quality and brand strength, excuse me, we are taking proactive measures to adapt, innovate, and reinforce our leadership in this dynamic environment. With that, I'll turn it over to Dennis to walk through our financials.