Planet 13 Hldgs Inc Nev

Thank you for standing by. Welcome to the Planet 13 Q3 2025 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, take your precious star followed by the number one on your telephone keypad. If you would like to withdraw your question, please press the star one again. Thank you. I would now like to turn the conference over to Mark Kandirsma, Head of Investor Relations, Please go ahead, sir.

Thank you. Good afternoon, everyone, and thanks for joining us today. Plan 13 Holdings Third Quarter 2025 financial results were released today. The press release, the company's quarterly report 10-Q, including the NB&A and financial statements, are available on the SEC's website, EDGAR, and CEDAR Plus, as well as on our website, plan13.com. Before I pass the call over to management, we'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, that it matches 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. They're made available with the United States Securities and Exchange Commission and on TDR+. We encourage listeners to read those statements in conjunction with today's call. As a result of these risks and uncertainties, the results or events predicted in these four looking statements may differ materially from actual results or events. In addition, we will refer to both GAAP and non-GAAP financial measures. For information regarding our non-GAAP financial measures and reconciliations and most directly comparable GAAP measures, please refer to today's press release posted on our website. 13 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 Grosbeck, co-chairman and co-CEO, and Steve McClay, interim CFO. I'll now pass the call over to Larry Scheffler, co-chairman and co-CEO. Larry, go ahead.

Good afternoon, and thank you for joining us. I'll cover our operational performance across the quarter. Steve will detail the financials, and Bob will discuss our strategic repositioning, including our decision to exit California and concentrate resources on our highest market returns. Highest return market, sorry. In Q3, our superstore, including Days, generated $9.8 million. Las Vegas paid significant headwinds. Visitor volume was down roughly 10% year over year in the quarter, with notable weaknesses in both tourist and local spending. As the destination experience historically focused on tourists, we felt these impacts acutely. In a typical quarter, we serve as approximately 80% tourists and 20% local. In Q3, this was down closer to 50-50 as the number of tourists declined. However, our efforts to attract more local traffic are beginning to gain traction, and we're seeing signs of pickup in tourism as well. October revenue increased 5% month over month, an early but encouraging sign that repositioning is working. Our neighborhood store network delivered $11.3 million in revenue, with Florida representing $7.6 million of that total. Q3 marked the low point. for our Florida operations as we work through the final impacts of our previously discussed flower quality issues. We are now seeing tangible improvements. October sales were 8% higher than the average Q3 month as better flower quality drives customer reacquisition. Our BHO lab comes online by year end. completing our product portfolio with a full range of concentrates and extracts that Florida customers expect available in Q1 2026. This should build on the Q4 momentum we're already seeing. Outside our two core markets, Illinois was a bright spot with revenue up 9% sequentially from Q2. Combined, our superstore and neighborhood network generated $21.1 million in total retail revenue. compared to 23.9 million in Q2. Wholesale revenue was 2.2 million, down from 2.7 in Q2. This decline reflects two primary factors. First, we purposely began winding down California operations during the quarter, which resulted in selling through aged inventory at reduced prices. Second, in Nevada, the combination of our wholesale team restructuring that began in late Q2 and softer statewide retail performance impact our ability to negotiate with larger dispensary chains. Q3 was undoubtedly a challenging quarter, marked by difficult market conditions and our two largest markets. But we're already seeing signs of stabilization. October showed sequential improvement in both Las Vegas and Florida. Our VHL lab will be operational by year-end, and our decision to exit California removes a drag on resources and profitability. allowing us to focus capital and attention where we can deliver the strongest returns. We are far from where we want to be, but we are seeing the early indications in October that our strategic adjustments are taking hold. With that, I'll turn it over to Steve to walk through our financials. Thank you, Larry.