# EDGAR Filing Document

**Accession Number:** 0001813452
**File Stem:** 0001437749-26-009790
**Filing Date:** 2026-3
**Character Count:** 24204
**Document Hash:** 514153b9bd653b6cf36a028c6cc29a05
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-009790.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0001437749-26-009790

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250326

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Planet 13 Holdings Inc.
- **CENTRAL INDEX KEY:** 0001813452
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE PRODUCTION - CROPS [0100]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 832787199
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56374
- **FILM NUMBER:** 26792869

**BUSINESS ADDRESS:**
- **STREET 1:** 2548 WEST DESERT INN ROAD
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89109
- **BUSINESS PHONE:** 702-815-1313

**MAIL ADDRESS:**
- **STREET 1:** 4675 W. TECO AVE.
- **STREET 2:** SUITE 250
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89118

?xml version='1.0' encoding='ASCII'? plnh20251123_8k.htm

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): March 26, 2025**

---

| |
|:---|
| **PLANET 13 HOLDINGS INC.** |
| **(Exact name of registrant as specified in its charter)** |

---

---

| | | |
|:---|:---|:---|
| **British Columbia** | **000-56374** | **83-2787199** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification Number)** |

---

---

| | |
|:---|:---|
| **2548 West Desert Inn Road, Suite 100**<br> **Las Vegas, Nevada** | **89109** |
| **(Address of principal executive offices)** | **(Zip Code)**  |

---

**<u>(<u>**<u>702</u>**</u>) <u><u>**<u>815-1313</u>**</u>**</u></u>

**(Registrant**'**s telephone number, including area code)**&nbsp;&nbsp;&nbsp;&nbsp;

**<u>Not applicable</u>**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.424)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On March 25, 2026, Planet 13 Holdings Inc. (the "Company") announced via press release its results for the fourth quarter and year ended December 31, 2025. A copy of the Company's press release is hereby furnished and incorporated herein by reference as Exhibit 99.1.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Exhibits</u>

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press Release dated March 26, 2025.](ex_892476.htm) |
| 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | Planet 13 Holdings Inc. | Planet 13 Holdings Inc. |
| Date: March 25, 2026 | By: | */s/ Robert Groesbeck* |
|  | Name | Robert Groesbeck |
|  | Its: | Co-Chief Executive Officer |
| Date: March 25, 2026 | By: | */s/ Larry Scheffler* |
|  | Name: | Larry Scheffler |
|  | Its: | Co-Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![plth_ex991img2.jpg](plth_ex991img2.jpg)

**Planet 13 Announces Q4 2025 Financial Results** 

● *Q4 2025 Revenue of $25.2 million* 

● *Q4 2025 Net loss of $4.6 million* 

● *Q4 2025 Adjusted EBITDA loss of $0.3 million* 

*All results are reported in United States dollars ($) unless otherwise indicated.*

**Las Vegas, Nevada** – **March 25, 2026** – **Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH)** ("**Planet 13**" or the "**Company**"), a leading vertically-integrated cannabis company, today announced its financial results for the three-month and twelve-month periods ended December 31, 2025. Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP").

"Q4 began the turnaround we were looking for. Revenue stabilized across our footprint during a seasonally soft period, wholesale momentum returned in Nevada, and we exited the quarter with a cleaner, more focused portfolio. We still have a long way to go, but the foundation is in place and we are ready to build on it," stated **Larry Scheffler, Co-CEO of Planet 13**.

"or the first time in several years, the operational and regulatory environment is moving in the same direction as our strategy. The California exit removes a persistent drag, the BHO lab positions us to compete more effectively in Florida, and the federal posture on rescheduling represents the most consequential potential shift this industry has seen. Our focus in 2026 is to reach cash flow positive and demonstrate the earnings power of this portfolio," said **Bob Groesbeck, Co-CEO of Planet 13.**

------

**Financial Highlights** – **Q4** – **2025**

*Operating Results*

*All comparisons below are to the quarter ended December 31, 2024, unless otherwise noted*

● Revenues were $25.2 million as compared to $30.3 million, a decrease of 16.7%. The decrease in revenue was driven by the tourist environment in Las Vegas and competition in Florida.

● Gross profit was $11.2 million or 44.6% as compared to $13.1 million or 43.2%.

● Operating expenses were $13.1 million, as compared to $14.5 million.

● Net loss of $4.6 million as compared to a net loss of $26.4 million, which included impairment of $18.9 million.

● Adjusted EBITDA loss of $0.3 million as compared to Adjusted EBITDA of $0.0 million.

**Financial Highlights** – **Full Year 2025**

*Operating Results*

*All comparisons below are to the full year ended December 31, 2024, unless otherwise noted*

● Revenues were $103.4 million as compared to $116.4 million, an decrease of 11.2%. The decrease in revenue was driven by the tourist environment in Las Vegas and competition in Florida.

● Gross profit was $39.9 million or 38.6% as compared to $56.1 million or 48.2%. Gross margin declined due to weaker flower quality in Florida and increased competition and price compression.

● Total expenses were $59.9 million as compared to $61.3 million, a decrease of 2.2%.

● Net loss of $63.9 million as compared to a net loss of $47.8 million. Net Loss included $29.8 million in non-cash impairment charges.

● Adjusted EBITDA loss of $10.1 million as compared to Adjusted EBITDA of $4.8 million.

*Balance Sheet*

*All comparisons below are to December 31, 2024, unless otherwise noted*

● Cash of $15.6 million as compared to $23.4 million

● Total assets of $152.3 million as compared to $206.7 million

● Total liabilities of $101.2 million as compared to $94.0 million

------

**Q4 Highlights and Recent Developments** 

For a more comprehensive overview of these highlights and recent developments, please refer to Planet 13's *Management's Discussion and Analysis of the Financial Condition and Results of Operations for the Three and Twelve Months Ended December 31, 2025* (the "**MD&A**").

● On October 13, 2025, Planet 13 announced the opening of its dispensary in DeLand, Florida.

● On October 20, 2025, Planet 13 announced the opening of its dispensary in New Pace, Florida.

● On February 2, 2026, Planet 13 launched a new rewards program.

● On February 12, 2026, Planet 13 announced a substantially complete exit from California.

**Results of Operations (Summary)**

The following table sets forth consolidated statements of financial information for the three-month and full-year periods ended December 31, 2025 and December 31, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(Figures in millions** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Full Year Ended** | **For the Full Year Ended** | **For the Full Year Ended** |
| **and % change based** | **December 31,** | **December 31,** |  | **December 31,** | **December 31,** |  |
| **on these figures)** | **2025** | **2024** | **change** | **2025** | **2024** | **change** |
| Total Revenue | $25.2 | $30.3 | -16.7% | $103.4 | $116.4 | -11.2% |
| Gross Profit | $11.2 | $13.1 | -14.1% | $39.9 | $56.1 | -28.9% |
| Gross Profit % | 44.6% | 43.2% | 3.1% | 38.6% | 48.2% | -20.0% |
| Operating Expenses | $13.1 | $14.5 | -9.6% | $59.9 | $61.3 | -2.2% |
| Operating Expenses % | 52% | 48% |  | 58.0% | 52.7% | 10.1% |
| Net Loss Before Provision for Income Taxes | $(0.5) | $(25.1) | -98.2% | $(52.3) | $(35.6) | 46.8% |
| Net Loss | $(4.6) | $(26.4) | -82.5% | $(63.9) | $(47.8) | 33.7% |
| Adjusted EBITDA | $(0.3) | $(0.0) | 6324.5% | $(10.1) | $4.8 | -309.3% |
| Adjusted EBITDA Margin % | -1.2% | 0.0% |  | (9.7)% | 4.1% |  |

---

The Company's Annual Report on Form 10-K for the year ended December 31, 2025, is available on the SEC's website at *www.sec.gov* or at *https://investors.planet13.com/overview/default.aspx*. The Company's Management Discussion and Analysis for the year and the accompanying financial statements and notes are available under the Company's profile on SEDAR+ and on its website at *https://investors.planet13.com/overview/default.aspx*

This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.

------

**Conference Call** 

Planet 13 will host a conference call on March 25, 2026 at 5:00 p.m. ET to discuss its fourth quarter and full year financial results and provide investors with key business highlights, strategy and outlook. The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Steve Mclean, Interim CFO.

**CONFERENCE CALL DETAILS**

Date: March 25, 2026 \| Time: 5:00 p.m. ET

Call Registration Link: https://registrations.events/direct/Q4I9280322

**Non-GAAP Financial Measures** 

There are financial measures included in this press release that are not in accordance with GAAP and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. These non-GAAP financial measures should be considered as supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. The Company includes EBITDA and Adjusted EBITDA because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA is calculated as net income (loss) before interest, taxes, depreciation and amortization, and Adjusted EBITDA is calculated as EBITDA before share-based compensation, the change in fair value of warrants and one-time non-recurring expenses.

------

The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for each of the periods presented:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reconciliation of Non-GAAP Adjusted EBITDA** |  |  |  |  |  |  |
| **(Figures in millions** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Full Year Ended** | **For the Full Year Ended** | **For the Full Year Ended** |
| **and % change based** | **December 31,** | **December 31,** |  | **December 31,** | **December 31,** |  |
| **on these figures)** | **2025** | **2024** | **change** | **2025** | **2024** | **change** |
| Net Loss | $(4.6) | $(26.4) | -82.5% | $(63.9) | $(47.8) | 33.7% |
| Add impact of: |  |  |  |  |  |  |
| Interest expense | $(0.2) | $(0.0) | 369.2% | $0.5 | $0.3 | 43.1% |
| Provision for income taxes | $4.2 | $1.3 | 220.6% | $11.6 | $12.2 | -4.5% |
| Depreciation and amortization | $1.6 | $2.3 | -30.3% | $7.0 | $8.9 | -20.5% |
| Depreciation included in cost of goods sold | $1.1 | $1.3 | -15.8% | $4.4 | $4.6 | -4.5% |
| EBITDA | $2.1 | $(21.6) | -109.6% | $(40.4) | $(21.9) | 84.8% |
| Impairment losses | $- | $18.9 | -100.0% | $29.8 | $21.3 | 40.3% |
| (Gain)/Loss on sale of assets | $0.3 | $- | 0.0% | $2.4 | $- | 0.0% |
| **Gain on property recovered in legal settlements** | $- | $- | 0.0% | $(5.1) | $- | 0.0% |
| Reserve for slow moving inventory | $0.0 | $- | 0.0% | $3.6 | $- | 0.0% |
| Gain on settlement of Note Payable | $(1.3) | $- | 0.0% | $(1.3) | $- | 0.0% |
| Gain on early lease termination | $(2.6) | $- | 0.0% | $(2.6) | $- | 0.0% |
| Professional fees expensed related to M&A activities | $0.0 | $0.8 | -95.3% | $0.3 | $1.2 | -71.8% |
| Expenses related to El Capitan Matter | $0.0 | $0.6 | -97.2% | $0.7 | $2.6 | -72.0% |
| Loss related to discontinued Planet 13 Florida Inc operations | $- | $- | 0.0% | $- | $1.5 | -100.0% |
| Share-based compensation and related premiums | $1.2 | $1.3 | -12.1% | $2.3 | $0.2 | 1195.8% |
| Adjusted EBITDA | $(0.3) | $(0.0) | 6324.5% | $(10.1) | $4.8 | -309.3% |

---

**<u>About Planet 13</u>**

Planet 13 (https://planet13.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations across its locations in Nevada, Illinois, and Florida. Home to the nation's largest dispensary, located just off The Strip in Las Vegas, Planet 13 continues to expand its footprint with the recent debut of its first consumption lounge in Las Vegas, DAZED!, the opening of its first Illinois dispensary in Waukegan, bringing unparalleled cannabis experiences to the Chicago metro area. Planet 13 operates 30 dispensaries across Florida, a key market in its expansive footprint, bringing its total to 34 locations nationwide. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and innovative cannabis products. Licensed cannabis activity is legal in the states Planet 13 operates in but remains illegal under U.S. federal law. Planet 13's shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and are quoted on the OTCQX under the symbol PLNH. To learn more, visit planet13.com and follow Planet 13 on X @ShopPlanet13 and on Instagram @planet13official_.

------

***Cautionary Note Regarding Forward-Looking Information***

*This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are often, but not always, identified by phrases such* "*plans*"*,* "*expects*"*,* "*proposed*"*,* "*may*"*,* "*could*"*,* "*would*"*,* "*intends*"*,* "*anticipates*"*, or* "*believes*"*, or variations of such words and phrases. In this news release, forward-looking statements relate to the Company*'*s fourth quarter 2025 financial performance and expectations for future financial performance. Such forward-looking statements reflect what management of the Company believes, or believed at the time, to be reasonable assumptions and accordingly readers are cautioned not to place undue reliance upon such forward-looking statements and that actual results may vary from such forward-looking statements. These assumptions, risks and uncertainties which may cause actual results to differ include, among others, those assumptions, risks and uncertainties discussed under the heading* "*Risk Factors*" *in the Company*'*s Annual Report on Form 10-K/A for the year ended December 31, 2025 and any of the Company*'*s subsequent periodic reports filed with the U.S. Securities and Exchange Commission at www.sec.gov and on SEDAR+ at www.sedarplus.ca. Forward-looking statements contained herein are made only as to the date of this press release and we assume no obligation to update or revise any forward-looking statements should they change, except as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.*

**For further inquiries, please contact:**

LodeRock Advisors Inc., Planet 13 Investor Relations<br> mark.kuindersma@loderockadvisors.com

Bob Groesbeck and Larry Scheffler

Co-Chief Executive Officers

ir@planet13lasvegas.com

------

**PLANET 13 HOLDINGS INC.**

**Interim Condensed Consolidated Balance Sheets**

**(In United States Dollars)**

------

---

| | | |
|:---|:---|:---|
|  | **December 31,** | December 31, |
|  | **2025** | 2024 |
| **ASSETS** |  |  |
| Current Assets: |  |  |
| Cash | $**5325031** | $23384493 |
| &nbsp;&nbsp;&nbsp; Restricted Cash | **10250000** | 2050584 |
| Accounts Receivable | **1007891** | 1473156 |
| Inventory | **18138394** | 22821994 |
| &nbsp;&nbsp;&nbsp; Other Receivables | **3754563** |  |
| Prepaid Expenses and Other Current Assets | **2659056** | 4568816 |
| Total Current Assets | **41134935** | 54299043 |
| Property, Plant and Equipment | **34121678** | 63511423 |
| Intangible Assets and Goodwill | **42903931** | 48763931 |
| Right of Use Assets - Operating | **31489308** | 38229399 |
| Long-term Deposits and Other Assets | **829164** | 1033758 |
| Deferred Tax Asset | **1798654** | 896525 |
| **TOTAL ASSETS** | $**152277670** | $206734079 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **LIABILITIES** |  |  |
| Current: |  |  |
| Accounts Payable | $**7212187** | $7421921 |
| Accrued Expenses | **4632011** | 7285415 |
| Income Taxes Payable | **159080** | 139480 |
| Notes Payable - Current Portion | **9750000** | 8681684 |
| Operating Lease Liabilities | **1385566** | 1818588 |
| Total Current Liabilities | **23138844** | 25347088 |
| Long-Term Liabilities: |  |  |
| Operating Lease Liabilities | **43213442** | 46448666 |
| Other Long-term Liabilities | **1250433** | 1220722 |
| Uncertain Tax Positions | 33041402 | 19321475 |
| Deferred Tax Liability | **506836** | 1682207 |
| **Total Liabilities** | **101150957** | 94020158 |
| **Shareholders' Equity** |  |  |
| Common Stock, no par value, 1,500,000,000 shares authorized, 325,670,800 issued and outstanding at December 31, 2025 and 325,163,800 at December 31, 2024 | **-** |  |
| Preferred Stock, no par value, 50,000,000 shares authorized, 0 issued and outstanding at December 31, 2025 and 0 at December 31, 2024 |  |  |
| Additional Paid-In Capital | **371157826** | 368821339 |
| Deficit | **(320031113**) | (256107418) |
| Total Shareholders' Equity | **51126713** | 112713921 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $**152277670** | $206734079 |

---

------

**PLANET 13 HOLDINGS INC.**

**Interim Condensed Consolidated Statements of Operations and Comprehensive Loss**

**(In United States Dollars, except share amounts)**

------

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Revenues, net of discounts | $**103378829** | $116408966 |
| Cost of Goods Sold | **(63506121)** | (60298520) |
| **Gross Profit** | **39872708** | 56110446 |
| **Expenses:** |  |  |
| General and Administrative | **51624055** | 51171892 |
| Sales and Marketing | **5457591** | 5805721 |
| Lease Expense | **5186280** | 4511997 |
| Impairment loss | **29844227** | 21275942 |
| Depreciation and Amortization | **7048237** | 8860921 |
| **Total Expenses** | **99160390** | 91626473 |
| **Loss From Operations** | **(59287682)** | (35516027) |
| **Other Income (Expense):** |  |  |
| Interest income (expense), net | **(476721**) | (333082) |
| Foreign exchange gain (loss) | **(3113**) | (14942) |
| Other Income, net | **7487533** | 257438 |
| **Total Other Income (Expense)** | **7007699** | (90586) |
| **Loss Before Provision for Income Taxes** | **(52279983)** | (35606613) |
| **Provision For Income Taxes** |  |  |
| Current Tax expense | **(13721212)** | (14210082) |
| Deferred Tax recovery (expense) | **2077500** | 2019839 |
|  | **(11643712)** | (12190243) |
| **Net Loss and Comprehensive Loss** | $**(63923695)** | $(47796856) |
| **Loss per Share** |  |  |
| **Basic and diluted loss per share** | $**(0.20)** | $(0.16) |
| **Weighted Average Number of Shares of Common Stock** |  |  |
| **Basic and diluted** | **325338047** | 292166589 |

---

------

**PLANET 13 HOLDINGS INC.**

**Interim Condensed Consolidated Statements of Cash Flows**

**(In United States Dollars)**

------

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | December 31, 2024 |
| **CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES** |  |  |
| Net loss | $**(63923695)** | $(47796856) |
| Adjustments for items not involving cash: |  |  |
| Share based compensation | **2336487** | 180308 |
| Non-cash lease expense | **1993170** | 2047680 |
| Depreciation | **11399254** | 13414690 |
| Deferred tax recovery | **(1175371**) | (1829352) |
| Lease incentive amortization | **(9524)** | (109109) |
| Loss on impairment of fixed assets | **17580525** | 11885063 |
| Loss on impairment of ROU assets | **6403703** | 3239536 |
| Loss on impairment of intangible assets | **5860000** | 6151343 |
| Loss on disposal of intangible assets | **-** | 762091 |
| Loss on disposal of property and equipment | **1655818** | 78563 |
| Loss on disposal of assets held for sale | **767835** |  |
| Gain on settlement of note | **(1255677)** |  |
| Loss on reserve for slow moving inventory | **3619463** |  |
| Gain on early ROU lease termination | **(2630443)** |  |
| Recovery of property in legal settlement | **(4588328**) |  |
| Amortization of note payable discount | **206579** |  |
| Finders shares issued in VidaCann acquisition |  | 750000 |
|  | **(21760204)** | (11226043) |
| **Net Changes in Non-cash Working Capital Items** | **8991223** | 17469125 |
| Repayment of lease liabilities | **(1422907)** | (1032183) |
| **Total Operating** | **(14191888)** | 5210899 |
| **FINANCING ACTIVITIES** |  |  |
| Taxes paid in lieu of share issuance - RSUs | **-** | (45833) |
| Proceeds from public share issuance, net of share issuance costs | **-** | 9862207 |
| Net Cash From VidaCann Acquisition | **-** | 911715 |
| VidaCann Acquisition-Cash Component | **-** | (4000000) |
| Repayment of Lafayette State Bank Note | **(2947632)** |  |
| Draw from revolving line of credit | **9750000** |  |
| Payment of Promissory Note to former VidaCann Shareholders | **(5000000)** |  |
| **Total Financing** | **1802368** | 6728089 |
| **INVESTING ACTIVITIES** |  |  |
| Purchase of property, plant and equipment | **(6571865)** | (12044412) |
| Proceeds from sale of fixed assets | **2280846** | 21000 |
| Proceeds from sale of assets held for sale | **6820493** |  |
| Proceeds from sale of licenses | **-** | 8237909 |
| **Total Investing** | **2529474** | (3785503) |
| **NET CHANGE IN CASH DURING THE YEAR** | **(9860046)** | **8153485** |
| **CASH AND RESTRICTED CASH** |  |  |
| Beginning of Year | **25435077** | 17281592 |
| End of Year | $**15575031** | $**25435077** |

---