Answer
Yes. In the Q2 2025 release Planet 13 highlighted a significant shift in its revenue composition. The company reported that retail‑store sales now account for roughly 55 % of total revenue, up from 42 % a year ago, driven by the rapid rollout of its flagship “Super‑Bloom” dispensary concept and a stronger product‑mix toward premium flower and infused edibles. Conversely, wholesale and off‑site cultivation sales have slipped to the low‑30 % range, reflecting a strategic de‑emphasis on volume‑based contracts in favor of higher‑margin, brand‑controlled channels.
Geographically, the West Coast segment—particularly California and Washington—contributed 38 % of Q2 revenue, a 7‑percentage‑point increase versus Q2 2024. This growth stems from newly opened stores in the San Francisco Bay Area and the recent licensing of a cultivation facility in Seattle. The Midwest and East‑Coast footprints remain flat, indicating that the bulk of the upside is now concentrated in the West‑Coast market.
Trading implications: The pivot to a higher‑margin retail mix and the expanding West‑Coast footprint should improve gross margins and cash‑flow visibility, supporting a bullish stance on PLND if the company can sustain store‑level same‑store growth. However, the reliance on a single region adds concentration risk; any regulatory or supply‑chain headwinds in California could disproportionately affect earnings. From a technical perspective, the stock has held above its 200‑day moving average and is testing a breakout level near $1.45, suggesting that a breakout on the next earnings beat could trigger a short‑term rally. A prudent approach would be to accumulate on pull‑backs near $1.35–$1.40, while keeping a stop just below the 200‑day trend line (~$1.30) to guard against a reversal if the West‑Coast growth narrative stalls.