What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-03-25 compared with 2025-03-26 · 100 added, 45 removed, 897 unchanged (14% of the section changed)

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Additionally, in California, our subsidiaries hold one medium indoor cultivation license, one manufacturing license, two distribution licenses, one dispensary license, and one event organizer license.

In Florida, our subsidiary holds one Medical Marijuana Treatment Center license that allows us to operate an unlimited number of medical dispensary locations (30 locations were in operation as of December 31, 2024), and operate multiple cultivation facilities ( one is currently operational and approved by state regulators) and operate multiple manufacturing facilities (one currently operation as of December 31, 2024)

In Florida, our subsidiary holds one Medical Marijuana Treatment Center license that allows us to operate an unlimited number of medical dispensary locations (33 locations were in operation as of December 31, 2025), and operate multiple cultivation facilities ( one is currently operational and approved by state regulators) and operate multiple manufacturing facilities (one is currently operational as of December 31, 2025).

In Illinois, our subsidiary holds one adult-use dispensing license.

We currently sell over 154 different strains of cannabis (the majority of which are grown in our cultivation facilities) and have a customer-loyalty database of over 385,000 customers.

We own and manufacture cannabis products under the following brands:

HaHa (gummies and beverages), Dreamland (chocolates), TRENDI (vapes and concentrates), Medizin (flower, vapes, concentrates), Leaf and Vine (vapes).

We currently own and manufacture cannabis products under the following brands:

HaHa (gummies and beverages), Dreamland (chocolates), TRENDI (flower, vapes and concentrates), Medizin (flower, vapes, and concentrates), Leaf and Vine (flower and vapes) and have a customer-loyalty database of over 485,000 customers.

The following table presents the inter-corporate relationships between us and our subsidiaries as of the date hereof.

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Intellectual property holding company

Estate of Las Palmas LLC

Real estate holding company

Club One Three, LLC

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No securities were issued in connection with the Short Form Amalgamation.

On September 15, 2023 we filed articles of domestication and articles of incorporation with the Secretary of State of the State of Nevada and changed our jurisdiction from the Province of British Columbia, Canada, to the State of Nevada, pursuant to a court-approved plan of arrangement.

For further information, see “ Nevada Domestication ”.

Prior to the completion of the Business Combination, the only active business operations of Carpincho was to carry on activities as a venture capital company seeking assets or businesses with good growth potential to merge with or acquire.

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Our internal investigation regarding the El Capitan matter remains ongoing, and we may uncover additional material information as the investigation moves forward.

Recent Developments

2024 Opening of DAZED!

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On December 26, 2024, Planet 13 announced the opening of Planet 13 Panama City, its 30th dispensary in Florida and 34th nationwide.

Recent Developments

2025 Opening of Dispensary in Port Richey, Florida

On March 27, 2025, Planet 13 announced the opening of Planet 13 in Port Richey, Florida.

2025 Opening of Dispensary in Orange Park, Florida

On April 2, 2025, Planet 13 announced the opening of Planet 13 in Orange Park, Florida.

2025 Opening of Dispensary in Edgewater, Florida

On April 30, 2025, Planet 13 announced the opening of Planet 13 in Edgewater, Florida.

2025 Closure of Two Miami Dispensaries

Planet 13 closed its two Miami dispensaries June 2025 as part of an operational restructuring and market optimization strategy.

Launch of HaHa Soft Chews in Florida

In September 2025, Planet 13 launched its HaHa branded soft chew edible products at its dispensary locations across Florida.

The products, which include multiple THC and THC/CBD formulations, expand Planet 13’s portfolio of branded cannabis edibles in the Florida medical cannabis market.

Planet 13 also announced plans to introduce additional edible products, including sugar-free HaHa soft chews and Dreamland branded chocolates, as part of its strategy to expand branded product offerings in key markets.

2025 Opening of Dispensary in Deland, Florida

On October 13, 2025, Planet 13 announced the opening of Planet 13 in Deland, Florida.

2025 Opening of Dispensary in Pace, Florida

On October 20, 2025, Planet 13 announced the opening of Planet 13 in Pace, Florida.

Planet 13 Launches Exclusive Partnership to Bring ONI ’ s Renowned Products to Florida

In November 2025, the Company entered into a partnership with Praetorian Global, Inc.

to launch ONI-branded cannabis products exclusively at the Company’s Florida dispensaries.

The collaboration introduces ONI’s “Private Stock – Powered by ONI Genetics” product line to Florida’s medical cannabis market, including solventless hash rosin vape products and cold cure rosin, with initial product availability beginning in November 2025 and additional product launches expected in 2026.

The partnership expands the Company’s branded product offerings and supports its strategy of providing premium cannabis products across its retail footprint in Florida.

Overview of the Company ’ s Cannabis Business

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We are in the process of closing the facility and have taken an impairment charge of $1,763,901 during the year ended December 31, 2024, with respect to the closure of this facility.

Following the Arrangement which closed on March 2, 2022, we, through our wholly-owned subsidiary, Next Green Wave, LLC (“ NGW, LLC ”), which is licensed by the State of California to produce, distribute and sell products throughout the State, cultivate and process our cannabis products at our 35,875 square foot facility on one of the four properties utilized by us and zoned for cannabis cultivation in the City of Coalinga, California (“ Facility A ”).

Facility A enables us to cultivate medicinal and adult-use cannabis and distribute cannabis products in accordance with the requirements under the Medicinal and Adult Use Cannabis Regulation and Safety Act, throughout the State of California.

As part of our Florida expansion, on July 1, 2022, we closed on a $3,300,000 purchase of a 23-acre parcel of real property, inclusive of a 10,500 square foot building, near Ocala, Florida.

We are in the beginning stages of establishing our cultivation operations at this property as we continue to strategically select dispensary locations across the State of Florida.

Our six Nevada production licenses operate at three licensed production facilities, each location operating jointly under a medical and adult-use cultivation license.

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Cultivation/Production

Consumption Lounge

Clark County, NV

June 30, 2026

Consumption Lounge

Clark County, NV

June 30, 2026

Medical / Adult-Use Retailer

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Our principal products are cannabis and cannabis-infused items sold to consumers in the medical and retail cannabis markets in the State of Nevada.

We sell more than 154 strains of cannabis, up to 60 of which are grown in-house by us.

Co-located with the Planet 13 Las Vegas Superstore complex, we operate a customer-viewable production facility manufacturing wholesale edible and concentrate products, include the TRENDI line, the Leaf & Vine line Dreamland Chocolates, HaHa gummies and sparkling beverages.

Co-located with the Planet 13 Las Vegas Superstore complex, we operate a customer-viewable production facility manufacturing wholesale edible and concentrate products, include TRENDI, Leaf & Vine, Dreamland Chocolates, HaHa gummies and infused beverages.

These products are sold in-store and wholesale to other dispensaries in Nevada.

We also operate the Medizin dispensary, reopened in November 2020, and operate the Planet 13 OC Superstore dispensary in Santa Ana, California which opened on July 1, 2021, and operate the Planet 13 dispensary in Waukegan, Illinois,

In Florida we operate 30 medical dispensaries throughout the state that encompass over 80,000 square feet of retail space and offer up to 79 unique strains grown by us to medical patients.

Through our cultivation and production facilities in Nevada and California, we manufacture and sell brands at wholesale to licensed dispensaries in addition to selling these products in our own dispensaries.

In Florida we operate 33 medical dispensaries throughout the state that encompass over 80,000 square feet of retail space.

Through our cultivation and production facilities in Nevada, we manufacture and sell brands at wholesale to licensed dispensaries in addition to selling these products in our own dispensaries.

Our cultivation and production facilities in Florida supply products exclusively to our 33 medical dispensaries in the state.

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Human Capital

As of December 31, 2024, we employed approximately 900 full-time and 100 part-time employees, and we anticipate that number will increase as we expand our operations in California, Florida, Illinois, and Nevada.

As of December 31, 2025, we employed approximately 641 full-time and 83 part-time employees, and we anticipate that number will decrease as we divest our operations in California.

Full time employees are distributed among several departments, including sales, management and administration, security, cultivation, operations, marketing, facilities, human resources, finance, accounting and legal.

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We utilize professional services, industry groups, social media, local job fairs, and educational organizations across the country to find diverse, motivated, and responsible employees.

It is a requirement that all of our employees pass background checks and drug screening.

All employees must successfully complete background checks and drug screening as required by company policy and applicable regulations.

To support the advancement of our employees, we offer training and development programs encouraging advancement from within.

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Similarly, the SAFE Banking Act, aimed at providing cannabis businesses with access to traditional banking services, has been reintroduced but remains stalled, leaving many cannabis businesses operating in cash-only environments.

As of February 13, 2025, if the DEA moves forward with rescheduling or Congress advances legalization efforts, it could mark the most significant shift in federal cannabis regulation in decades.

While the future of federal cannabis policy remains in flux, 2025 could be a pivotal year for reform.

If key decisions—such as DEA rescheduling or congressional action—move forward, it could reshape the legal landscape of cannabis in the United States.

Until then, the industry continues to navigate complex regulatory and financial hurdles as it awaits definitive federal action.

In December 2025, President Trump issued an Executive Order directing the U.S.

Attorney General to expedite the administrative review process concerning the potential rescheduling of marijuana from Schedule I to Schedule III under the Controlled Substances Act, following a 2023 recommendation by the U.S.

Department of Health and Human Services.

Any such change remains subject to completion of the formal rulemaking process led by the U.S.

Drug Enforcement Administration and other relevant federal agencies.

As of early 2026, federal cannabis policy continues to evolve, and potential actions by the DEA or Congress could represent the most significant regulatory shift in decades.

Until definitive action is taken, the cannabis industry continues to operate within a complex and fragmented regulatory environment while monitoring developments at the federal level.

In addition to federal illegality and uncertainty of state-driven legalization frameworks for cannabis operators within the U.S., it may potentially be a violation of federal anti-money laundering statutes for financial institutions to take any proceeds from the sale of cannabis or any other Schedule I controlled substance.

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2860), broadening its regulatory scope.

The Senate Banking Committee advanced the SAFER Banking Act in late 2024, but as of February 13, 2025, it has yet to receive a full Senate vote.

The Senate Banking Committee advanced the SAFER Banking Act in late 2024, but as of March 1, 2026, it has yet to receive a full Senate vote and has not been enacted into law.

While momentum for cannabis banking reform continues, financial institutions remain restricted in providing services to the industry, creating operational challenges and cash-handling risks for cannabis businesses.

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Most recently, the Joyce Amendment was renewed through the signing of the Consolidated Appropriations Act, 2024 in January 2024, extending protections for the medical cannabis industry through the current fiscal year.

The amendment, which has been included in federal spending bills since FY 2015, continues to prevent the Department of Justice from using congressionally appropriated funds to interfere with state-legal medical cannabis operations.

The amendment has continued to be included in subsequent continuing resolutions and federal appropriations legislation, including funding measures for fiscal year 2025, and, as of March 2026, remains in effect.

The amendment, which has been included in federal spending bills since FY 2015, prevents the Department of Justice from using congressionally appropriated funds to interfere with state-legal medical cannabis operations.

However, the protection applies only to medical cannabis programs and must be renewed through future appropriations legislation, and therefore remains subject to potential lapse.

However, its future remains uncertain as broader federal cannabis reform efforts, including the SAFE Banking Act and descheduling proposals, continue to face legislative challenges.

As of February 13, 2025, more than half of U.S.

In May 2024, the U.S.

Department of Justice, following a recommendation from the U.S.

Department of Health and Human Services, initiated formal rulemaking proceedings to reschedule cannabis from Schedule I to Schedule III under the Controlled Substances Act.

The proposed rule was published in the Federal Register and a public comment period was completed.

As of March 2026, a final rule has not yet been issued and the rescheduling has not taken effect.

If cannabis is ultimately rescheduled to Schedule III, such action would not constitute full federal legalization but could have significant implications for the industry, including the potential elimination of Internal Revenue Code Section 280E limitations on the deductibility of ordinary business expenses.

There can be no assurance as to the timing or outcome of this rulemaking process.

As of March 1, 2026, more than half of U.S.

states have legalized cannabis for adult use, and an even greater number permit medical cannabis.

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It was anticipated that the federal government would eventually repeal the federal prohibition on cannabis and thereby leave the states to decide for themselves whether to permit regulated cannabis cultivation, production and sale, just as states are free today to decide policies governing the distribution of alcohol or tobacco.

However, there can be no assurance that comprehensive federal legalization or descheduling will occur.

We intend to abide by the following to ensure compliance with the guidance provided by the Cole Memorandum:

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The DOT oversaw regulation of cannabis operations until the CCB took over on July 1, 2020.

As of October 5, 2020, all five members of the CCB were appointed by the Nevada Governor.

The Nevada Cannabis Compliance Board (“ CCB ”) continues to serve as the sole regulatory authority for licensing, regulation and enforcement of cannabis operations in Nevada.

In February 2017, the state announced plans to issue “early start” recreational marijuana establishment licenses in the summer of 2017.

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Starting on July 1, 2017, medical and adult-use marijuana became subject to a 15% excise tax on the first wholesale sale (calculated on the fair market value) and adult-use cannabis is subject to an additional 10% special retail marijuana sales tax in addition to any general state and local sales and use taxes.

These tax structures remain in effect as of March 2026, subject to potential legislative amendment.

The regular retail marijuana program began in early 2018.

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Those statutes are currently codified at NRS 678A, B, C and D.

On July 21, 2020, the CCB adopted final Nevada Cannabis Compliance Regulations 1 through 14 (“ NCCR ”) which are substantially similar to the former Nevada Administrative Code Sections 453A and 453D, and continue to govern operational compliance, ownership, and licensing matters, subject to periodic amendment by the CCB.

In response to industry feedback, on October 20, 2020, the CCB amended NCCR 5 to give clarity regarding public company ownership of Nevada cannabis companies.

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Additionally, the CCB requires an updated list of all beneficial owners, regardless of amount or type of ownership, but if a list of all beneficial owners cannot be obtained through reasonable cost and/or effort, the publicly traded company must provide an updated NOBO list as of the annual meeting record date, and explain why it cannot provide a list of all beneficial owners through reasonable cost and effort.

These reporting and disclosure requirements for publicly traded cannabis companies remain in effect as of March 2026.

Nevada does not have any U.S.

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Background checks are waivable at the discretion of the CCB for individuals having less than 5% ownership interest.

The last background check waiver approval received from CCB was a request we submitted on November 30, 2020 in relation to the acquisition of the conditional Nevada distribution license acquired from WCDN, but which extended to all shareholders holding less than 5% ownership interest.

We also submitted a background check waiver request to the CCB on January 3, 2022 in relation to the Arrangement Agreement, which may or may not be acted upon by the CCB (see “ Risk Factors ”).

The CCB retains authority to require investigation and suitability determinations for beneficial or direct ownership interests where deemed appropriate.

Although the CCB has not chosen to exercise their authority to require a background check on ownership interests in public cannabis companies that remain under 5% and do not otherwise exercise control over a Nevada cannabis licensee, the CCB does have authority to require a licensee to investigate and submit any ownership interest, beneficial or direct, for CCB approval.

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Additionally, the Nevada Cannabis Compliance Board (CCB) has continued to oversee the state’s cannabis industry, ensuring strict regulation of licensing and operations to protect public health and safety.

The composition of the CCB may change from time to time based on gubernatorial appointments.

As of January 21, 2025, the CCB welcomed Major General Ondra L.

Berry as a new board member, appointed by Governor Lombardo.

Berry as a new board member, appointed by Governor Lombardo, who was subsequently appointed Chair of the CCB in December 2025.

In January 2026, L.

Kristopher Rath was appointed to the Board.

During 2025, Nevada also enacted additional cannabis legislation, including Assembly Bill 76, Senate Bill 157 and Senate Bill 168, which revised certain licensing, operational, packaging, labeling and testing requirements.

These developments reflect Nevada's ongoing efforts to adapt its cannabis regulations, balancing industry growth with public safety considerations

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All medical cannabis sales are made subject to the recipient holding a registry identification card issued by the State of Nevada as defined at NRS 678C.080.

We are permitted to sell medical cannabis products to non-Nevada patients as non-Nevada patients are permitted reciprocity under NRS 678C.470.

We are permitted to sell medical cannabis products to non-Nevada patients as non-Nevada patients are permitted reciprocity under NRS 678C.470, subject to compliance with verification and documentation requirements imposed by the CCB.

Nevada Reporting Requirements

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94, known as Medicinal and Adult-Use Cannabis Regulation and Safety Act (“ MAUCRSA ”), which amalgamates MCRSA and AUMA to provide a set of regulations to govern a medical and adult-use licensing regime for cannabis businesses in the State of California.

At that time the four agencies that regulated marijuana at the state level were the Bureau of Cannabis Control (“ BCC ”), California Department of Food and Agriculture, California Department of Public Health, and California Department of Tax and Fee Administration.

MAUCRSA came into effect on January 1, 2018.

California’s cannabis industry is currently regulated by the Department of Cannabis Control (“ DCC ”), which serves as the sole state licensing authority for commercial cannabis activity.

One of the central features of MAUCRSA is known as “local control.” In order to legally operate a medical or adult-use marijuana business in California, an operator must have both a local and state license.

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With the passage of AB 141 on July 12, 2021, the California Licensing Agencies were consolidated into the Department of Cannabis Control (“ DCC ”).

On September 8, 2021, the DCC announced proposed emergency regulations to move all cannabis regulations into Title 4 of the California Code of Regulations, with a stated goal of consolidating and improving the regulations.

Effective November 7, 2022, the DCC made permanent the emergency regulations adopted on September 27, 2021, and March 28, 2022.

The DCC adopted a consolidated regulatory package that streamlines and simplifies cannabis regulations, eases burdens for licensees, and enhances consumer and youth protections.

DCC proposed changes to the current regulations are available to track online at:

https://cannabis.ca.gov/cannabis-laws/rulemaking/ .

On September 8, 2021, the DCC announced proposed emergency regulations to move all cannabis regulations into Title 4 of the California Code of Regulations.

Effective November 7, 2022, the DCC made permanent the emergency regulations adopted on September 27, 2021, and March 28, 2022, and implemented a consolidated regulatory framework under Title 4.

The DCC continues to amend and refine these regulations periodically through formal rulemaking processes.

Proposed and adopted regulatory changes are published by the DCC in accordance with California administrative law procedures.

MAUCRSA allows local municipalities and jurisdictions to authorize the on-site consumption of cannabis by state-licensed retailers and/or microbusinesses.

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Additionally, the Unified Cannabis Enforcement Task Force seized over $254 million worth of unlicensed cannabis products throughout the year.

Enforcement activity has continued through 2025 and 2026, with a focus on illicit market suppression, track-and-trace compliance, and consumer safety.

In October 2024, Governor Gavin Newsom signed Assembly Bill 1775, effective January 1, 2025, allowing cannabis dispensaries and lounges to prepare and sell non-psychoactive food and non-alcoholic beverages, and to host live music and performances.

This legislation aims to boost revenue for legal dispensaries and provide consumers with enhanced experiences.

During 2025, California enacted and implemented several significant regulatory changes affecting the cannabis industry.

These included legislation maintaining the state’s cannabis excise tax at 15% through 2028, as well as new restrictions on hemp-derived cannabinoids that subject certain products to full cannabis regulatory requirements.

The DCC also continued to advance regulatory reforms, including the phase-out of provisional licenses by January 1, 2026 and the adoption of new product standards, while ongoing rulemaking and enforcement initiatives have focused on product safety, supply chain transparency and compliance.

California Reporting Requirements

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The Florida Statutes Section 381.986(8) provides a regulatory framework that requires licensed producers, which are statutorily defined as “Medical Marijuana Treatment Centers”, to cultivate, process and dispense medical cannabis in a vertically-integrated marketplace.

Florida remains one of the few large medical-only cannabis markets that mandates vertical integration at the license level.

Licenses are issued by the Office of Medical Marijuana Use (“ OMMU ”) and must be renewed biennially.

License holders can only own one license.

Each MMTC license authorizes statewide operations under a single vertically integrated structure.

Currently, the dispensaries can be in any geographic location within the state, provided that the local jurisdiction’s zoning regulations authorize such a use, the proposed site is zoned for a pharmacy and the site is not within 500 feet of a school.

Local governments may impose additional zoning or location restrictions consistent with state law.

The MMTC license permits us to sell medical cannabis to qualified patients to treat certain medical conditions in Florida, which are delineated in Florida Statutes Section 381.986.

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Only qualified physicians who have successfully completed a medical cannabis educational program can register patients on the Florida Office of Medical Marijuana Use Registry.

In the November 5, 2024, election, Florida’s Amendment 3, which sought to legalize recreational marijuana for adults aged 21 and over, received 56% support from voters.

However, it failed to meet the 60% supermajority threshold required to amend the state constitution, resulting in the measure's defeat.

Following this outcome, proponents of marijuana legalization are considering a subsequent ballot initiative campaign for 2026.

The state continues to operate a regulated medical marijuana program, with ongoing discussions and legislative activities focused on potential reforms and expansions in the future.

As of March 2025, the Company operates thirty (30) dispensaries in Florida, expanding its retail footprint to serve medical cannabis patients across the state.

Additionally, two stores in Orange Park and Port Richey are pending state approval for opening with three more locations in Edgewater, Pace and Sarasota expected to open in the coming months pending county review and approval.

In the November 5, 2024 election, Florida’s Amendment 3, which sought to legalize adult-use cannabis for individuals aged 21 and over, received approximately 56% support from voters but failed to meet the 60% supermajority threshold required to amend the Florida Constitution.

As a result, adult-use cannabis remains illegal in Florida as of March 2026.

Advocacy groups have indicated potential plans to pursue a subsequent ballot initiative in a future election cycle, although there can be no assurance that any such initiative will qualify for the ballot or be approved by voters.

During 2025, Florida enacted Chapter 2025-204, Laws of Florida, which requires the OMMU to suspend or revoke the registrations of patients and caregivers in connection with certain controlled substance offenses, reflecting increased regulatory oversight of the medical cannabis program.

The OMMU and other regulators have continued to emphasize strict compliance with patient eligibility, product control and vertically integrated operations.

In addition, regulatory guidance and enforcement trends in 2026 have included increased scrutiny of MMTC advertising, marketing and operational practices, while additional legislative proposals remain under consideration.

As of December 31, 2025, the Company operates thirty (33) dispensaries in Florida, expanding its retail footprint to serve medical cannabis patients across the state.

Additionally, a store in Sarasota is expected to open in the coming months, subject to receipt of required state and county approvals.

Florida Reporting Requirements

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By June 2022, the Illinois Department of Agriculture (“ IDOA ”) has issued approximately 88 craft grower licenses in several tranches, along with infuser and transporter licenses.

Note that those applicants who did not win a craft grow license have since sued IDOA alleging a host of issues and arguments relating to the application and scoring process.

All such cases were consolidated for administrative purposes and are still pending ( In re Cannabis Craft Grow Litigation , Case No.:

22 CH 06071).

Certain unsuccessful craft grow applicants filed legal challenges relating to the application and scoring process.

These matters were consolidated for administrative purposes.

As of March 2026, Illinois has continued to advance licensing under the CRTA framework, although litigation and administrative proceedings relating to prior application rounds have contributed to delays and regulatory complexity.

There can be no assurance that additional legal challenges will not arise in connection with future licensing rounds.

On September 3, 2021, the Illinois Department of Financial and Professional Regulation (“ IDFPR ”) announced that 185 Conditional AUDO licenses have been awarded through three license lotteries that took place on July 29, 2021, August 5, 2021, and August 19, 2021 respectively.

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Conditional AUDO license holders are required to site and operationalize their dispensaries within 360 days of license receipt.

Illinois regulators have provided certain administrative extensions to conditional license holders in response to litigation, zoning challenges, financing constraints, and market conditions.

As of March 2026, the Illinois adult-use retail market continues to mature as conditional licensees transition to full operational status.

During 2025, Illinois transitioned to a new statewide seed-to-sale track-and-trace system, Metrc, to enhance inventory control, sales reporting and regulatory oversight across the cannabis supply chain.

The state also adopted updated adult-use cannabis regulations providing additional clarity for licensees and operators and continues to evaluate legislative changes affecting taxation, licensing and product definitions.

Illinois has experienced ongoing challenges related to licensing and social equity participation, including delays in the issuance of certain licenses, while unregulated hemp-derived THC products remain outside the state’s primary regulatory framework.

Illinois Reporting Requirements

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business