David Loop
About David Loop
David Loop (age 66) has served on Planet 13 Holdings Inc.’s Board since June 2024 following the VidaCann acquisition; he resides in Jacksonville, Florida and is a member of the Audit and Compensation Committees . He has spent his career in horticulture, leading Loop’s Nursery & Greenhouses since the 1980s and was instrumental in founding VidaCann in 2017, bringing greenhouse-grown cannabis practices to Florida; he holds B.S. degrees in Economics and Horticulture from North Carolina State University . As of the 2025 proxy, Loop is considered a non-independent director under NI 52-110 and Nasdaq rules due to prior executive service and related-party relationships .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Loop’s Nursery & Greenhouses, Inc. | Chief Executive Officer; long-time leadership | Since 1980s; CEO from 1983 | Grew nursery into top 100 U.S. greenhouse facilities; introduced new varieties and production techniques |
| VidaCann LLC | Founding leadership; former executive | Instrumental in founding (2017); Co-President of Florida Operations (May 9, 2024 – Apr 1, 2025) | Helped gain early Florida medical cannabis license; transitioned to Board role post-acquisition |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Aris Horticulture | Director | Since 2022 | Board service |
| North Florida Farm Credit | Advisory Board Member | Since 2020 | Advisory role |
| Jacksonville Civic Council | Member | Not disclosed | Civic engagement |
Board Governance
- Committee assignments: Audit Committee member (Kevin Martin, Chair); Compensation Committee member (Adrienne O’Neal, Chair). Loop joined the Compensation Committee on April 1, 2025 after resigning his executive role; he is non-independent for both committees .
- Independence: Not independent under NI 52-110 and Nasdaq Rule 5605 due to former executive role and other relationships; Board composition includes two independent directors (O’Neal, Martin) and three non-independent (Groesbeck, Scheffler, Loop) .
- Attendance: The Board and committees held 30 meetings in 2024 and each director attended 100% of Board and committee meetings; Audit Committee held 5 meetings in 2024; Compensation Committee held 2 meetings in 2024 .
- Audit Committee scope includes oversight of related-party transactions—a notable consideration given Loop’s related-party dealings detailed below .
Fixed Compensation
| Component | Amount/Disclosure | Notes |
|---|---|---|
| Annual cash retainer for non-employee directors | $100,000 | Payable quarterly; no additional amounts for committee participation or special assignments |
| Meeting fees | None | Not provided under program |
| Equity compensation (directors) | None disclosed for 2024 | Non-employee director table shows no stock or option awards in 2024 |
| Loop’s specific director fees (2024) | Not applicable | He was an executive during 2024; individual director fees for Loop not reported for that period |
Performance Compensation
| Metric Category | Director Application | 2024 Disclosure |
|---|---|---|
| Short-term/annual performance metrics (e.g., revenue, EBITDA, TSR) | Not applicable to directors | No director performance-based compensation disclosed; director pay is fixed cash retainer |
| Equity awards (RSUs/Options to directors) | Not applicable in 2024 | Non-employee director table shows no equity awards for directors in 2024 |
The Compensation Committee uses independent consultants (Bedford Consulting Group) for executive program risk assessments; this pertains to executive, not director, pay .
Other Directorships & Interlocks
| Company/Institution | Role | Interlocks/Conflicts |
|---|---|---|
| Aris Horticulture | Director | No compensation committee interlocks disclosed with PLNH; general statement indicates none among PLNH executive officers; Loop is a former executive serving on PLNH’s Compensation Committee |
| North Florida Farm Credit | Advisory Board Member | No interlocks disclosed |
| Jacksonville Civic Council | Member | No interlocks disclosed |
Expertise & Qualifications
- Industry experience: Decades in horticulture; scaled Loop’s Nursery to a top U.S. greenhouse; introduced production innovations .
- Cannabis domain expertise: Instrumental in founding VidaCann; early Florida medical license holder; greenhouse cultivation practices .
- Financial literacy: Audit Committee asserts all members are financially literate; Audit Committee includes independent financial expert Kevin Martin; Loop is non-independent but financially literate .
- Education: B.S. Economics and B.S. Horticulture, North Carolina State University .
Equity Ownership
| Holder | Shares Beneficially Owned | Right to Acquire Within 60 Days | % of Common Shares Outstanding | Breakdown of Holdings | Shares Outstanding (Record Date) |
|---|---|---|---|---|---|
| David Loop | 15,379,275 | None | 4.73% | 989,654 spouse; 12,534,708 Doris Wilson Loop Irrevocable Trust; 1,049,270 Loop’s Dispensaries LLC (sole voting/dispositive); 805,643 Loop’s Nursery & Greenhouse Inc. (shared voting/dispositive) | 325,363,800 |
- Hedging/derivatives: Company has no formal hedging policy; to the Company’s knowledge, no directors have purchased hedging instruments to offset declines in company stock; the Company may adopt a policy in future .
Related Party Transactions (Conflict Exposure)
| Type | Counterparty | Start/Key Dates | Terms/Payments |
|---|---|---|---|
| Long-term lease for Florida cultivation facility | Loop’s Nursery (primarily owned by David Loop) | Effective May 9, 2024 via VidaCann acquisition | Rent and related costs paid: $2,618,755 for nine months ended Sept 30, 2025; $883,601 for nine months ended Sept 30, 2024 |
| Related party notes payable | David Loop and Mark Ascik | Assumed May 9, 2024 via VidaCann acquisition | Notes: $750,000 each; interest paid totaled $84,452 combined for nine months ended Sept 30, 2025; $36,986 for nine months ended Sept 30, 2024 |
Audit Committee charter includes oversight of related party transactions, heightening sensitivity to Loop’s committee membership while being a related-party lessor and creditor .
Shareholder Voting Signal (2025 Director Election)
| Nominee | For | Withheld | Broker Non-Votes | Outcome |
|---|---|---|---|---|
| David Loop | 142,456,378 | 6,418,800 | 67,008,228 | Elected |
Governance Assessment
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Strengths:
- 100% attendance in 2024 across Board and committee meetings indicates engagement .
- Significant personal ownership (4.73%) aligns interests with shareholders .
- Audit Committee includes an independent financial expert (Kevin Martin), providing financial oversight competence .
- Use of independent compensation consultant for executive pay risk (Bedford Consulting Group) suggests process rigor .
-
Red flags and risks:
- Non-independence: Loop is classified as not independent under NI 52-110 and Nasdaq rules and serves on Audit and Compensation Committees, which may weaken perceived committee independence .
- Related-party exposure: Material lease payments to Loop’s Nursery ($2.62M in 9M 2025) and notes payable/interest to Loop create conflict risk; oversight resides with the Audit Committee on which he serves .
- Hedging policy gap: No formal restriction on hedging; while the Company states no known hedging, absence of policy is a governance gap relative to best practices .
- Director compensation transparency: The program is cash-only for non-employee directors, but Loop’s individualized director fees for 2025 are not disclosed in the 2024 compensation table due to executive status, limiting clarity on his current director pay alignment .
Overall, Loop’s operational expertise and ownership stake are positives, but his non-independence combined with related-party transactions—especially while sitting on committees tasked with oversight—are notable governance concerns for investor confidence .