web analytics
8.5 C
Munich
Wednesday, December 1, 2021

Planet 13 Holdings Inc. (OTCQB:PLNHF) On The Move

Planet 13 Holdings Inc. (OTCQB:PLNHF) is on a fast rice in recent trading making a significant comeback since its April lows. The move up comes after the Company announces 1st quarter 2020 financial results.

Planet 13 recently announced s significant expansion with the acquisition of Newtonian Principles, Inc. resulting in Planet 13 acquiring a California cannabis sales license held by Newtonian, and 30-year lease for a dispensary in Santa Ana, California for a total price of $4mm of which Planet 13 paid an initial $1mm deposit.

Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) is a vertically integrated cannabis company based in Nevada, with award-winning cultivation, production and dispensary operations in Las Vegas – the entertainment capital of the world. Planet 13’s mission is to build a recognizable global brand known for world class dispensary operations, and a creator of innovative cannabis products. As the world’s largest cannabis dispensary, the Planet 13 Superstore offers a unique and awe-inspiring experience for visitors from around the globe.. The superstore features over 50 retail vendor and offers over 70 strains of cannabis.

On June 1 Planet 13 announced financial results for the 1st quarter 2020. The Company reported revenues for the period were $16.8 million as compared to $13.8 million for the same period last year, an increase of 21.4% the Company also reported net income before taxes of $0.3 million as compared to a net income of $0.1 million.

Bob Groesbeck, Co-CEO added, “Our objectives during this time have been to maintain a solid balance sheet, strengthen and grow our local customer base, expand alternative sales channels and set the Company up for growth on the other side of this pandemic. Prior to the impact of COVID-19 we were heading for another record month in March at the SuperStore and expect the momentum to resume as activity in the state continues to increase. Having renegotiated and closed the acquisition of the Santa Ana dispensary license and lease we’ve added meaningfully to our out-of-state growth profile. We look forward to bringing the Planet 13 experience to Californians. While COVID-19 continues to impact all businesses in Nevada, we see positive signs every day of a progressive return to normal activities. I want to thank our entire team for their efforts, as well as our customers for including us as a part of their daily lives.”

To find out the inside scoop on Planet 13 Holdings Subscribe to Microcapdaily.com Right Now by entering your Email in the box below

PLNHF

On May 21 Planet 13 announced that it has closed the previously announced, on April 17, 2020, acquisition of all of the issued and outstanding common stock of Newtonian Principles, Inc. resulting in Planet 13 acquiring a California cannabis sales license held by Newtonian, and 30-year lease for a dispensary in Santa Ana, California and certain other assets  from Warner Management Group, LLC.  Planet 13 has paid Warner $1,000,000 in cash and cancelled an interim buildout loan to Warner in consideration for the Warner Assets and has issued a total of 3,940,932 Class A Restricted shares in the capital of the Company representing an agreed value of $4,000,000, to certain vendors in consideration for the Newtonian Shares.

“Closing the Acquisition is a major step towards Planet 13’s first California location.  We’ve examined hundreds of locations and are confident in our ability to replicate the SuperStore experience at this location, introducing new customers to the Planet 13 brand,” said Bob Groesbeck Co-CEO of Planet 13. “At this time, due to COVID-19, we are not putting a timeline on the opening of the dispensary.  We have budgeted approximately six million dollars in CAPEX for the opening of the Santa Ana dispensary, leaving us plenty of cash on hand to manage any COVID-19 related impacts on the business.”

We have a Monster Pick Coming. Subscribe Right Now!

Currently trading at a $107 million market valuation Planet 13 Holdings is an exciting cannabis Company that operates the largest cannabis entertainment complex on planet earth dubbed as the “largest dispensary on earth” The Supertores has seen expetional growth and brought in $16.8 million for the 1st quarter 2020 up from $13.8 million for the same period last year, an increase of 21.4% Planet 13 is expanding with the recent acquisition of Newtonian Principles, Inc. resulting in Planet 13 acquiring a California cannabis sales license held by Newtonian, and 30-year lease for a dispensary in Santa Ana, California.We will be updating on Planet 13 when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Planet 13.

Sign Up now for our 100% FREE Penny Stock Newsletter

Disclosure: we hold no position in Planet 13 either long or short and we have not been compensated for this article

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Sign up now for our 100% FREE Penny Stock Newsletter

Privacy Policy. we will never share your email with anyone.