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Sunday, May 29, 2022

Planet 13 Holdings Inc. (OTCQB:PLNHF) One Exciting Cannabis Play

Planet 13 Holdings Inc., has been tearing up the charts in recent weeks as pot stocks heat up across the board and once again light up the markets.

On January 7 Planet 13 Holdings announced it served 1,430 customers per day in December with an average ticket above stated expectations. Planet 13’s TRENDI brand launched on November 12 with a focus on tourist customers. Demand for TRENDI has consistently exceeded supply, growing from ~1,700 units sold in November to over 5,000 units in December, resulting in a 260% month over month increase in revenue generated. The brand has 3 product types including disposable vapes and concentrates. The most popular product is a 0.3g Disposable Vape that caters to tourists who are only in Las Vegas for a short period and looking for a premium and discreet cannabis experience.

Bob Groesbeck, Co-CEO of Planet 13 said,

“We are very pleased with the trajectory of customer traffic and average ticket at the Superstore, having increased our December revenue and customer counts over November in what is always a seasonally slow period for Las Vegas convention and visitor traffic. With the Consumer Electronics Show kicking off a historically strong period on January 8th and our marketing efforts continuing to ramp-up, we expect to continue growing the number of customers served per day and amount of revenue generated.”

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.

In November Planet 13 celebrated the grand opening of its Planet 13 Superstore. 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 is located at 2548 W. Desert Inn Rd., only a few steps away from the heart of the famed Las Vegas Strip. Planet 13 recently received final site approval from both the State of Nevada and Clark County to open the Planet 13 Superstore. Phase 1 of the new entertainment complex features 40,000 square feet of multi-faceted entertainment space featuring interactive attractions and 16,500 square feet of cannabis retail space with 42 registers to serve the 2,000 customers that are forecasted to visit the Superstore on a daily basis. The forecast is based on a store with a comparable location. In phases 2 and 3, Planet 13 expects to add other unique attractions.

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Planet 13 Holdings has a joint medical and recreational dispensary with Medizin, located at 4850 W. Sunset Rd. #125, Las Vegas, NV. The dispensary has consistently been among the top-rated dispensaries in Las Vegas.

Bob Groesbeck, Co-CEO of Planet 13 recently commented:

“In Q3, our Medizin dispensary posted another quarter of sequential revenue growth with a solid gain in average daily traffic. We temporarily closed the Medizin location on October 29th to transfer its licenses to the Superstore. We have a very loyal base of customers at this location and are well-positioned to receive an additional license for Medizin that would enable us to reopen this highly rated1 dispensary and quickly regain this revenue and EBITDA. It is an exciting time to be a Planet 13 shareholder, with several catalysts set to hit before the end of 2018, including additional growth from the Superstore; December’s licensing results; and clarity regarding onsite consumption lounges. The Superstore is open and already generating substantial revenue, which will enable us to rapidly execute on these opportunities and enter Phase two of our Superstore expansion plan in the next year.”

In November Planet 13 Holdings Inc. announced financial results for the three and nine-month periods ended September 30, 2018. Revenues were $4.9 million for the 3 months ended September 20, 2018 up from $3.0 million for the same period last year, an increase of 63%

Larry Scheffler, Co-CEO of Planet 13 stated:

“We opened Phase 1 of the 40,000 square foot Planet 13 Superstore on November 1st, and over the first ten days are already well on our way to meeting our expectations for run-rate daily traffic and average ticket on minimal marketing,” said Larry Scheffler, Co-CEO of Planet 13. “Our thesis that a unique entertainment destination, proximity to the Las Vegas Strip, and a wide selection of Nevada’s best products would drive strong tourist traffic and spending has proven to be correct. We believe that we are just at the beginning of the growth curve at the Superstore and expect to continue to ramp both traffic and average ticket as we execute on our marketing program in the coming weeks. MJBizCon is this week, and our management team is ready to showcase the Superstore for the thousands of cannabis connoisseurs and investors who are in town.”

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Currently trading at a $193 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” brought in $4.9 million in revenues for the 3 months ended September 20, 2018. Planet 13’s TRENDI brand launched on November 12 and demand has consistently exceeded supply, growing from ~1,700 units sold in November to over 5,000 units in December, resulting in a 260% month over month increase in revenue generated.  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.

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

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