Planet 13 Holdings Inc (OTCMKTS: PLNHF) continues to make higher highs and higher lows in recent months as it currently sets just below its all time highs. On May 30 Planet 13 announced First Quarter 2019 Financial Results. Revenues were $13.8 million as compared to $3.6 million, an increase of 286% Gross profit before biological adjustments was $7.4 million or 53.8% as compared $1.6 million or 45.7%, an increase of 354%
Larry Scheffler, Co-CEO of Planet 13 commented, “The SuperStore is now drawing over 3,000 visitors per day and generating over $5 million a month in revenue. For the first two months of 2019, the SuperStore accounted for ~8.2% of all cannabis dispensary sales in Nevada.1 We fully expect to generate additional growth at the SuperStore as we continue to execute awareness initiatives and complete Phase II of our expansion plan, which is designed to generate strong traffic and incremental, high-margin revenue. Other companies are starting to recognize the value of being in our store. In Q1 we made a focused effort to start leveraging the Planet 13 Las Vegas SuperStore’s unique sales platform, highlighted by our exclusive launch of the Tyson Ranch brand. In our view, the SuperStore will rapidly become the only place to launch a national brand synonymous with the entertainment and excitement that Las Vegas is known for. With roughly 70% of the customers coming through the SuperStore each month originating from out of state, we expect the value of the platform to increase as it becomes a proven launchpad for national brands and by building awareness of our brands across the U.S. in advance of out-of-state expansion.”
Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) Planet 13 (www.planet13holdings.com) 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. Planet 13’s shares trade on the Canadian Stock Exchange (CSE) under the symbol PLTH and OTCQB under the symbol PLNHF.
Earlier this month Planet13 announced it has launched Planet M, a line of custom formulated and curated full-spectrum and CBD isolate products. Planet M will have CBD tinctures, edibles, topicals and more.
Planet M will initially be sold at select locations throughout the Fashion Show Mall, the 5th highest grossing mall per sq. ft. in America1. Selected locations in the Fashion Show Mall will promote Planet 13. The Planet 13 Cannabis Entertainment Complex (the “SuperStore”) will be home to a 2,000 sq. ft. flagship store featuring educational and experiential components. The flagship CBD store is a part of Phase II construction and is expected to be open in Q3 2019. Planet M will also soon be available online at planetmcbd.com for customers across the United States, where regulation allows. Customers who are introduced to Planet M in Las Vegas at the SuperStore will be able to purchase Planet M even after their vacations are over.
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The Company also 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. The Company recently reported record revenues of $4.4 million for Q2 2018. Planet 13’s highly rated dispensary generated a monthly compound growth rate of 7.8% through July 31, 2018, and revenue of $8 million in the first six months of 2018.
On June 5 Planet13 announced it served an average of 2,095 customers per day in May at an average ticket of $90.63. Larry Scheffler, Co-CEO stated:
“May SuperStore results were fantastic exceeding the 2,000 customers per day at $75 average ticket we guided to when opening the SuperStore. The SuperStore saw over 100,000 visitors in May, 71% from states outside of Nevada, 15% from outside the United States. It is the perfect platform to launch a national brand. Tyson Ranch, which is sold exclusively in the SuperStore, is now 5th highest selling flower and the 4th highest selling pre-roll in Nevada1. Proof of what a high-quality 3rd party brand can do when on the SuperStore’s platform. Between Tyson Ranch and TRENDI2 the SuperStore is now the exclusive seller of a top 5 brand in three product categories. We expect over the course of the year to announce innovative marketing agreements with well-known companies that will develop lasting connections with the SuperStore’s unique customer base and to introduce more of our own branded products targeting additional product categories.”
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Currently trading at a $152 million market valuation Planet 13 Holdings is an exciting cannabis Company that operates a medical and recreational dispensary in Las Vegas which has brought $13.8 million in revenues for the first quarter of 2019. Planet 13 recently announced it served an average of 2,095 customers per day at its Las Vegas superstore in May at an average ticket of $90.63. Planet 13 Holdings has quickly attracted a fast growing shareholder base who believes this one goes higher. 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