Planet 13 Holdings Inc. (OTCQB:PLNHF) is running up the charts on a massive surge of volume transforming in recent days into one of the top most traded stocks in small caps. We reported on Planet 13 earlier this year after the Company raised $10 million CAD which will help with their planned dispensary in Santa Ana, California.
Planet 13 has seen a recent surge higher after the Company reached a settlement of its ongoing lawsuit against the Nevada Department of Taxation and other parties which subsequently joined the litigation. As part of the Settlement, Planet 13 is receiving one provisional adult-use dispensary license in unincorporated Clark County, Nevada. The License will be used to re-open Planet 13’s former dispensary located at 4850 Sunset Road in Las Vegas, Nevada that closed on October 30, 2018.
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.
The Company is doing significant numbers announcing financial results for the three-month and twelve-month periods ended December 31, 2019. For Q4 revenues were $16.5 million as compared to $8.3 million, an increase of 99.8% For the year ended December 31, 2019 the Company reported revenues were $63.6 million as compared to $21.2 million, an increase of 200%
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In July Planet 13 entered into an asset purchase agreement pursuant to which it has acquired cannabis inventory, equipment and tenant improvements, and subject to regulatory approval will acquire the Nevada cannabis licenses at a 45,000 square foot indoor cultivation and production facility in Las Vegas, Nevada from West Coast Development Nevada, LLC.
Planet 13 is paying $1.156 million for the cannabis inventory, and $3 million for the operating assets, licenses, equipment and tenant improvements which payment is comprised of $0.5 million in cash and $2.5 million of common shares in the capital of Planet 13 resulting in the issuance by the Company of 1,374,833 Consideration Shares based on a 10-day VWAP. Concurrent with the signing of the Asset Purchase Agreement, Rx Land, LLC (“RX Land”), an entity owned by Planet 13’s Co-CEOs, separately acquired the Facility for $3.3 million.
Planet 13 is moving higher ever since the Company won back the liscense to re-open Planet 13’s former dispensary located at 4850 Sunset Road in Las Vegas, Nevada that closed on October 30, 2018. The Medizin Dispensary was closed on October 30, 2018, to transfer the license to the Planet 13 SuperStore located next to the Las Vegas Strip. During the last full quarter of operations, Q3 2018, the Medizin Dispensary generated $4.9 million in revenue with a gross margin of 53%. The Medizin Dispensary requires no additional CAPEX to open.
“We’ve always known that as one of the top operators in Nevada, responsible for 9% of the state’s sales, we deserved to win a license from the Nevada Department of Taxation. Although we are not happy with how long the process took for us to obtain the license to re-open our original location, we are thrilled to be able to service our loyal customers who supported Planet 13 from day one,” said Larry Scheffler, Co-CEO of Planet 13. “The Medizin Dispensary at 4850 Sunset Road in Las Vegas is a fully built-out 4,750 sq. ft. store that offers the same dedication to customer service, high-quality products, and innovation that Planet 13 is known for, all in a compact footprint designed to compliment its local neighbourhood.”
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Currently making an explosive move up the charts 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. Planet 13 has seen a recent surge higher after the Company reached a settlement of its ongoing lawsuit against the Nevada Department of Taxation and other parties which subsequently joined the litigation. As part of the Settlement, Planet 13 is receiving one provisional adult-use dispensary license in unincorporated Clark County, Nevada. The License will be used to re-open Planet 13’s former dispensary located at 4850 Sunset Road in Las Vegas, Nevada that closed on October 30, 2018. 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