One stock you may not have heard about in the cannabis space that has started to make some major waves is Planet 13 Holdings Inc (OTCMKTS:PLNHF). This stock has been on roller coaster ride, but the net impact is quite positive for investors, who have made almost 200% in the past 6 months. To help further stir the pot, the company just announced that it served 1,430 customers per day in December with an average ticket above stated expectations.
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 (OTCMKTS:PLNHF) promulgates itself as a cannabis company that cultivates, produces, and distributes medical and recreational cannabis in Nevada, the United States.
It also operates dispensaries that provide recreational cannabis, cannabis extracts, and infused products. In addition, the company sells its products online. It operates under the Medizin and Planet 13 brand names. The company is headquartered in Las Vegas, Nevada.
As a vertically-integrated and established cannabis company in the Nevada market, Planet 13 Holdings, Inc. provides an array of cannabis products available through its licensed operations. Planet 13 Holdings, Inc. is focused on providing a dispensary experience and managing cultivation efficiencies through its technology. Planet 13 may be able to build on its position in the Nevada cannabis market as it seeks to expand its existing operations. In the Fall of 2018, the company was working to open a retail dispensary immediately adjacent to the Las Vegas strip.
According to company materials, “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.”
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As noted above, PLNHF just announced that it served 1,430 customers per day in December with an average ticket above stated expectations.
Recent action has seen 46% tacked on to share pricing for the name in the past month. In addition, the name has witnessed a pop in interest, as transaction volume levels have recently pushed 39% over the long run average.
Mr. Groesbeck added, “Our TRENDI launch has also been a resounding success, with sales of our newest in-house brand reaching approximately 5% of total sales in December from a standing start in November. Sales of this new line, geared toward the tourist audience, exceeded our expectations and we have re-tooled to grow production in 2019 given demand-driven supply shortages experienced into year-end.”
Earning a current market cap value of $196.09M, PLNHF has a significant war chest ($11.1M) of cash on the books, which must be weighed relative to about $4.3M in total current liabilities. PLNHF is pulling in trailing 12-month revenues of $16.7M. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 12.4%. We will update the story again as soon as further details emerge. Sign-up for continuing coverage on shares of $PLNHF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $PLNHF, either long or short, and we have not been compensated for this article.