One stock has really jumped onto the radar over the past two weeks: Planet 13 Holdings Inc (OTCMKTS:PLNHF). One spark that has fanned this flame is the company’s recent announcement of its monthly statistics for the Planet 13 Las Vegas Cannabis Entertainment Complex since opening November 1st, 2018. Quite frankly, the stats have been unambiguously impressive.
“We opened Phase 1 of the 112,000 square foot Planet 13 Cannabis Entertainment Complex, a 16,200 square foot dispensary, on November 1st, 2018 and I am very pleased to announce that in March we had 1,987 paying customers per day at an average ticket of $89.17,” said Larry Scheffler, co-CEO of Planet 13. “Monthly revenue in March was over $5 million based on only 15% of the total square footage we have on-site, adjacent to the Las Vegas Strip. To our knowledge, these results are better than what we have seen from any dispensary in the U.S. Customers have shown a desire to engage in an ultra-premium cannabis experience and with an unparalleled, diverse range of high-quality products, and unique entertainment value, the SuperStore is the only property that meets this customer need. In March, almost 100,000 people entered our dispensary, and other companies are starting to realize the value of our shelves, we are in negotiations with multiple companies to sell premium shelf space and advertising. The Phase II expansion, which includes a coffee shop, pizzeria bistro, an event space, and a consumer-facing production facility is all about building on the success of the SuperStore. Each piece of Phase II is carefully designed to drive additional traffic and cement the SuperStore as a must-visit destination when in Las Vegas.”
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.”
Find out when $PLNHF reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
As noted above, PLNHF just announced monthly statistics for the Planet 13 Las Vegas Cannabis Entertainment Complex since opening November 1st, 2018. The chart shows 64% piled on for shareholders of the company during the trailing month. What’s more, the stock has registered increased average transaction volume recently, with the past month seeing above 200% beyond what we have been seeing over the larger time frame.
Bob Groesbeck, Co-CEO of Planet 13 added, “Restrictive advertising rules have prevented cannabis brands from establishing a strong connection with consumers, forcing consumers to look to retail for direction on product choice. Planet 13 is in the best position in the country to help brands create a lasting connection with thousands of customers from all over the world. Our in-house brands are proof of this power. We launched TRENDI in November, and it is already the top-selling concentrate brand in Nevada4. Medizin continues to sell out every month, and today we launched our third brand Leaf & Vine. Our new Production Facility will enable us to keep pace with demand while expanding into gummies, chocolates, and beverages and offering our products in other dispensaries across Nevada. The Production facility will feature 115 feet of windows where customers can watch their favourite product get made along with interactive kiosks explaining what goes into each product. This is a powerful branding opportunity creating a deeper connection with the product for customers from all over the U.S.”
At this time, carrying a capital value in the market of $290.12M, 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%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. 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.