We’ve seen a number of cannabis patch names consolidating over recent months with something akin to a symmetric triangle playing across the chart, and Planet 13 Holdings Inc (OTCMKTS:PLNHF) is another apt example. The stock is coming to a head and took a shot of breaking out the upside from the pattern in Monday’s action. As such, it clearly deserves a close look right now.
Helping to flesh out the story beyond a purely technical narrative, the company just announced that it served an average of 1,937 customers per day in July at an average ticket of $90.41 from the Planet 13 Las Vegas Cannabis Entertainment Complex. According to the release, the Company’s Phase II expansion, which includes; coffee shop, bistro, customer-facing production facility, and event space, is expected to generate increased visitor traffic as new attractions and spending opportunities are added to the SuperStore.
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 an average of 1,937 customers per day in July at an average ticket of $90.41 from the Planet 13 Las Vegas Cannabis Entertainment Complex,
The chart shows 10% added to share values of the company over the past month of action. What’s more, the company has seen interest climb, with an increase in recent trading volume of 41% over what the stock has registered over the longer term.
“We continue to drive impressive results from the SuperStore’s original 16,000 sq. ft. dispensary footprint in advance of the Phase II,” said Larry Scheffler, Co-CEO of Planet 13. “In May we reached an impressive milestone, the SuperStore accounted for 10% of all dispensary sales in Nevada. I’m optimistic we will see this trend continue once the department of taxation releases June and July numbers.”
At this time, carrying a capital value in the market of $161M, PLNHF has a significant war chest ($26.9M) of cash on the books, which is balanced by about $11.5M in total current liabilities. One should also note that debt has been growing over recent quarters. PLNHF is pulling in trailing 12-month revenues of $41.5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 303.9%. You can bet we will update this one again as new information comes into view. 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.