Geometry Dash APK Hill Climb Racing APK
47.2 F
New York
Wednesday, January 19, 2022

Why the Turnaround in Planet 13 Holdings Inc (OTCMKTS:PLNHF) was So Important Today

Must read

Medmen Enterprises Inc (OTCMKTS:MMNFF) Pulls Back From Highs as Buzz Cools Off

Among the sectors which have bounced back in 2021, the cannabis sector is one of considerable interest since it had been in...

VirtualArmour International Inc (OTCMKTS:VTLR) Jumps Another 250% This Week

Not every move in the stock market can always be explained and hence, investors are often rightly confused when a stock records...

Ozop Energy Solutions Inc (OZSC) is Riding a Green Wave of Momentum

Investors who are looking for fresh opportunities in rising stocks may have a lot to choose from at this point but it...

Drone Delivery Canada Corp (OTCMKTS:TAKOF) is Soaring after Roadmap Update

The drone industry has grown at a remarkable rate over the past five years or so and hence, it is no surprise...

As the cannabis patch seems to get its footing firmly planted back under itself, Planet 13 Holdings Inc (OTCMKTS:PLNHF) appears to have staged a strong earnings reaction to kick off September that shouldn’t be overlooked. The stock dropped under a key support at $1.75 that has marked the zone under lows defining the past 5 months of action. But shares turned around powerfully to close well up on the day, nearer to $2/share. Specifically, the company just announced financial results for the three-month period ended June 30, 2019. Revenues were $16.5 million as compared to $4.4 million, an increase of 275%, with gross profit before biological adjustments was $9.7 million or 58.7% as compared $2.2 million or 50.8%, an increase of 333%.

Larry Scheffler, Co-CEO of Planet 13 commented, “Q2 was another great quarter for Planet 13 as SuperStore sales grew 19.4% sequentially over Q1.  Most of this revenue growth dropped to the bottom line with $2.7 million in EBITDA, a 105% sequential growth over Q1.  Planet 13’s market share grew in Q2 accounting for 9.5% of all Nevada dispensary sales, compared to 7.9% in Q1.1  We are growing sales on both an absolute basis and as a percentage of the total market. Our Phase II expansion is progressing at full speed with the goal of opening at the end of Q3. Phase II which includes a 15,000 sq. ft. customer-facing production facility, a restaurant, a coffee shop, and event space will build on Planet 13’s leading position in Las Vegas by creating an experience no other dispensary can offer.”

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 ( 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 Right Now by entering your Email in the box below.

As noted above, PLNHF just announced Q2 financial data, reporting big growth on the top-line and strong growth in gross profits.

Traders will note 12% tacked on to share pricing for the stock in the past week. Furthermore, the company has seen a growing influx of trading interest, with the stock’s recent average trading volume running 57% beyond what we have been seeing over the larger time frame.

Bob Groesbeck, Co-CEO added, “We’ve had almost 800,000 visitors since we opened with approximately 80% coming from outside Nevada proving that if you want to build a national cannabis brand, you need to be in the SuperStore. As a part of Phase II, we will be launching new brands and significantly increasing the production of our existing successful brands for sale both in the SuperStore and wholesale across Nevada. Our 15,000 sq. ft. customer facing production facility will be unique in the industry as it has been designed to build a personal connection between our customers and our products. Nowhere else will customers be able to see the high-quality ingredients that go into their products, learn about the effects, and purchase all in one place.”

Currently trading at a market capitalization of $146.5M, PLNHF has a significant war chest ($26.9M) of cash on the books, which must be weighed relative to 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%. As more color becomes clear on the name, we will review the situation and update our take. 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.

Latest article

iQSTEL Inc (OTCMKTS:IQST) Stock Makes a Big Move: Jumps 45% In a Week

In the past week, iQSTEL Inc (OTCMKTS: IQST) has emerged as a point of focus among a large number of investors and...

HUMBL Inc (OTCMKTS:HMBL) Stock Sees Big Bounce After Recent Slump

Since the beginning of 2021, HUMBL Inc (OTCMKTS:HMBL) had been one of the major movers from among penny stocks and had come into...

Dividend Stocks to Buy Now

A classic mistake that investors make when looking for dividend stocks is to just go for the biggest dividend yield. It makes...

88 Energy Ltd (OTCMKTS:EEENF) Stock Surges 40% But Can’t Hold Gains

The oil and gas company 88 Energy Ltd (OTCMKTS:EEENF) seems to have come back on to the radars of investors over the...

Net Savings Link Inc (OTCMKTS:NSAV) Stock is Getting Pummeled Again

Nowadays there are plenty of options for investors when it comes to making investments in the cryptocurrency and...
Şehirler arası nakliyat ve Şehirler arası taşımacılık konusunda en uygun fiyatlar ve en kaliteli hizmet.
ofis taşıma firmaları ve ofis taşıma konusunda en uygun fiyatlar ve en kaliteli hizmet. Affordable best sms verification service