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Sunday, January 16, 2022

Can Planet 13 Holdings Inc (OTCMKTS:PLNHF) Break Out Again?

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Shares of Planet 13 Holdings Inc (OTCMKTS:PLNHF) continues to trace out a broad, large timeframe consolidation pattern, searching for direction. Perhaps it will find some following the company’s announcement of “dosist”, the first cannabis shop-in-shop, an independent retailer within the SuperStore dispensary.

According to the release, “dosist’s shop-in-shop, called the dosist Wellness Experience will occupy space within the Planet 13 SuperStore dispensary and will be staffed by dosist™ employees known as Guides. The dosist wellness experience will act as a sales and education platform, introducing the brand’s dose-controlled cannabis therapy to the over 1 million visitors Planet 13 welcomes each year.”

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 dosist as the first cannabis shop-in-shop, an independent retailer within the SuperStore dispensary.

While this is a clear factor, it has been incorporated into a trading tape characterized by a pretty dominant offer, which hasn’t been the type of action PLNHF shareholders really want to see. In total, over the past five days, shares of the stock have dropped by roughly -7% on above average trading volume. All in all, not a particularly friendly tape, but one that may ultimately present some new opportunities. In addition, the name has seen a growing influx of trading interest, with the stock’s recent average trading volume running 21% beyond what we have been seeing over the larger time frame.

“The SuperStore continues to prove itself as an epicenter for brand building in the state of Nevada and the entire country, serving 695,000 customers and generating approximately 9% of Nevada’s cannabis sales in 20192,” said Larry Scheffler Co-CEO of Planet 13. “Over 2019, we transitioned all the brands in the SuperStore to a stocking fee system to accurately reflect the value of being sold in the highest-grossing, most visited public dispensary in the State. The partnership with dosist is the next step in leveraging the SuperStore platform to help build a nationwide recognition for 3rd party brands.”

Currently trading at a market capitalization of $135M, PLNHF has a significant war chest ($24M) of cash on the books, which is balanced by about $20.2M 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 $73.5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 243.3%. We will update the story again soon as developments 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.

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