Expansion Continues for Planet 13 Holdings Inc (OTCMKTS:PLNHF)

Expansion Continues for Planet 13 Holdings Inc (OTCMKTS:PLNHF)

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Planet 13 Holdings Inc (OTCMKTS:PLNHF) just announced their brands, HaHa Gummies, Dreamland Chocolates, TRENDI, Leaf & Vine, and Medizin, set a record of ~$1 million in combined sales in February.

Larry Scheffler, Co-CEO said, “Our customers have a unique connection to our products, they watch as Dreamland Chocolates are poured in front of them, as Haha Gummies are molded. Customers understand that our products are made with absolute attention to detail by people who share the same enthusiasm for cannabis as they do. This unique experience combined with our award-winning packaging1, and a product that meets the brand promise of a great tasting uplifting experience results in a product that flies off the shelf.”

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 their brands, HaHa Gummies, Dreamland Chocolates, TRENDI, Leaf & Vine, and Medizin, set a record of ~$1 million in combined sales in February.

Even in light of this news, PLNHF has had a rough past week of trading action, with shares sinking something like -30% in that time. That said, chart support is nearby and we may be in the process of constructing a nice setup for some movement back the other way. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -28%. Furthermore, the stock has seen a jump in recent trading volume to the tune of greater than 140% above its longer-run average levels.

“We opened our customer-facing production facility on November 1, 2019. Since then we’ve been steadily ramping up capacity to supply the SuperStore and to enter the wholesale market,” said Bob Groesbeck Co-CEO of Planet 13. “We are launching initially with a select few dispensaries to ensure we can meet customer demand, have efficient delivery and distribution in place to cement ourselves as a trusted supplier in Nevada before we roll out our products statewide.”

At this time, carrying a capital value in the market of $91M, PLNHF has a significant war chest ($24M) of cash on the books, which compares with 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%. This may be a very interesting story and we will look forward to updating it again soon. 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.