It could be important to notice that Planet 13 Holdings Inc (OTCMKTS:PLNHF) just announced that it will provide online ordering, delivery and core dispensary services. The stock immediately popped in response.
According to the release, “Planet 13 will continue to ensure that customers and patients who rely on cannabis to manage their daily health and wellness needs have access. The restaurant and all secondary SuperStore activities will be shut until it is safe to reopen. The Company’s staff has undergone extensive health and safety training. Best practices have been implemented, including strict adherence to social distancing protocols, wearing gloves, regular cleaning.”
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 will provide online ordering, delivery and core dispensary services.
Even in light of this news, PLNHF has had a rough past week of trading action, with shares sinking something like -13% 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. In addition, the listing has seen interest climb, with an increase in recent trading volume of nearly 130% over what the stock has registered over the longer term.
“The health and safety of our employees, customers, and community remain our top priority as the spread of COVID-19 continues to impact people and businesses nationwide. We are closely monitoring the situation and following all guidance from our federal and local authorities. We continue to take steps to ensure our team and customers are safe,” said Larry Scheffler and Bob Groesbeck, Co-CEOs and Co-Founders of Planet 13. “We encourage all Nevada residents who rely on Planet 13 to utilize our online ordering express pickup or delivery options to limit interactions and practice social distancing. Planet 13 is well-capitalized to weather this period of volatility, with ~US$16 million of cash on hand as of the date of this press release (unaudited).”
Currently trading at a market capitalization of $79M, PLNHF has a significant war chest ($24M) of cash on the books, which must be weighed relative to 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 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.