The cannabis industry has had its share of volatility over the past year or so, but during the coronavirus pandemic many of the companies have managed to make a comeback of sorts. One such company is Las Vegas-based Planet 13 Holdings Inc (OTCMKTS:PLNHF), and its stock performance since mid-March has been nothing short of amazing.
Since the early days of March, PLNHF stock has rallied by as much as 300% and in such a situation, it could be worthwhile for investors to take a closer look at the company. Earlier on in August, the company got a significant boost after it was granted a dispensary license for use in Nevada.
The company announced that it was awarded a retail license for an adult-use cannabis dispensary in Clark County, Nevada. On August 10, Planet 13 announced that it was awarded the license as part of a settlement in its lawsuit against the Nevada Department of Taxation and other entities.
The company went on to add that it is going to use this permit to reopen operations at its store located on 4850 Sunset Road, Las Vegas. It is a significant development for the company and it remains to be seen if the Planet 13 stock can keep adding to its gains or not.
The Chief Executive Officer of the company Larry Scheffler stated that Planet 13 deserved the license due to its dominance in the Nevada market. He went on to state that as much as 9% of the total cannabis sales in the state is handled by the company.
Back in July, Planet 13 made another significant announcement that raised optimism among investors. The company signed a massive cultivation deal by acquiring the Las Vegas operations of W Vapes in cash plus stock deal. The real estate is going to be bought by the company’s co-CEOs and leased back to Planet 13 at a rate lower than that charged by REITs. Sign up below for updates on Planet 13 stock and other breakout alerts.