Planet 13 Cannabis Dispensary – How Big Will They Get ?
They may not shout like a few other dispensary chains we could name but Las Vegas mega canna store appear to be on a rapid growth trajectory.
We have just received in our latest update on all the news from Nevada and a good third of the updates mention or are about Planet 13 and it looks as though they have plenty of cash in the bank.
A few months back they were being a bit more cautious but see below Planet 13 has reported that they had their third consecutive month of revenue in excess of $7.5 million
When Vegas properly re-opens after COVID they’ll just be rocketing along and in Vegas style they seem to understand (unlike many others) that entertainment and cannabis go hand in hand.
It might not be subtle but Vegas has never been about subtle.
Planet 13 Reports Total Sales for October of $7.6 Million
Planet 13 reported that it had their third consecutive month of revenue in excess of $7.5 million. In October, the combined revenue from the SuperStore and their wholesale division was $7.6 million with a gross margin above 50%. Bob Groesbeck, Co-CEO said that their second Nevada dispensary, Medizin, is set to open in the next couple of weeks. On Nov 9th Planet 13’s stock price was C$5.05. Info.
Planet 13 Raises $22 Million for Out-of-State Expansion
Planet 13 announced that it has completed a financing for C$28,804,625 or $22,077,147 in US dollars. The Company sold 6,698,750 units at C$4.30 per unit. The deal was financed by Canaccord Genuity Corp. & Beacon Securities Limited. Each unit consisted of one common share and one-half of a common share purchase warrant at an exercise price per common share of C$5.80 for 24 months. The proceeds will be used for retail expansion outside of Nevada and other purposes. At Nov 6th Planet 13’s stock price was C$4.83. Info.
Planet 13 is Adding an Infinity Wall
Planet 13 announced that it’s adding an “Infinity Wall” to enhance the customer experience. The first infinity wall was installed in Korea and is developed by company called, d’strict.
Planet 13 is Doubling Its Sales Floor
Planet 13 announced on Oct 19 that it’s expanding its Las Vegas SuperStore by doubling the sales floor. It will be adding 40 more POS cash registers. The goal is to lower wait times for customers during peak periods. The dispensary will be expanding to approximately 23,000 sq. ft. The expansion is expected to be completed in the first quarter of 2021. Info.
Planet 13 is Adding a General Retail Store
Planet 13 announced on Oct 13 that it’s adding a separate non-cannabis retail store at its Las Vegas SuperStore complex. Planet 13 is moving all of its Planet 13 merchandise out of the dispensary to make more room for cannabis sales. The retail store will also have general sundries for a one-stop-shop for everything needed by a Las Vegas visitor. Info.