Planet 13 Holdings is smoking in Las Vegas and bringing the cannabis fun to California

• Leading vertically integrated Nevada cannabis company
• Owns Planet 13 Cannabis Entertainment Complex SuperStore dispensary located near the Las Vegas Strip
• Planning to open second Las Vegas dispensary, as well as its first retail location in California

What Planet 13 Holdings does:

Planet 13 Holdings Inc (CSE:PLTH) (OTCQB:PLNHF) is a leading vertically integrated Nevada cannabis company. The company operates cultivation, production and dispensary operations in Las Vegas — the entertainment capital of the world. 

The company’s biggest claim to fame is its flagship, uber luxury SuperStore dispensary, the Planet 13 Cannabis Entertainment Complex located not far from the famous Las Vegas Strip. At 112,000 square feet, the SuperStore is the biggest cannabis store in the world, attracting 1 million visitors in 2019.

The SuperStore —  the winner of Leafly’s 2018 Nevada dispensary of the year — is a showcase for a growing portfolio of branded products including vapes, edibles, pre-rolls and concentrates at the top-rated tourist hotspot.

Planet 13 is planning to open a second Las Vegas dispensary, as well as launching the company’s first retail location in California. The Orange County Cannabis SuperStore Entertainment Complex has massive digital screen displays and unique tech-art installations. 

The company also grows its own cannabis and makes its own products for the wholesale, medical and retail markets. It sells its popular brands — Medizin, TRENDI, HaHa, DREAMLAND and Leaf & Vine — at the wholly-owned store in Las Vegas, as well as at dispensaries owned by others. The company currently has three cultivation sites, plus three production facilities to make edibles and other products.

Planet 13’s ambition is to operate ultra-high-end dispensaries in tier-one markets nationwide and to sell its brands in both the company’s branded stores and wholesale.

How is it doing:

Planet 13 posted its fourth quarter and full-year financial results on April 5, revealing revenue during the 3- and 12-month periods ended December 31, of $20.1 million and 70.5 million, representing year-over-year increases of more than 21 and 10%, respectively. Cash on hand ballooned over the same period to $79 million from $12.8 million, and total assets grew to $150 million from $62.9 million. 

Net loss was $2.9 million for the quarter and $7.9 million for the year, compared to $2.6 million and $6.7 million, respectively. 

Looking at 2021, Planet 13 Holdings revealed in March that statewide demand for its owned brands in Nevada is currently strong.

Co-CEO Larry Scheffler noted that Planet 13′s owned brands were now available in 53 dispensaries in Nevada, including the SuperStore. He added that Planet 13 had its brands in just eight dispensaries at the end of the fourth quarter in 2019.

The company said its owned brands are among the top-selling product SKUs in the state and its portfolio of branded products covers every category, with a product to complement every activity. The portfolio includes HaHa Gummies, Dreamland Chocolates, Leaf & Vine, TRENDI, and Medizin.

Planet 13 also pointed out that its premium products had recently won awards for best sativa vape cartridge, best hybrid vape cartridge, and best sativa concentrate.

Just a day earlier, Planet 13 announced that it was partnering with cannabis industry giant Curaleaf Holdings Inc. It said Curaleaf’s popular brand Select, known as America’s No 1 Cannabis Oil Brand, had teamed up with the company to create a unique shop-in-shop experience by highlighting its Select brand in Planet 13’s Las Vegas SuperStore. 

The shop-in-shop, which will occupy prime space within the Las Vegas SuperStore dispensary, hosted its grand opening on March 15 and Planet 13 said it will be staffed by Select team members.

Planet 13 said Select has earned its place as an industry leader by setting stringent quality standards and focusing on the relentless pursuit of progress and innovation. Known for quality and expertise, Select provides industry-leading service, product selection, and accessibility to both medical and adult-use customers in 17 states across the US. 

The company said Select’s shop-in-shop is a one-of-a-kind experience that will showcase the brand’s entire portfolio of products including Select Elite, Select Elite Live, Select Classic Bites, Select Nano Gummies, and Select Ratio Drops. The Las Vegas SuperStore will be among the first retailers in the state to carry Select’s newest offerings throughout 2021.

Inflection points:

• Opening of second Las Vegas dispensary
• Launch of first retail location in California
• Further expansion news

What the boss says:

In a recent interview with Proactive, Planet 13 co-CEO and co-chairman Robert Groesbeck said: “We believe cannabis will be legalized in nearly all states. It will likely be treated like alcohol sales in the not-too-distant future. You can see it now, after every election cycle more states are moving towards legalization in some form.

“We can see Planet 13 being in 10-15 locations coast-to-coast. If a city is big enough to host a pro sports franchise, then it’s the right size city to accommodate our model.”

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors