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Planet 13 Holdings announces record May sales of $11.2M, with gross margins above 50%

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Planet 13 Holdings Inc (CSE:PLTH) (OTCQB:PLNHF) announced record sales in May of $11.2 million, with gross margins above 50%. 

In a statement, the company said May’s performance represents the third consecutive month of record sales as Las Vegas and the US return to normal after the lifting of coronavirus (COVID-19) restrictions. 

Its flagship, uber luxury SuperStore dispensary, the Planet 13 Cannabis Entertainment Complex is located not far from the famous Las Vegas Strip. At 112,000 square feet, the SuperStore is the biggest cannabis store in the world. 

READ: Planet 13 positioned to build consumption lounge with passage of landmark Bill 341 in Nevada

Hotels across the Las Vegas strip have reported having hotel rooms sold out for the foreseeable future and Planet 13 said it expects continued strong sales on the back of increased tourist traffic.

“Tourism and business are looking up in Nevada and our operations are mirroring this trend by experiencing consistent, month-on-month growth,” said Larry Scheffler, co-CEO of Planet 13.

“We are thrilled to share that the momentum gathered over the past few months is continuing, with yet another month of record sales in May. Planet 13 has built a successful retail cannabis brand that resonates with Americans. We remain confident about the continuation of this upward trend as Las Vegas reopens to its full potential as well as the upcoming opening of our Orange County SuperStore in July.”

Planet 13′s mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/951544/planet-13-holdings-announces-record-may-sales-of-112m-with-gross-margins-above-50-951544.html


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