Planet 13 Holdings

Last updated
Planet 13 Holdings
CSE:  PLTH and OTCQX:  PLNHF
Industry Cannabis
Headquarters
Nevada
,
United States
Key people
Products Medical cannabis, Recreational cannabis, vape pens and smoking accessories
BrandsPlanet 13 Las Vegas, Medizin, Trendi, Leaf & Vine, Purc, Planet M
Website https://www.planet13holdings.com

Planet 13 Holdings, Inc. is a cannabis company based in Nevada, United States. [1] On Nov 1, 2018, the company opened its cannabis dispensary in Las Vegas which became the largest cannabis dispensary in the world at 112,000 square feet. [2]

Contents

The company operates through Planet 13 Cannabis Superstore & Entertainment Complex as well other sub-brands like Medizin, Trendi, Leaf & Vine, PURC and Planet M. The product portfolio of the brands are primarily cannabis products while PURC is a coffee brand. [3]

The company has expanded across the United States and have dispensaries in Orange County, California, Florida, and Illinois. [4]

History

Planet 13 Holdings is run by its two CEOs Bob Groesbeck and Larry Scheffler, who are both former politicians. Groesbeck served as the mayor of Henderson, 16 miles away from Las Vegas, from 1993 to 1997, and Scheffler served as a councilman for Henderson. [5] [6]

The company has a cultivation license in Nevada with a capacity of 950 kg per year. It also has two retail licenses to sell both medical and recreational cannabis. [7]

In 2021, Planet 13 Holdings purchased a medical marijuana subsidiary of Harvest Health and Recreation for $55 million. The store will be known at Planet 13 Florida. [8] In 2022, the company purchased Next Green Wave to expand operations in California. [9]

In July 2021, the company opened Planet 13 Orange County in Santa Ana, California. [10] [11] The largest dispensary in California, it features an 89-foot digital waterfall, a computerized interactive beach, and a 16-foot octopus sculpture. [10]

Planet 13 Cannabis Dispensary

The company has a retail outlet near the Las Vegas Strip is the largest cannabis dispensary in the world measured by square footage at 40,000. [12] [13] It serves an average of 3,575 customers per day. [14] It is open 24 hours seven days a week.

Market and Expansion

The company's share price had more than doubled in one year, up to 175%. The share price has also increased up to 48% in a quarter. [15] With a market capital of C$510 million, the company reported sales of $5.5 million in March 2019, a 64% increase from the time of opening of the dispensary in November 2018. Based on the same, the annual sales figures are expected to be around $66 million as estimated by Seeking Alpha. The company stock performed well in 2019 with a reported 113% gain until April 2019. On July 1, 2021, Planet 13 opened a 40,000-square-foot store in Santa Ana, Calif., just 10 minutes from Disneyland. [14]

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References

  1. ↑ "Planet 13 Holdings Inc - Company Profile and News". Bloomberg.com. Retrieved 2019-06-24.
  2. ↑ Im, Jimmy (2018-11-03). "The world's largest cannabis dispensary just opened in Vegas—and it has an entertainment complex attached". CNBC. Retrieved 2019-06-24.
  3. ↑ "About: Planet 13 Holdings, INC".
  4. ↑ "Planet 13 Holdings says it has received approvals to expand cultivation in Nevada". Proactiveinvestors NA. 2022-09-26. Retrieved 2023-01-07.
  5. ↑ Chen, Angela (2018-11-15). "We visited the world's largest cannabis dispensary". The Verge. Retrieved 2019-06-24.
  6. ↑ Robert Kachelreiss (July 30, 2018). "Check Out the World's First Cannabis Superstore in Las Vegas". Leafly.
  7. ↑ "Planet 13: One Cannabis Store Is Not Enough". 26 April 2019.
  8. ↑ "Planet 13 to enter Florida via $55 million purchase of cannabis operator". MJBizDaily. 2021-09-01. Retrieved 2023-01-10.
  9. ↑ Graham, Patrick M. (2022-03-02). "Planet 13 completes acquisition of Next Green Wave to gain cultivation and production operations in California". Proactiveinvestors NA. Retrieved 2023-01-07.
  10. 1 2 Tschorn, Adam (2021-07-01). "The 7 things to look for at the new weed wonderland not far from Disneyland". Los Angeles Times. Retrieved 2023-01-13.
  11. ↑ Pimentel, Joseph (2021-07-08). "With $30 million in revenue from cannabis, Santa Ana welcomes Planet 13". spectrumnews1.com. Retrieved 2023-01-13.
  12. ↑ Winkie, Luke; McManus, Brian (2018-08-10). "After Planet 13, Marijuana Tourism Will Never Be the Same". Vice. Retrieved 2019-06-25.
  13. ↑ Rense, Sarah (2018-10-30). "The World's Largest Weed Dispensary Is About to Open Near the Las Vegas Strip". Esquire. Retrieved 2019-06-25.
  14. 1 2 Saletta, Chuck (30 October 2018). "3 Top Small-Cap Stocks to Buy Right Now". Motley Fool. Retrieved 20 November 2019.
  15. ↑ "Announcing: Planet 13 Holdings (CNSX:PLTH) Stock Increased An Energizing 175% In The Last Year". in.finance.yahoo.com. Retrieved 2019-06-25.
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