Planet 13 Announces $5.49 Million in Revenue from the Las Vegas Cannabis Entertainment Complex in March 2019
- Planet 13 Superstore opened on November 1st 2018. SuperStore revenue has grown 63.4% from November1, or a 13.1% compound monthly rate.
- Phase II expansion expected to be complete by Q3 2019, driving additional traffic and spend.
All figures are reported in United States dollars ($) unless otherwise indicated
LAS VEGAS, April 3, 2019 /CNW/ - Planet 13 Holdings Inc. (CSE: PLTH) (OTCQB: PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated Nevada cannabis company, today announced monthly statistics for the Planet 13 Las Vegas Cannabis Entertainment Complex, (the "SuperStore") since opening November 1st, 2018.
|Nov. 2018||Dec. 2018||Jan. 2019||Feb. 2019||March 2019|
|Average daily customers2||1,405||1,429||1,552||1,716||1,987|
|Average daily visitors3||1,848||2,207||2,262||2,425||3,194|
We opened Phase 1 of the 112,000 square foot Planet 13 Cannabis Entertainment Complex, a 16,200 square foot dispensary, on November 1st, 2018 and I am very pleased to announce that in March we had 1,987 paying customers per day at an average ticket of $89.17,
said Larry Scheffler, co-CEO of Planet 13.
Monthly revenue in March was over $5 million based on only 15% of the total square footage we have on-site, adjacent to the Las Vegas Strip. To our knowledge, these results are better than what we have seen from any dispensary in the U.S. Customers have shown a desire to engage in an ultra-premium cannabis experience and with an unparalleled, diverse range of high-quality products, and unique entertainment value, the SuperStore is the only property that meets this customer need. In March, almost 100,000 people entered our dispensary, and other companies are starting to realize the value of our shelves, we are in negotiations with multiple companies to sell premium shelf space and advertising. The Phase II expansion, which includes a coffee shop, pizzeria bistro, an event space, and a consumer-facing production facility is all about building on the success of the SuperStore. Each piece of Phase II is carefully designed to drive additional traffic and cement the SuperStore as a must-visit destination when in Las Vegas.
Bob Groesbeck, Co-CEO of Planet 13 added,
Restrictive advertising rules have prevented cannabis brands from establishing a strong connection with consumers, forcing consumers to look to retail for direction on product choice. Planet 13 is in the best position in the country to help brands create a lasting connection with thousands of customers from all over the world. Our in-house brands are proof of this power. We launched TRENDI in November, and it is already the top-selling concentrate brand in Nevada4. Medizin continues to sell out every month, and today we launched our third brand Leaf & Vine. Our new Production Facility will enable us to keep pace with demand while expanding into gummies, chocolates, and beverages and offering our products in other dispensaries across Nevada. The Production facility will feature 115 feet of windows where customers can watch their favourite product get made along with interactive kiosks explaining what goes into each product. This is a powerful branding opportunity creating a deeper connection with the product for customers from all over the U.S.
Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company based in Nevada, with award-winning cultivation, production and dispensary operations in Las Vegas - the entertainment capital of the world. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13's shares trade on the Canadian Stock Exchange (CSE) under the symbol PLTH and OTCQB under the symbol PLNHF.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking statements relate to, among other things, future expansion plans.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: final regulatory and other approvals or consents; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Nevada cannabis market and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in the State of Nevada; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States through its subsidiary MMDC. Local state laws where MMDC operates permit such activities however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's annual information form dated October 18, 2018 filed on its issuer profile on SEDAR at www.sedar.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
|1||Total growth is calculate as revenue for March 2019 over revenue for November 2018.|
|2||Average daily customers is the average number of purchases per day.|
|3||Average daily visitors is the average number of people who enter the dispensary space in the Planet 13 Cannabis Entertainment Complex per day.|