Planet 13 Holdings Inc. (CSE: PLTH) (OTC: PLNHF) stock looks to be a good long term investment for cannabis investors. As a vertically-integrated company in the emerging cannabis market, it’s strategically positioned for growth. Interestingly, it was quite recently that the stock really jumped on to the radar and the one spark that fanned the flame is its statistics on the Las Vegas Cannabis Entertainment Complex.
Planet 13 Holdings Inc. Price Analysis
Planet 13 Holdings Inc. is headquartered in Las Vegas, Nevada and as of the press time, the stock price is 2.10 USD.
Steady but Strong Planet 13
The company has been performing well with some strong growth in its first two quarters of 2018. The firm is mainly focused on providing an array of international award-winning marijuana products as well as providing an unparalleled dispensary experience.
To ensure that Planet 13 Holdings comes on top, it has taken significant steps, for instance, phase two planned expansions are already underway.
New Production Facility
In early November, Planet 13 launched its first phase of 112,000 sq. Ft. cannabis entertainment complex near Las Vegas and a 16,200 square foot dispensary. The retail dispensary is the largest and most advanced in the world.
Besides, there’s also
The new facility is meant to enable Planet 13 to meet the rapidly growing demand for TRENDI concentrate as well as vape lines. Also, it’s for addressing the overwhelming demand for the company’s Medizin line. In general, the entire Phase II expansion is expected to cost about US$6 million.
Mike Tyson Deal
The company also signed an agreement with the cannabis venture of Mike Tyson (former heavyweight champion), where it became an exclusive launch alliance of Tyson Ranch products in Nevada.
It means that Tyson Ranch products are available in its superstore shelves.
By the Numbers
As it was expected, after opening the mega superstore, the company recorded an impressive number of customers per day last month with a total of 1,962 at an average ticket of $89.62.
According to Co-CEO of Planet 13, the results were meeting the 2000 customers per day at an average ticket of $75 that they guided to during the opening of the superstore. It should be clear that it’s only 35% of the square footage that has already been built.
Therefore, more visibility is expected to continue growing once the phase II expansion is complete.
Besides, Planet 13 had $5.49 million in revenue from the cannabis entertainment complex in Las Vegas. It means that the superstore revenue has now grown almost 63.4% from November and 13.1% compounded monthly rate.
Moreover, the latest record is that the superstore saw over 6,000 visitors with almost 3,500 paying customers and an average ticket of US$91.11
PLNHF is simply an exciting play coming into the cannabis space. With the new TRENDI brand as well as the superstore in Las Vegas strip as a base and recording new results each day, Planet 13 is only getting better.
Undoubtedly, Planet 13 is primed for growth as well as ready for the new markets as legalization for cannabis in the US continues. For a serious cannabis investor, PLNHF looks to be a must-own.
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Disclosure: We have no position in PLNHF and have not been compensated for this article.
Image courtesy of Pexels
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