Top-Rated Las Vegas PLANET 13/MEDIZIN Dispensary Reports Record Growth Prior to Planet 13 Superstore Opening
September 21, 2018 MJ Shareholders
September 21st, 2018
Exclusive, Feature Stories, News
Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) has been building on its unique cannabis customer experience and top quality cannabis product offerings since they first opened their doors in 2016. While all the focus has been on the new Planet 13 Superstore on track for a November 1, 2018 opening, the original Medizin/Planet 13 joint medical and recreational dispensary has quietly been churning out strong growth at their current location during the first two quarters of 2018. Planet 13 began trading on the OTCQB on Monday, September 17th, 2018, giving U.S. investors the opportunity to take part in this growing company.
The company recently reported record revenues of $4.4 million for Q2 2018, with an adjusted EBITDA of $0.8 million. Planet 13’s highly rated dispensary generated a monthly compound growth rate of 7.8% through July 31, 2018, and revenue of $8.0 million in the first six months of 2018. Additionally, Planet 13 was recently announced as 9th on the list of the 24 Top Revenue Generating Public Cannabis Companies, reporting in US dollars, by the Public Cannabis Company Revenue Tracker. According to Bob Groesbeck, Co-CEO of Planet 13, Q2 2018 was the eighth consecutive quarter of revenue growth for the Medizin location. He credits the Planet 13 team that has consistently made Medizin one of the top-rated dispensaries in Las Vegas.
The Superstore will combine the knowledgeable staff and excellent product diversity that Planet 13 is known for with a one-of-a-kind entertainment experience and a location that is 4 minutes from the Las Vegas Strip.
Phase 1 of the construction of the new 40,000 sq ft Planet 13 Superstore, slated to open November 1, 2018, is ahead of schedule, and the company reports that Nevada cultivators and suppliers are clamoring to have their products showcased for the thousands of daily expected customers. Due to the anticipated statewide increase in cultivation capacity (from 250,000 sq. ft. in grow operations for all of 2017 to 1.1 million sq. ft. by the end of 2019), wholesale prices for product are expected to be lower, while retail prices should remain at their current levels, and thus driving strong margins for company investors.
While the current dispensary is welcoming nearly 750 customers per day, with an average spend of $70, the new Superstore is expected to experience over 2,000 visitors per day, with a similar average shopping cart. The new facility will feature 16,200 sq.ft. of dispensary space and is expected to be the largest cannabis entertainment complex on planet Earth, located in the entertainment capital of the world.
Visitors to the new superstore will experience a sensory overload of special effects – with a sophisticated outdoor water feature and giant interactive electric lotus flowers on the roof visible from 65,000 hotel rooms that overlook the location. Once inside a huge interactive LED floor, laser graffiti walls, and overhead aerial orbs circling every hour will continue to wow customers.
Pending approval of both Las Vegas city & Clark County ordinances that have been drafted for upcoming November 2018 elections, customers may also be able to gather in a planned cannabis smoking lounge space in 2019. Plans are to eventually add a brewery, coffee shop, food offerings and convention event space to the 40,000 sq.ft. complex.
Rated as one of the premier Las Vegas marijuana dispensaries, Planet 13 strives to provide a one-of-a-kind destination. This mission guides every step taken by the business – from the types of products offered, to the entertainment, to the staffs’ reputation for helpful and knowledgeable service.
For more information, visit Planet13’s website at: https://www.planet13lasvegas.com/
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About Wallace Grafton
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