Planet 13 Holdings Inc. - PLNHF STOCK NEWS

Planet 13 reported Q1 2021 revenue of $23.8 million with $9.7 million in March 2021, marking a significant recovery in Las Vegas post-COVID. In 2020, total revenue reached $70.5 million, representing a 10.8% year-over-year increase. Despite challenges, the company maintained an 8.2% market share in Nevada cannabis dispensary revenue. However, the net loss widened to $7.9 million in 2020 from $6.7 million in 2019, reflecting rising operating costs and decreased gross profit margin.

Planet 13 Holdings Inc. (CSE:PLTH)(OTCQB:PLNHF), a leading Nevada cannabis company, plans to release its financial results for the fourth quarter and year ended December 31, 2020 on April 5, 2021, after market close. A conference call will follow at 5:00 p.m. EST to discuss the results and business highlights, featuring Co-CEOs Bob Groesbeck and Larry Scheffler, alongside CFO Dennis Logan. This call aims to provide insights into the company's performance and future outlook.

Planet 13 Holdings Inc. (OTCQB:PLNHF) announced that its in-house cannabis brands are now available in 53 dispensaries across Nevada, significantly up from 8 dispensaries at the end of Q4 2019. The company has received multiple awards for its products, including the best sativa vape cartridge and best sativa concentrate. Alongside this expansion, Planet 13's brands are among the top selling product SKUs in Nevada, covering various cannabis categories. This strategic growth aligns with the company's mission to establish a recognized global cannabis brand.

Planet 13 Holdings (OTCQB: PLNHF) has partnered with Curaleaf's Select brand to launch a unique shop-in-shop at its Las Vegas SuperStore, which opened on March 15, 2021. This collaboration aims to highlight Select's extensive product line, providing an educational and sales platform for the brand's offerings, including Select Elite and Nano Gummies. As Select is recognized as America’s top cannabis oil brand, the partnership is expected to boost Planet 13's visibility and appeal in the cannabis market, especially among tourists visiting Las Vegas.

Planet 13 Holdings (OTCQX: PLNHF) has reopened the Medizin dispensary in Las Vegas, which was closed in October 2018 to transfer its license to the Planet 13 SuperStore. The first dispensary previously generated $4.9 million in its last operational quarter with a 53% gross margin. The company cites a 54% growth in the Nevada cannabis market since the closure, alongside the opening of the nearby Allegiant Stadium as potential catalysts for increased sales. Co-CEO Larry Scheffler emphasizes the company's commitment to quality customer service.

Planet 13 Holdings (CSE:PLTH)(OTCQB:PLNHF), a prominent Nevada cannabis company, announced its participation in upcoming industry conferences. Co-CEO Bob Groesbeck will feature in the 2020 Cantor Fitzgerald Virtual Cannabis MSO Summit on December 15, 2020, and attend Cowen's 2020 Boston Cannabis Conference for meetings from November 30 to December 2, 2020. Planet 13 aims to build a globally recognized cannabis brand through its innovative products and award-winning operations in Las Vegas.

Planet 13 Holdings has successfully completed a bought deal financing, raising C$28,804,625 by selling 6,698,750 units at C$4.30 each. The offering included an over-allotment option of 873,750 units. Each unit consists of one common share and a warrant for an additional share at C$5.80 for 24 months. The funds are earmarked for retail expansion outside Nevada and general corporate needs. The offering was co-led by Canaccord Genuity Corp. and Beacon Securities Limited.

Planet 13 Holdings (OTCQX: PLNHF) is expanding its Las Vegas SuperStore to meet rising customer demand. The expansion will double the sales floor to approximately 23,000 sq. ft. and will include 40 new points of sale with an entertainment upgrade, including an 80-foot video wall. The project, costing between $1.5 to $2.5 million, aims to reduce wait times and enhance customer experience. With Las Vegas returning to normal occupancy levels, the company anticipates further expansions to accommodate increasing consumer interest.

Planet 13 Holdings (CSE:PLTH)(OTCQX:PLNHF) announced the addition of a non-cannabis retail store at its Las Vegas SuperStore. This move is designed to enhance customer experience by relocating existing merchandise to a dedicated area, allowing more registers for dispensary traffic, which averages 3,000 visitors daily. The store will sell various items, including Planet 13 merchandise and other sundries. Notably, 30,000 sq. ft. remain undeveloped for future expansions, including more dispensary space and a cannabis consumption lounge pending regulatory approval.