Planet 13 Crushes Single-Day Record in Las Vegas with Historic 420 Return

Rhea-AI Summary

Planet 13 Holdings (CSE:PLTH)(OTCQB:PLNHF), a top cannabis company based in Nevada, reported record sales on April 20, 2021, achieving approximately US$543,000 in a single day. The company experienced gross margins exceeding 50% during the month. Co-CEO Larry Scheffler highlighted overwhelming demand for their products and anticipates further sales growth with improvements and expansions set to double their sales floor. Upcoming easing of COVID-19 restrictions on May 1 is expected to enhance customer traffic.

Positive

• Achieved record single-day sales of ~US$543,000 on April 20, 2021.
• Gross margins exceeded 50% during the month.
• Improvements in throughput to handle increased demand.
• Expansion plans to double sales floor and points of sale.

Negative

• None.

LAS VEGAS, NV / ACCESSWIRE / April 22, 2021 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQB:PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated Nevada cannabis company, announces record sales day on April 20, 2021 ("420"). The Company generated ~US$543,000 in single-day sales with gross margins during the month in excess of 50%.

"The demand and acceptance for cannabis is growing across the country, and nowhere is that more evident than in Las Vegas. For tourists returning to Vegas, Planet 13 is synonymous with cannabis and an incredible entertainment experience," said Larry Scheffler, Co-CEO of Planet 13. "The demand is so overwhelming that even with the many improvements we have made to streamline throughput, we still can't capture all of the demand. I'm excited for the relaxing of COVID restrictions on May 1^st and our expansion which doubles our sales floor and points of sale to handle the unprecedented surge in customer traffic."

For more information on Planet 13, visit the investor website.

About Planet 13

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 OTCQX 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 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 the ongoing operations at the Facility and the amendment to the Lease.

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: risks associated with COVID-19 and other infectious diseases presenting as major health issues; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Nevada and California 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 licensed subsidiary entities in states that have legalized marijuana operations, 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, including COVID-19, are contained under the heading "Risk Factors" and elsewhere in the Company's annual information form dated April 5, 2021 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.

For further inquiries, please contact:

LodeRock Advisors Inc., Planet 13 Investor Relations
mark.kuindersma@loderockadvisors.com
(416) 519-2156 ext. 2230

Robert Groesbeck or Larry Scheffler
Co-Chief Executive Officers
ir@planet13lasvegas.com

SOURCE: Planet 13 Holdings

View source version on accesswire.com:
https://www.accesswire.com/641714/Planet-13-Crushes-Single-Day-Record-in-Las-Vegas-with-Historic-420-Return

FAQ

What were Planet 13's sales on April 20, 2021?

Planet 13 generated approximately US$543,000 in single-day sales on April 20, 2021.

What was the gross margin for Planet 13 in April 2021?

The gross margin during April 2021 exceeded 50%.

What does the expansion plan involve for Planet 13?

The expansion plan involves doubling the sales floor and points of sale to accommodate increased customer traffic.

How does COVID-19 impact Planet 13's operations?

COVID-19 has affected operations, but the company anticipates improved sales with easing restrictions starting May 1.

What is the significance of April 20 for Planet 13?

April 20 is a significant day for cannabis sales, known as '420', and Planet 13 reported record sales on this date.