Planet 13 Exceeds $10.7 Million in Sales with Another Single Month Record

Rhea-AI Summary

Planet 13 Holdings (CSE:PLTH)(OTCQX:PLNHF) reported record sales of $10.7 million for April 2020, nearly matching last year's total Q2 revenue of $10.8 million. The surge in sales was attributed to increased tourist activity and strong wholesale results. Notably, the company achieved a single-day sales record of approximately $543,000 on April 20 (420). Gross margins exceeded 50%. Co-CEO Bob Groesbeck expressed excitement over the company's growth and upcoming expansion plans, aiming to establish a recognizable brand across the U.S.

Positive

• Record sales of $10.7 million in April 2020, close to last year's total Q2 revenue.
• Single-day sales record of approximately $543,000 on April 20, 2020.
• Gross margins exceeded 50%.

Negative

• None.

LAS VEGAS, NV / ACCESSWIRE / May 5, 2020 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX: PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated Nevada cannabis company, announces record sales in the month of April of $10.7 million, nearly equal to last year's total Q2 revenue of $10.8 million. The growth in sales was driven by increased tourist activity, strong wholesale results, and continued growth of the Medizin dispensary. The Company set new records for single day sales in April, including on April 20, 2021 ("420") where the Company generated ~US$543,000 in single-day sales. Gross margins for the month were in excess of 50%.

"While Larry and I have known for a while that the demand for Vegas is strong, we were absolutely blown away by the rebound in tourist activity and Planet 13 sales this month. It's clear that word of mouth is spreading. Everyday I speak with someone who was told that Planet 13 is a must visit by a friend or has been eager to visit since they saw an Instagram post," said Bob Groesbeck, Co-CEO of Planet 13. "I can't wait to show off to our customers and the world both our expansion at the SuperStore and our new Orange County location later this year. The SuperStore is proof you can create a successful retail brand in cannabis and we look forward to extending that brand across the United States."

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/644673/Planet-13-Exceeds-107-Million-in-Sales-with-Another-Single-Month-Record

FAQ

What were Planet 13's sales figures for April 2020?

Planet 13 reported record sales of $10.7 million in April 2020.

What is the significance of April 20 for Planet 13?

On April 20, 2020, Planet 13 achieved a single-day sales record of approximately $543,000.

What are Planet 13's gross margins for April 2020?

The gross margins for Planet 13 in April 2020 exceeded 50%.

How does April 2020 sales compare to previous quarters for Planet 13?

April 2020 sales of $10.7 million were nearly equal to the total revenue of $10.8 million from Q2 of the previous year.

What are Planet 13's future plans mentioned in the press release?

Planet 13 plans to expand its SuperStore and open a new location in Orange County later this year.