Planet 13 Generates Record $11.9 Million in Sales in July

Rhea-AI Summary

Planet 13 Holdings (CSE:PLTH)(OTCQX:PLNHF) recorded $11.9 million in sales for July 2021, with its new Orange County store contributing approximately $800,000. The company achieved a gross margin exceeding 50% during this period. Co-CEO Bob Groesbeck expressed confidence in the store's growth, citing past experiences in Las Vegas to highlight customer trust-building. Planet 13 aims to expand its brand and product offerings while keeping shareholders updated on developments.

Positive

• Achieved $11.9 million in sales during July.
• New Orange County store generated ~$800,000 in its first month.
• Gross margin exceeded 50%.

Negative

• None.

LAS VEGAS, NV / ACCESSWIRE / August 4, 2021 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated Nevada cannabis company, announces $11.9 million in sales during July. During the first month of operations the new Orange County store generated ~$800 thousand in sales. Gross margin for the Company during the month was in excess of 50%.

"Based on the early results we've seen from the Orange County store we are confident in the trajectory of sales and the quality of service and product we are providing. Sales have grown week over week as we start to gain traction as one of the top dispensaries in Orange County," said Bob Groesbeck, Co-CEO of Planet 13. "Looking back at the early days of Planet 13 Las Vegas is a good reminder that it takes time to build customer trust and awareness. We took that dispensary from generating around $3 million a month to now north of $9 million with gross margins above 50%, all by focusing on the customer and continuing to refine and improve the experience and product selection. We look forward to continuing to update our shareholders and fans as our Orange County location grows to its full potential."

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

About Planet 13

Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas and dispensary operations in Orange County. 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

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/658304/Planet-13-Generates-Record-119-Million-in-Sales-in-July

FAQ

What were Planet 13 Holdings' sales figures for July 2021?

Planet 13 Holdings reported $11.9 million in sales for July 2021.

How much did the new Orange County store earn in its first month?

The new Orange County store generated approximately $800,000 in sales during its first month.

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

The gross margin for Planet 13 in July 2021 was over 50%.

What is the stock symbol for Planet 13 Holdings?

The stock symbol for Planet 13 Holdings is PLNHF.