Planet 13 Nevada Cultivation Expansion Fuels SuperStore In-House Product Growth
Planet 13 Holdings has announced an expansion of its Nevada cultivation facility, adding 22,000 square feet to boost in-house product growth. This move aims to address supply constraints that have limited the premium flower brand Medizin from reaching top sales rankings in Nevada. Co-CEO Larry Scheffler emphasized the demand for their brands such as TRENDI and HaHa and the need for increased supply to satisfy customers. The company aims to enhance its market share by improving product availability.
- Expansion of cultivation space by 22,000 sq ft to increase product supply.
- Strong consumer support for brands TRENDI and HaHa, indicating healthy market demand.
- Opportunity to grow market share for the premium flower brand Medizin.
- Historical supply constraints have limited premium flower brand performance.
- Dependence on the success of the expansion to meet consumer demand.
LAS VEGAS, NV / ACCESSWIRE / April 14, 2022 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) ("Planet 13" or the "Company"),a leading vertically-integrated multi-state cannabis company, announced the start of expansion of its Nevada cultivation facility adding 22,000 square feet of cultivation space to fuel in-house product growth.
"We've seen incredible consumer support for our brands like TRENDI and HaHa which have risen to among the top selling brands in their respective categories in Nevada. The only thing that has limited Medizin, our popular premium flower brand, from joining them at the top of the leaderboard has been supply constraints. Our lack of supply has historically led to us selling out every harvest, leaving our customers wanting more," said Larry Scheffler, Co-CEO of Planet 13. "The expansion of our Nevada cultivation facility will allow us to better satisfy customer demand for our premium flower and continue to grow our in-house brands share of sales."
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, California. Planet 13 also holds a medical marijuana treatment center license in Florida and a
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 Company's plan to expand cultivation facility and satisfy consumer demand.
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 or other states in which the Company may operate 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 states in which we operate or contemplate future operations; 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 Form 10-K dated March 28, 2022 as 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
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