Planet 13 Opens Medizin Dispensary

Rhea-AI Summary

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.

Positive

• Reopening of Medizin dispensary may lead to renewed revenue streams.
• Previous revenue of $4.9 million with a 53% gross margin indicates strong sales potential.
• Nevada cannabis market has grown by 54% since the dispensary's closure.

Negative

• None.

LAS VEGAS, NV / ACCESSWIRE / November 20, 2020 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated Nevada cannabis company, today announced the opening of the Medizin dispensary at 4850 Sunset Road, Las Vegas Nevada.

"We are thrilled to reopen the Medizin dispensary after a long hiatus. Our popular first dispensary generated $4.9 million in the last quarter it was open, since then the Nevada market has grown 54%, and the Allegiant stadium has opened a couple of blocks away," said Larry Scheffler Co-CEO of Planet 13. "The Medizin dispensary built Planet 13's reputation for customer service and quality products, and we are excited to return to our original location and carry on that tradition."

The Medizin Dispensary was closed on October 30, 2018, to transfer the license to the Planet 13 SuperStore located next to the Las Vegas Strip. During the last full quarter of operations, Q3 2018, the Medizin Dispensary generated $4.9 million in revenue with a gross margin of 53%.

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

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 the 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, among other things, Planet 13's first California location and the timeline for opening of the Santa Ana dispensary.

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: final regulatory and other approvals or consents; 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 California; 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 13, 2020 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.

SOURCE: Planet 13 Holdings

View source version on accesswire.com:
https://www.accesswire.com/617698/Planet-13-Opens-Medizin-Dispensary

FAQ

What is the significance of the reopening of the Medizin dispensary for PLNHF?

The reopening of the Medizin dispensary represents a potential boost in revenue for Planet 13 Holdings, tapping into the growing Nevada cannabis market.

When did Planet 13 Holdings reopen the Medizin dispensary?

Planet 13 Holdings reopened the Medizin dispensary on November 20, 2020.

What was the revenue generated by the Medizin dispensary before its closure?

The Medizin dispensary generated $4.9 million in revenue during its last quarter of operation in Q3 2018.

How has the Nevada cannabis market changed since the dispensary's closure?

The Nevada cannabis market has grown by 54% since the Medizin dispensary closed in 2018.