Planet 13 Positioned to Build Consumption Lounge with Passage of Landmark Bill 341 in Nevada

Rhea-AI Summary

Planet 13 Holdings (CSE:PLTH, OTCQB:PLNHF), a leading Nevada cannabis company, is poised to capitalize on a new legislative opportunity following the passage of bill 341. This bill allows existing licensed dispensaries to operate consumption lounges on-site. Planet 13 is planning to build a consumption lounge at its Las Vegas SuperStore, which is strategically located near the Las Vegas Strip. Co-CEO Bob Groesbeck expressed excitement over this development, highlighting the potential for creating a unique cannabis experience for tourists.

Positive

• Bill 341 enables Planet 13 to establish a consumption lounge at its Las Vegas SuperStore, enhancing customer experience.
• Strategically located near the Las Vegas Strip, the new lounge could attract more tourists and increase sales.

Negative

• None.

LAS VEGAS, NV / ACCESSWIRE / June 2, 2021 / Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated Nevada cannabis company, welcomes recently passed bill 341 allowing existing licensed dispensaries to operate a consumption lounge co-located with the dispensary. Planet 13 has reserved an expansive dedicated space within the Las Vegas SuperStore for a consumption lounge which it will look to get built as soon as possible.

"We are thrilled that after the long wait, Nevada will finally be home to consumption lounges. We've long believed that tourists needed a safe, legal, and enjoyable place to consume cannabis and have been planning for a consumption lounge at the SuperStore since the bill was originally proposed two years ago," said Bob Groesbeck Co-CEO of Planet 13. "Our SuperStore is one of the only dispensaries with the space on site and the proximity to the Las Vegas Strip to create a truly Vegas style club. As with the rest of our dispensary we look forward to setting the bar and showing the industry what is possible when your goal is to Out Vegas, Vegas."

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/650042/Planet-13-Positioned-to-Build-Consumption-Lounge-with-Passage-of-Landmark-Bill-341-in-Nevada

FAQ

What is Planet 13 Holdings' recent development regarding consumption lounges?

Planet 13 Holdings plans to build a consumption lounge at its Las Vegas SuperStore following the passage of Nevada's bill 341.

How does bill 341 impact Planet 13 Holdings?

The passing of bill 341 allows Planet 13 to operate a consumption lounge on-site, potentially boosting revenue from tourist traffic.

When was bill 341 passed in Nevada?

Bill 341 was passed recently, allowing existing licensed dispensaries, including Planet 13, to operate consumption lounges.

What are the stock symbols for Planet 13 Holdings?

Planet 13 Holdings trades under the symbol PLTH on the Canadian Stock Exchange and PLNHF on the OTCQB.