- Planet 13 (PLTH) announces record revenue for January – a 10 per cent increase over November and December
- The company maintained stable gross unaudited margins of 56-59 per cent
- Growth in revenue has been attributed to the success of the restaurant and events space at the company’s Las Vegas dispensary
- Shares in the company are currently up 2.91 per cent to C$2.12, with a market cap of C$289.41 million
Planet 13 (PLTH) has announced record revenue for January this year, following a strong end to the 2019 calendar year.
The second consecutive month with average customer sales of approximately C$130, Planet 13 also saw stable unaudited gross margins of 56-59 per cent.
The company says that the restaurant and event space, which was opened in its Las Vegas Cannabis Entertainment Complex as part of the company’s Phase II development, brought increased traffic and customer awareness to the brand – factors which ultimately contributed to the increase in revenue.
“As we add additional attractions and store-in-store options we expect the cross promotion and improved customer experience to continue to drive traffic and ticket growth,” said Larry Scheffler, Co-CEO of Planet 13.
“I would like to thank our customers who continue to choose Planet 13 for their cannabis shopping experience when visiting Las Vegas. It is gratifying to see the SuperStore’s year over year growth and to witness our return customers’ excitement when they discover the SuperStore’s new features.”
In mid-December 2019, Planet 13 was recognised for its Nevada SuperStore when it won the top award in the retail category at the MJBizDaily conference.
At more than 60,000 sq ft of developed land, the Planet 13 dispensary is the largest in the world.
Shares in the company are currently up 2.91 per cent to C$2.12, with a market cap of C$289.41 million.