Planet 13 stock is bucking the trend after Planet 13 Holdings (CSE:PLTH) (OTCQB:PLNHF) reported a $1 million revenue in branded products for the month of February.
Over the past year or so, Planet 13 Holdings has emerged as one of the more promising cannabis companies in the United States, and its branded products are now slowly gaining momentum. The company announced today that its branded products brought in $1 million in sales in the month of February.
Key Brands Gain Momentum
The brands in question include Leaf & Vine, Medizin, HaHa Gummies, TRENDI, and Dreamland Chocolates. The company has created a portfolio of products that are aimed at the most popular cannabis products and has focused especially on providing its customers with the Las Vegas experience.
The brands in question are currently available in some dispensaries in Las Vegas, but in the first and second quarters of the year, Planet 13 aims to distribute these brands to dispensaries all over Nevada.
Planet 13 Stock Outperformed Last Month
In February, Planet 13 stock finished the month with gains of 6%.
The company has taken a totally different approach to growth. It has decided to focus on the entire cannabis experience for cannabis connoisseurs and potential customers, instead of opening multiple stores. It established its SuperStore on the Las Vegas strip, and that has been a significant source of revenue for Planet 13.
The SuperStore is the biggest cannabis dispensary in the United States, spreading over 1,12,000 square feet. It has an events center, restaurant, and a processing center for customers. It provides customers with a unique experience that customers are clamoring for. In January, Planet 13 reported that the average ticket price soared to $100 per customer.
The ticket price was $79 per ticket in November 2018 when the SuperStore first opened. Even in the winter months, when the footfall in Las Vegas slows down, the company reported a 10% higher revenue.
Planet 13 Holdings is now looking to develop a 40,000 square foot store in Santa Ana in California, which would put it not far off from Disneyland. If this location can be as successful as the Vegas SuperStore, it could result in a rally in Planet 13 stock price.
At the time of writing, Planet 13 stock is up by 1% at C$1.94.
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