Several cannabis stocks are down Wednesday, but the Planet 13 stock is not one of them.
Here's why.
Planet 13 Stock Stands Out From the Crowd
On Wednesday, May 29, Planet 13 Holdings (CSE:PLTH) (OTCQB:PLNHF) said it launched a new product line called Planet M. According to the press release, Planet M is a line of "custom formulated and curated full-spectrum and CBD isolate products."
Through Planet M, the company will also sell edibles, topicals, and CBD tinctures.
And while Planet M is set to have a slow rollout—it will only be sold in the Fashion Show Mall in Las Vegas—the market seems to have taken the news well. Of course, though, that was almost expected: the launch of Planet M aligns with the company's mission to expand its brand portfolio.
"Over the course of 2019, we will begin to take additional steps to leverage the SuperStore's growing visibility and unique position as a sales platform, to continue expanding our successful brand portfolio both within Nevada and beyond."
As cannabis stocks drop lower, Planet 13 stock is up 2.76% on the OTC market, as of 12:46 PM EDT.
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On the Canadian Securities Exchange, Planet 13 stock is also up, trading at $2.83. This puts the cannabis stock up 2.17%.
Takeaway
Despite only being rolled out in Vegas, Planet 13 stock is already benefitting from the Planet M product line.
Imagine what the product line will do for Planet 13 Holdings when it's expanded to other retail locations, which, according to Bob Groesbeck, co-CEO of Planet 13, will happen:
"We will look to expand retail locations over the course of the year, focused initially on the Las Vegas strip where we can drive crossover advertising of the SuperStore and online where we can continue to build our profile across the United States."
Any predictions? Let us know what you think in the comments below!
Featured image: Canva
