Cannabis stocks are mainly trading in the red Wednesday. The exceptions, however, include CRON stock and Planet 13 stock.
Here's why the latter managed to stay afloat today.
Planet 13 Stock: Shining in a Sea of Red
Planet 13 Holdings (CSE:PLTH) (OTCQB:PLNHF) announced its customer traffic for last month earlier today. Figures surpassed expectations, with the company serving an average of 2,095 customers per day in May. The average ticket was $90.63; the company aimed to serve 2,000 customers at an average ticket of $75.
"May SuperStore results were fantastic exceeding the 2,000 customers per day at $75 average ticket we guided to when opening the SuperStore," Co-CEO Larry Scheffler explained.
Based on the customer traffic in May, Planet 13 Holdings is confident its SuperStore is the ideal platform to launch a national brand. After all, the SuperStore had more than 100,000 visitors last month, with 71% of these visitors from states outside of Nevada. Even more impressive, 15% of these visitors were outside of the United States.
With figures like that, it's no wonder Planet 13 stock is up nearly 3% on the OTC market. As of 12:05 PM EDT, Planet 13 stock is trading at $2.0389; this puts Planet 13 stock up 2.46%.
But perhaps it's not just the company's customer traffic last month that pleased investors. Maybe, just maybe, it has more to do with the future of the company, which Larry Scheffler hinted at on Wednesday.
Now that the SuperStore has a unique customer base, Planet 13 plans to enter more marketing agreements with well-known companies. The vertically integrated cannabis company, which resides in Nevada, also plans to "introduce more of our own branded products targeting additional product categories," according to Scheffler.
Or, maybe Planet 13 stock is doing well because of last week when the company announced a new CBD product line.
There's no guarantee that Planet 13 Holdings will continue to surpass its expectations for customer traffic; but for the time being, one has to respect the company for doing so last month. Considering Planet 13's mission is to build a global brand, it seems the company is executing this plan already.
What do you think, though? Was Wednesday just a one-off for Planet 13 stock or will today's news allow it to stay in the green for the remainder of the week?
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