In a period of uncertainty across the cannabis sector, there's been one company that has consistently remained in the green. Las Vegas's dispensary king, Planet 13 Holdings (CSE:PLTH) (OTCQB:PLNHF), has remained a key player in 2019; Planet 13 stock has impressed with a 67% growth thus far this year.
Now, the vertically integrated company has become the go-to dispensary for cannabis in Nevada. Shares are currently trading at $2.71 CAD on the CSE.
A Good Year for Planet 13 Stock
Its Superstore located on the Las Vegas strip is the largest cannabis dispensary in the world. At 112,000 square feet, the 24-hour dispensary has become as much a tourist attraction as a cannabis retail space. Here, the company sells its branded medical and recreational cannabis products in a 15,000 square foot space dedicated purely to its dispensary.
Offering an overall "experience," the Superstore has been a triumphant operational success. In May the company announced that it served an average 2,095 customers daily, at an average ticket sale of $90.63. June has seen similar figures, with over 100,000 visitors to the Superstore and now, Planet 13 Holdings is on track to serious profits should sales continue in this manner.
Expansion and Growth
Utilizing this success, the company recently rolled out a new product line called Planet M. This is a line of “custom formulated and curated full-spectrum and CBD isolate products” comprised of edibles, topicals, and CBD tinctures.
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And further, Planet 13 Holdings is keeping up with promises to expand its footprint. In early June, the company announced that it signed an LOI to acquire a Santa Ana California dispensary. In doing so, the brand is now active in California—the US's no. 1 market for cannabis.
Planet 13 stock jumped on this news. If operations in California are as successful as they have been in Las Vegas, investors can feel certain the company will eventually make profits.
The solid revenue growth that it is capturing does offer another big potential, too; it could attract attention from bigger investors. This would likely bring further gains to Planet 13 stock.
Currently, the strong rise in share price shows optimism for the future. The company is on the right path to profits, which is assuring to investors as sales as impressive as Planet 13's do not happen to every company in this industry.
Featured Image: Canva
