The future of Planet 13 Holdings (OTCQB:PLNHF) (CSE:PLTH) is up in the air. While some investors are optimistic about Planet 13 stock, thanks to the company reporting revenue of $5.5 million at its Las Vegas Cannabis Superstore, others seem worried because the company's path to enter other states is unclear.
Over the past few months, we've seen Planet 13 stock have mixed days on the market. Earlier this week, PLNHF stock fell 1.1% to $2.34. Today isn't much different either, despite announcing positive news yesterday.
Here's what we know.
Planet 13 Stock: The Latest
On Wednesday, May 8, Planet 13 stock entered the red, despite the Las Vegas-based company announcing that customer traffic for April 2019 increased significantly. According to Planet 13 Holdings, which is a vertically integrated cannabis company, it served 1,962 customers per day in April. The average ticket was $89.62.
"April Superstore results were inline [sic] with very strong March results," said co-CEO Larry Scheffler. The results were also in line with the company's guidance when it first opened the Cannabis Superstore: the results "are meeting or exceeding the 2,000 customers per day at $75 average ticket," explained Scheffler.
The results have given Planet 13 Holdings a boost of confidence. According to Scheffler, management is looking forward to providing shareholders with more updates at the end of the month, when it reports Q1 earnings. Yet, this optimism doesn't seem to have transferred to the market. Then again, is this surprising? Planet 13 stock has yet to breach the $4 threshold.
According to Yahoo Finance, as of 11:58 AM EDT, Planet 13 stock is trading at $2.1209 on the OTCQB market. This means the stock is down 1.35%. PLTH stock is also down on the CSE.
Will Investors Change Their Minds?
Yesterday's news may not have sent Planet 13 stock soaring, but that doesn't mean a trading day like that isn't in the near future. The company, which has award-winning operations in Las Vegas, expects the "Superstore's visibility to continue to grow as we complete our Phase II expansion in Q3."
If this happens, who knows the direction Planet 13 stock will take.
What do you think about Planet 13 stock? Do you see the company being in it for the long haul? Let us know what you think in the comments below!
Featured image: Canva