Planet 13 Holdings Inc (CSE:PLTH) (OTCQX:PLNHF) announced record sales of C$10.7 million during the month of April, including a single-day record of US$543,000 on April 20 (aka 4/20), as tourism returns to Las Vegas.
The company’s April sales nearly totaled its sales from the entirety of the second quarter of 2020, which came in at C$10.8 million. Gross margins for the month were in excess of 50%.
Planet 13 attributed the surge to increased tourist activity as pandemic restrictions wind down, on top of strong wholesale results and continued growth of its Medizin dispensary.
READ: Planet 13 crushes single-day sales record in Las Vegas with historic 420 return
"While Larry and I have known for a while that the demand for Vegas is strong, we were absolutely blown away by the rebound in tourist activity and Planet 13 sales this month. It's clear that word of mouth is spreading,” Co-CEO Bob Groesbeck said in a statement. “Every day I speak with someone who was told that Planet 13 is a must-visit by a friend or has been eager to visit since they saw an Instagram post.”
The SuperStore is a showcase for a growing portfolio of branded products, including vapes, edibles, pre-rolls and concentrates at the top-rated tourist hotspot.
Planet 13 is planning to open a second Las Vegas dispensary, as well as launching the company's first retail location in California.
“I can't wait to show off to our customers and the world both our expansion at the SuperStore and our new Orange County location later this year,” Groesbeck said. “The SuperStore is proof you can create a successful retail brand in cannabis and we look forward to extending that brand across the United States."
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel