Planet 13 Holdings Inc (CSE:PLTH, OTCQX:PLNHF) reported a big increase in revenue and a narrowing loss in its latest quarter as the company's flagship luxury SuperStore dispensary in party city Las Vegas continues to attract customers.
In the second quarter to June 30, the company posted revenue of $32.8 million, an increase of 205% on the $10.8 million seen in 2Q, 2020.
READ: Planet 13 Illinois wins Chicago dispensary license
The net loss before tax was $0.9 million versus a loss of $3.3 million in the year-earlier period.
"Q2 was a strong quarter for Planet 13. With tourism back, the Superstore's in-store experience is once again proving that it is on the list of must-visit destinations for any trip to Vegas," said Larry Scheffler, the co-CEO of Planet 13, which also operates dispensary operations in Orange County, California.
He added the cannabis company was seeing strong growth and an increasing share of the Nevada market every month and that its product brands were also gaining traction.
"Along with stellar performance from our Nevada operations, 2021 has been about securing our next growth opportunities," Scheffler added.
Bob Groesbeck, Co-CEO of Planet 13, also told investors: "I'm proud to say we opened our Orange County location on time and on budget.
"We are now focused on growing consumer awareness that will ultimately drive the sales we know are possible from that location.
“Subsequent to the quarter, we also won a dispensary license for the Chicago area giving us a clear path for our next SuperStore. Supported by a robust M&A pipeline and over $130 million in cash, Planet 13's future is bright."
As reported earlier in August, Planet 13 Illinois LLC had won a Conditional Adult Use Dispensing Organization License in the Chicago-Naperville-Elgin region from the Illinois Department of Financial and Professional Regulation.
"Chicago has been one of the main target markets for a Planet 13 SuperStore with its rapidly growing cannabis sales, large population base, and attraction as a tourist destination," Scheffler had said.
At 112,000 square feet, the firm's SuperStore in Vegas is the biggest cannabis store in the world and attracted a million visitors in 2019.
The company’s ambition is to operate ultra-high-end dispensaries in tier-one markets nationwide and to sell its brands in both the company's branded stores and wholesale.
Contact the author at giles@proactiveinvestors.com