Planet 13 Holdings Inc (CSE:PLTH, OTCQX:PLNHF) has reported a big increase in third-quarter revenue as it continues to be driven by a strong performance from its core Las Vegas operations and more than doubled sales of its Trendi vapes brand.
In the three months to September 30, 2021, the company posted revenue of $33 million, an increase of 45%, while gross profit before biological adjustments was $17.6 million compared to $13 million in 3Q 2020.
"Along with our dispensary operations, our product brands are performing well with Trendi vapes seeing 110% dollar sales growth year over year according to (market intelligence company) Headset,” Planet 13 co-CEO Larry Scheffler said in a statement.
“It now makes up about 5% of Vape sales and 7% of Concentrate sales and HaHa edibles was 4% of edibles sales in the State,” he added.
READ: Planet 13 Holdings completes acquisition of Florida cannabis license
The company's net loss before tax increased to $4.6 million versus a profit of $3.4 million in the year-earlier period.
Highlights of the quarter include:
- On July 1 Planet 13 opened the Orange County SuperStore
- On July 7 Planet 13 announced Moxie as the third store-in-store in Orange County SuperStore
- On August 5 Planet 13 announced that its 49% owned subsidiary Planet 13 Illinois won a Chicago dispensary license
- On September 1 Planet 13 announced a definitive agreement to acquire a Florida cannabis license
- On September 21 Planet 13 announced the doubling of the dispensary floor space at the Las Vegas SuperStore
- On October 1 Planet 13 announced the close of its acquisition of a Florida cannabis license
Bob Groesbeck, Planet 13's other co-CEO commented: “We opened our California store, and while initial sales growth has been slower due to headwinds from coronavirus (COVID-19) and untimely road construction around the SuperStore, customer reviews have been outstanding. We also won a dispensary license for the Chicago area giving us a clear path for our next SuperStore, and acquired a Florida license that will allow us to vertically integrate and open multiple neighborhood and SuperStores in the state."
Planet 13 Holdings, a vertically integrated cannabis company, is a powerhouse in the burgeoning cannabis retail space. The company has award-winning cultivation, production and dispensary operations in Las Vegas and dispensary operations in Orange County, California. 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 stephen.gunnion@proactiveinvestors.com