Planet 13 Announces Record Preliminary Q3 Revenue
Preliminary unaudited Q3 revenue of $22.8 million with gross margins of ~50%
LAS VEGAS, NV / ACCESSWIRE / October 6, 2020 / Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNHF) (“Planet 13” or the “Company”), a leading vertically-integrated Nevada cannabis company, today announced preliminary Q3 2020 revenue of $22.8 million a 110% increase over Q2 2020. Gross margin was ~50% in Q3. Q3 2020 was the highest revenue quarter in the Company’s history, driven by a strong rebound of in-store sales and growth in both home delivery and wholesale. The SuperStore served ~1,625 average customers per day in-store with an average ticket of ~$124.
- In-Store revenue of $18.5 million in Q3 2020 compared to $16.3 million in Q3 2019, an increase of 13.0%.
- Delivery & Curbside revenue of $3.4 million in Q3 2020 compared to $295 thousand in Q3 2019.
- Wholesale & Other revenue of $1.0 million in Q3 2020 compared to $61 thousand in Q3 2019.
- Total revenue of $22.8 million in Q3 2020 compared to $16.7 million in Q3 2019, an increase of 36.5%
“Q3 has proven Planet 13’s resilience and strength. We drove an impressive rebound in sales and a record quarter by making operational improvements in response to COVID-19. The improvements have led to higher average tickets and conversion rate despite the reduced tourist traffic. Along with these operational improvements at the store, our delivery and curbside pickup have expanded our revenue from Las Vegas residents,” said Larry Scheffler Co-CEO of Planet 13.
We are opening our neighbourhood dispensary in Q4 and continuing to drive increased delivery and curbside sales to increase our share of sales to Las Vegas residents.
Larry Scheffler Co-CEO of Planet 13
Bob Groesbeck Co-CEO of Planet 13 added, “We started wholesaling our products at the end of June, and are rapidly gaining momentum. We are now in 33 dispensaries across the state and expect this to grow as our brands continue to gain name recognition. Between wholesale and retail sales our edible, concentrate, and beverage lines are among the top 10 selling SKUs statewide.”
In Q3, inhouse brands made up 25% of cannabis sales. In order to achieve the Company’s goal of delivering a minimum of 50% of revenue from our in-house brands, we are transitioning our newly purchased indoor cultivation facility to our in-house strains to increase sales of our popular, high-margin, Medizin flower brand.
Bob Groesbeck Co-CEO of Planet 13
For further inquiries, please contact:
LodeRock Advisors Inc., Planet 13 Investor Relations
(416) 519-2156 ext. 2230
Robert Groesbeck or Larry Scheffler
Co-Chief Executive Officers
About Planet 13
Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company based in Nevada, with award-winning cultivation, production and dispensary operations in Las Vegas – the entertainment capital of the world. Planet 13’s mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13’s shares trade on the Canadian Stock Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.
Original press release
Get ahead of the crowd by signing up for 420 Investor, the largest & most comprehensive premium subscription service for cannabis traders and investors since 2013.