Planet 13 Holdings Inc. (CSE:PLTH) has already been doing amazing since November when it launched its SuperStore location in Las Vegas. Sales have been rising each month and recently The Company even brought on Mike Tyson into the mix, selling products from his ranch on store shelves. This past weekend, on April 20, The Company announced it had its best day ever since opening the store.
According to its press release, Planet 13 welcomed more than 6,000 visitors and nearly 3,500 of those were paying customers. Although a sales number wasn’t given, with an average ticket size of more than $91, it seems safe to assume that revenue for the day was close to $320,000. That sets the stage for yet another record-breaking month. In March, Planet 13’s sales were $5.5 million, which would put it at an annual run-rate of more than $65 million which would rival the top pot stocks in the U.S.
The unparalleled shopping and entertainment experience offered by the SuperStore has made it a draw for both cannabis connoisseurs from across the U.S. and internationally, as well as for the many casual cannabis users that come to Las Vegas every week for world-class entertainment
– Larry Scheffler, Co-CEO of Planet 13
Located along the Las Vegas Strip, location is one of the key advantages that Planet 13 has and what helps bring in lots of visitors to its store. Already a hot tourist stop, adding cannabis legalization into the mix could continue to be another reason for visitors to come the city, especially from parts of the country where marijuana is still prohibited.
Bigger plans in place for even more growth
As good as Planet 13 is doing today, it’s not content with the status quo. The Company is working on its Phase II construction which will add a coffee shop, bistro and will also have event space as well. The goal is to turn the SuperStore into a “must-see destination for anyone from the cannabis curious to the cannabis connoisseur visiting Las Vegas.”
Scheffler also hinted at more opportunities on the Company’s horizon:
With as many as 10 U.S. States having legalized marijuana, there are plenty of options for Planet 13 to expand into. While we don’t know how soon or if it’ll happen, it’s a good sign for investors that Planet 13 is looking to replicate its success in other markets as well.
The Company wouldn’t want to assume that these results will continue forever. After all, as more places legalize marijuana, consumers will have more options and that will result in fewer tourists coming for cannabis. We’ve seen how in Colorado growth rates have started to taper off after enjoying incredible sales results early on. If cannabis customers won’t need to travel to consume marijuana and can simply walk over to their nearest dispensary, that’ll likely result in less traffic for Planet 13. However, with non-medicinal cannabis still illegal in most parts of the country, there’s no imminent danger of that happening anytime soon.