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Cannabis Summary for Nov. 1, 2019

2019-11-01 21:28 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index dropped 3.79 points to 412.18 Friday, finishing the week down 19.57 points. Planet 13 Holdings Inc. (PLTH) rose two cents to $1.80 on 239,000 shares after receiving final permits that will allow the company to start production at its 15,000-square-foot (about the size of three basketball courts) Las Vegas production facility. Planet 13's production facility is separated from its dispensary -- or SuperStore as it grandly calls it -- by a glass wall that visitors to the store can see through.

Although the company is primarily a cannabis retailer, it has seven of its own brands; six of the seven brands will be produced at the newly approved production facility. The brands include cannabis gummies, chocolate edibles and THC-infused water. Not surprisingly, Planet 13 earns better margins from its in-house products, so it is aiming to increase its sales of these products to 50 per cent of its total sales (in July, 15 per cent of its sales were of in-house products). Since February, 2019, Planet 13 has recorded between $5-million and $6-million of revenue in each of the seven months since (not including October, as that data have not yet been released).

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