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Cannabis Summary for Nov. 26, 2019

2019-11-26 19:53 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index fell 7.02 points to 404.22 Tuesday. United States-based retailer Planet 13 Holdings Inc. (PLTH) fell 37 cents to $1.94, trading 497,900 shares, on its third quarter results, which Planet 13 released after the market closed yesterday. The retailer lost $1.6-million (U.S.) on revenue of $16.7-million (U.S.) in Q3. That does not compare favourably with the company's loss of $1-million (U.S.) on revenue of $16.5-million (U.S.) in Q2. Because Planet 13 only has one dispensary (in Las Vegas), its revenue is not increasing as it is for many of its competitors. Up to October, the company had provided detailed monthly sales information, including average customers per day and average amount spent per customer. With little or no good news to report from month to month, Planet 13 has decided to end these monthly updates and will now only give "traffic updates" on a quarterly basis (as part of its management discussion and analysis).

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