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Cannabis Summary for Jan. 9, 2020

2020-01-09 20:34 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index rose 9.50 points to 404.24 Thursday. Planet 13 Holdings Inc. (PLTH) remained unchanged at $2.35 on 116,500 shares after announcing its sales data for 2019. The company had been reporting monthly sales data for its "SuperStore" (which is its only dispensary) in Las Vegas, but it stopped after October. Reporting the monthly data no longer made for good optics, as the company's sales have largely plateaued. From March to October, Planet 13's average customers per day fluctuated between 1,900 and 2,100. Its revenue only inched up from $16.5-million (U.S.) in Q2 to $16.7-million (U.S.) in Q3. Nonetheless, $16-million (U.S.) in sales per quarter is impressive for one dispensary.

Thankfully, there are ways in which Planet 13 is likely to increase its revenue in 2020. The company has seven of its own cannabis brands ranging from gummies and chocolate edibles to vape products and THC-infused water. Planet 13 has so far only sold its in-house brands in its dispensary, but it plans to start selling them in third party dispensaries this year. Bob Groesbeck, co-chief executive officer of Planet 13, said in today's new release that, in 2020, the company intends to open another dispensary with the same SuperStore concept (basically just an extravagant dispensary), this one outside of Nevada.

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