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Cannabis Summary for Sept. 1, 2020

2020-09-01 19:32 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index slipped 2.6 points to 129.23 Tuesday, while the Canadian Securities Exchange Composite Index lost 10.89 points to 479.59. Larry Scheffler and Bob Groesbeck's Las Vegas-based retailer Planet 13 Holdings Inc. (PLTH) lost 14 cents to $4.40 on 330,100 shares after releasing its second quarter results for 2020. Planet 13 saw its revenue slip to $10.8-million (U.S.) in Q2 2020, down from $16.7-million (U.S.) in Q1 2020. The retailer's net loss rose to $4-million (U.S.) in Q2 from $1.3-million (U.S.) in Q1. Still, the company actually remained comfortably cash-flow positive despite what was clearly a challenging quarter. Planet 13 generated $2.7-million (U.S.) in cash flow from operations in Q2, better than the $2.4-million (U.S.) it generated in Q1.

Planet 13 co-chief executive officer Larry Scheffler pointed to the company's efforts to add new customers and preserve capital under the influence of COVID-19. The retailer preserved capital by slashing its sales and marketing spending from $1.4-million in Q1 to just $246,000 in Q2. Since the onset of the pandemic, Planet 13 has focused on expanding its delivery capacity.

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