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Bottom is in. Loading $PLNHF for the $5-10 swing this year
Planet 13 to acquire NGW!
Planet 13 to Acquire Next Green Wave Holdings, Expanding Presence in California with Premium Indoor Cultivation and an Extensive, Pheno-Hunted Cultivar Base
AccessWire - 1 hour ago
LAS VEGAS, NV / ACCESSWIRE / December 20, 2021 / Planet 13 Holdings Inc. ("Planet 13" or the "Company") (CSE:PLTH)(OTCQX:PLNHF) and Next Green Wave Holdings Inc. ("Next Green Wave" or "NGW") (CSE:NGW)(OTCQX:NXGWF) are pleased to announce that they have entered into a definitive arrangement agreement (the "Agreement") pursuant to which Planet 13 will acquire all of the issued and outstanding common shares (the "NGW Shares") of NGW, by way of a court approved plan of arrangement, for total consideration of approximately C$91 million (the "Transaction").
Proposed Transaction
Under the terms of the Agreement and based on pricing as of December 17, 2021, shareholders of Next Green Wave ("NGW Shareholders") will receive 0.1081 of a common share of Planet 13 (the "Exchange Ratio") subject to calculations as described below, and $0.0001 in cash, for each NGW Share held. Based on Planet 13's 10-day volume weighted average price ("VWAP") and the Exchange Ratio as at December 17, 2021, the implied deal price per NGW Share is C$0.465, representing a premium of approximately 52% to the closing price and 44% to the 10-day VWAP of NGW Shares on the Canadian Securities Exchange (the "CSE") as of December 17, 2021. The Exchange Ratio is subject to adjustment as follows:
If the 10-day VWAP of Planet 13 common shares (the "Planet 13 Shares") on the CSE immediately preceding the second business day prior to the closing of the Transaction (the "Planet 13 Closing Price") is below C$5.50 but above C$4.06, then the Exchange Ratio will be calculated as C$0.4650 divided by the Planet 13 Closing Price;
If the Planet 13 Closing Price is less than or equal to C$4.06, then the Exchange Ratio shall be 0.1145; and
If the Planet 13 Closing Price is greater than or equal to C$5.50, then the Exchange Ratio shall be 0.0845.
After giving effect to the Transaction, and based on pricing as of December 17, 2021, NGW Shareholders will hold approximately 9.2% ownership in the pro-forma company (on a fully-diluted basis).
Transaction Rationale
Significant premium being offered to NGW Shareholders of approximately 44% based on both company's 10-day VWAP and representing an implied offer price of approximately C$0.465 per NGW Share as of December 17, 2021..
Transaction is expected to be immediately accretive to 2021 and 2022 EBITDA.
Transaction structure provides meaningful price protection against market volatility in Planet 13's share price up to the completion of the Transaction.
NGW's operations will serve as the backbone of Planet 13's continued focus on the California market. NGW will enable Planet 13 to introduce their diverse brand portfolio of exotic, pheno-hunted cultivars to the Santa Ana SuperStore as well as across the state.
NGW Shareholders will immediately benefit from the enhanced size, scale and liquidity of Planet 13's capital markets presence.
NGW Shareholders will participate fully in the upside of Planet 13's upcoming expansions into Illinois and Florida.
Planet 13 to retain NGW's management team, deepening the pro forma company's knowledge base and expertise across the California market.
Planet 13 to benefit from NGW's highly respected cultivation techniques and pheno-hunted cultivars, greatly expanding the pro forma company's cultivation capabilities, product offerings, consistency and proficiency.
Combined experience and expertise of the Planet 13 and NGW operational teams will drive further improvements across the pro forma company's footprint.
Management Commentary
"Today's announcement is an extension of the strategy we've laid out for investors of adding cultivation and production in California to vertically integrate and bring our highly popular brands into the state. We are methodically expanding our footprint to drive topline growth and improved profitability," said Bob Groesbeck, Co-CEO and Co-founder of Planet 13. "We've been incredibly impressed by the Next Green Wave team and their ability to generate revenue and Adjusted EBITDA based on the quality of their cultivation and manufacturing in this very competitive market."
"This is an exciting day for Next Green Wave shareholders. Planet 13 has proven its ability to run incredibly productive retail locations and create manufactured products that command a significant share of sales in their home state of Nevada," said Mike Jennings, CEO of Next Green Wave. "They are a perfect fit for Next Green Wave, and being a part of their attractive growth profile and expansion in Illinois and Florida is the correct next step for NGW."
Further Transaction Details
The Transaction will be effected by way of a plan of arrangement under the Business Corporations Act (British Columbia) and is subject to, among other things, the approval of NGW Shareholders at a special meeting of NGW Shareholders expected to be held in February 2022 (the "NGW Special Meeting"), receipt of all applicable CSE, regulatory and court approvals, and completion of other customary closing conditions. At the NGW Special Meeting, the Arrangement will require approval by at least two-thirds of the votes cast by NGW Shareholders present in person or represented by proxy and entitled to vote at the NGW Special Meeting. Approval of Planet 13 shareholders is not required.
The Transaction has been unanimously approved by the board of directors of both Planet 13 and Next Green Wave.
The Agreement contains customary representations, warranties and covenants for transactions of this nature, including termination fees of $3,250,000 and $2,000,000 payable by Next Green Wave and Planet 13, respectively, in the event the Transaction is terminated under certain circumstances. In addition, the Agreement contains an expense reimbursement fee of up to $1,000,000 payable by Next Green Wave to Planet 13 if the Transaction is terminated in certain circumstances. Pursuant to the Agreement, upon closing, all outstanding NGW options to acquire NGW Shares will be exchanged for options of Planet 13 that will entitle the holders to receive, upon exercise thereof, Planet 13 Shares based upon the Exchange Ratio.
Additional details of the Transaction will be provided to NGW Shareholders in an information circular to be mailed in connection with the NGW Special Meeting and available under NGW's profile at www.sedar.com. Copies of the Agreement and certain related documents will be filed with Canadian securities regulators and also available at www.sedar.com.
It is currently anticipated that, subject to receipt of all regulatory, court, shareholder and other approvals, the Transaction is expected to close in the first quarter of 2022.
Recommendation of NGW Board
The board of directors of NGW (the "NGW Board") formed a special committee of independent members (the "Special Committee") to, among other things, review and evaluate the terms of the Transaction, to make a recommendation to the NGW Board in respect of the Transaction and to negotiate the terms and conditions of the Agreement and related matters. The Special Committee obtained fairness opinions from each of INFOR Financial Inc. and Evans & Evans, Inc. stating that, as of the date of the opinions and subject to the assumptions and limitations contained in such opinions, the consideration to be received by NGW Shareholders pursuant to the Transaction is fair, from a financial point of view, to NGW Shareholders. Based on the advice and recommendation of the Special Committee, the NGW Board determined that the Transaction is fair to NGW Shareholders, that the Transaction is in the best interests of NGW and unanimously recommends that NGW Shareholders vote in favor of the resolution to approve the Transaction at the NGW Special Meeting. All of the directors and officers of NGW and a certain shareholder of NGW (who hold in the aggregate approximately 21% of the issued and outstanding NGW Shares) have executed voting and support agreements with Planet 13 pursuant to which they have agreed, among other things, to support the Transaction and vote their NGW Shares in favour of the Transaction.
Financial and Legal Advisors
Beacon Securities Limited acted as financial advisor to Planet 13 and provided a fairness opinion to the Planet 13 board of directors that states that, as of the date of the opinion and subject to the assumptions and limitations contained in the opinion, the consideration to be paid by Planet 13 pursuant to the Transaction is fair, from a financial point of view, to Planet 13.
Wildeboer Dellelce LLP and Cozen O'Connor acted as legal advisors to Planet 13.
INFOR Financial Inc. acted as the financial advisor to NGW. INFOR Financial Inc. and Evans & Evans, Inc. each provided a fairness opinion to the NGW Board and the Special Committee, respectively, as described above.
McMillan LLP and Farella Braun + Martel LLP acted as legal advisors to Next Green Wave.
Proxy Solicitation
NGW has engaged Kingsdale Advisors ("Kingsdale") as its strategic shareholder and communications advisor and proxy solicitation agent. NGW Shareholders with questions regarding the Transaction may contact Kingsdale by email at contactus@kingsdaleshareholder.com.
About Planet 13
Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas and dispensary operations in Orange County, California. Planet 13 also holds a medical marijuana treatment center license in Florida and a 49% interest in Planet 13 Illinois which won a lottery for a Social-Equity Justice Involved dispensing license in the Chicago-region of Illinois. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13's shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.
About Next Green Wave
Next Green Wave is an integrated premium seed-to-shelf craft cannabis producer offering products through its in-house brand portfolio and wholesale flower for other large cannabis manufacturers. The Company owns and operates a 35,000 sq. ft. indoor facility in Coalinga, CA, which is home to its nursery, cultivation, distribution, and future packaging business.
Forward-Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation and United States Securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking statements include but are not limited to, information concerning the timing and completion of the Transaction and the acquisition of all of the issued and outstanding NGW Shares; the timing and anticipated receipt of required regulatory, court and shareholder approvals for the Transaction and other customary closing conditions; integration of NGW's operations; the anticipated benefits of the Transaction, including the corporate, operational and financial benefits, the parties' strategic plans and expansion and expectations regarding the growth of the California cannabis market; and the availability of the exemption under Section 3(a)(10) of the U.S. Securities Act to the securities issuable in the Transaction.
Developing forward-looking information and forward-looking statements involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to the Company and NGW and others that apply to the industry generally. Such assumptions include but are not limited to the ability of the combined entity to execute its business plan, the continued growth of the cannabis market in those U.S. states where the cultivation, distribution and use of medical or recreational cannabis is legal and in particular, in the State of California, that any changes in US federal or state laws will not adversely affect the businesses or operations of the parties and the ability of the Company to successfully integrate NGW into its operations.
The forward-looking information and forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information and statements. Such factors include, but are not limited to: the ability of the Company and NGW to receive, in a timely manner, the necessary regulatory, court, shareholder, stock exchange and other third-party approvals to consummate the Transaction; the ability of the Company and NGW to satisfy, in a timely manner, the other conditions to the closing of the Transaction; the ability to complete the Transaction on the terms contemplated by the definitive arrangement agreement and other agreements, including the voting and support agreements, or at all; the ability of the Company to realize the anticipated benefits of the Transaction and the timing thereof; the consequences of not completing the Transaction, including the volatility of the share prices of the Company and NGW; negative reactions from the investment community and the required payment of certain costs related to the Transaction; actions taken by government entities or others seeking to prevent or alter the terms of the Transaction; potential undisclosed liabilities unidentified during the due diligence process; the interpretation of the Transaction by tax authorities; the focus of management's time and attention of both the Company and NGW on the Transaction and other disruptions arising from the Transaction; a resurgence in cases of COVID-19; risks relating to cannabis being illegal under US federal law and risks of US federal enforcement actions related to cannabis activities; negative changes in the political environment or in the regulation of cannabis in the State of California; negative shifts in public opinion and perception of the cannabis industry and cannabis consumption; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; crop failures; litigation; currency fluctuations; increasing competition; and loss of key management and/or employees.
Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking information and forward-looking statements contained in this news release are made as of the date hereof. Except as required by applicable securities law, the Company and NGW undertake no obligation to update publicly or otherwise revise any forward-looking information or forward-looking statements or the foregoing lists of factors affecting those statements, whether as a result of new information, future events or changed circumstances.
The Company and NGW are indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States through licensed subsidiary entities in states that have legalized marijuana operations, however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company's business, including COVID-19, are contained under the heading "Risk Factors" and elsewhere in the Company's annual information form dated April 5, 2021 filed on its issuer profile on SEDAR at www.sedar.com, and for NGW are contained in NGW's Management's Discussion and Analysis for the three and nine month period ended September 30, 2021 filed under NGW's profile on SEDAR.
EBITDA and Adjusted EBITDA are non-IFRS measures. Additional reconciliations and other disclosures concerning non-IFRS measures is provided in Planet 13's MD&A for the nine months ended September 30, 2021.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
U.S. Securities Matters
None of the securities to be issued pursuant to the Arrangement Agreement have been or will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws. The Planet 13 Shares to be issued in the Arrangement are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
For further inquiries, please contact:
LodeRock Advisors Inc.
Planet 13 Investor Relations
mark.kuindersma@loderockadvisors.com
Robert Groesbeck or Larry Scheffler
Co-Chief Executive Officers
ir@planet13lasvegas.com
Matthew Jewel
CFO
ir@nextgreenwave.com
Kingsdale Advisors
contactus@kingsdaleshareholder.com
SOURCE: Planet 13 Holdings
View source version on accesswire.com:
https://www.accesswire.com/678196/Planet-13-to-Acquire-Next-Green-Wave-Holdings-Expanding-Presence-in-California-with-Premium-Indoor-Cultivation-and-an-Extensive-Pheno-Hunted-Cultivar-Base
Premarket Trade $3.47 showing
I got in today @ $3.01 on a partial fill and it ran up.
I found out about this company in October in Florida at a Culvers Burger place. Some guy had a tee shirt on from getting back from Vegas.
He was being asked about his tee shirt. I heard him say Planet 13 is coming to Florida. I checked out the company online.
I checked out the stock and it would go down to $4.20 and buyers would drive the price up again. I waited to get cheaper shares since the whole markets are down. I have done some searching and I have found cannabis has helped people with some cancers.
Video on CNBC about cannabis...
https://www.msn.com/en-us/money/news/cannabis-consumption-lounges-gain-in-popularity/vi-AARFcqC?ocid=uxbndlbing
Hey remember when a few months ago i said see you at 4….. and here we are. Seems like a good buy zone depending on market conditions and if scumbag democrats ever pass anything they say they will. Which they usually don’t
https://finance.yahoo.com/news/planet-13-completes-acquisition-florida-105000958.html
LAS VEGAS, NV / ACCESSWIRE / October 1, 2021 / Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated...
We badly need them here in NJ!
Planet 13 Is Taking Its Las Vegas Cannabis Superstore Concept Coast to Coast:
https://www.newcannabisventures.com/planet-13-is-taking-its-las-vegas-cannabis-superstore-concept-coast-to-coast/
Adding 40 registers seems to be an expensive task. 40 employees 160 k a week in payroll. They need a pick and pull system. Pot Lockers solves their problem. No need to have 80 registers. You place your order from an app or mobile kiosk then pick it up out of the locker. I guess adding significant payroll dollars is one way to move people in and out of the building. Amazon uses lockers for a reason Planet 13 would be wise to look into Pot Lockers. I here a new dispensary is opening without registers and a pick and pull locker system. This will change the landscape big time. Planet 13 will soon be behind the curve.
https://www.fox5vegas.com/news/cannabis-grab-and-go-lockers-coming-to-dispensaries-in-las-vegas/article_25e51990-e456-11eb-adf5-c79932aa70af.html?block_id=994400
Simple news is huge? As sure "posting" the partake. Along an is helping us makes. Setting unpressured ups a on mines a some money all In truth?
Im sorry. I have no freaking clue to what you said in last post. Perhaps I need to partake to follow your logic?
A thank you as always as fair it up for that I perceive my own context. A I appreciate a our strong do biggest for all that I dont care in the industry I say so on contacts a stay that as forwards appreciate quality "DD." As insider reevaluation exactly forwards admittance.
Set up on the rope a the starting positioning on "PPs" a set up on the rope an some them shorts will fail. As l my favoritism smocking short retarded. My account an positioning maybe accuracy accouter now. I belive it not outline. I told you not to talks too me see whit what a that gets you preferentially
https://www.otcmarkets.com/.../Harvest-Health--Recreation...
Looks like it’s right around the corner
Your welcome. I have a few shares too.
Thank you for that. Been swing trading this one quite a bit for small gains here and there currently just have 500 at 6.65
Nice review, thanks. I agree that the restaurant should have opened with the shop, but it does give something to look forward to.
I visited the SA store. Heres my summary:
Things I liked:
I got to play pacman awesome
Nice store love the octopus
Said they working to get permit for lounge
Said working on a restaurant
Decent foot traffic around noontime about 10 registers being utilized
Very friendly staff at lobby area lots of greeters
Was not impressed with:
I asked one employee in a group of 3 how much a product was, they were kinda busy trying to figure out something on a register, the lady said oh when your ticket is called the helper can help you. I was like ok that not cool. Then I asked someone else whom happened to be a store Lead, and I told him, he went out of the way to answer any questions. Need more professionals ready to help in the sales areas..not push off a simple easy question how much is that? They were right in front of the register I felt shooed away...
Restaurant and lounge not open. Seemed kinda rushed on the opening as the restaurant would be easy to open permit wise. They shoulda had that open on day 1 imo.
Pricing upper end, I didnt purchase anything.
No 1st time visitor discount
In a commercial area not a great visible location like a storefront at a shopping mall. They tend to keep shops out of focus in the O.C., unlike L.A. county can be anywhere.
My personal observations, do your own dd...
So, has anyone got the skinny on Santa Ana day one? ...day two? Rant or Rave? No PR, no news. Fantastic, fizzle or flop?
What kind of a grand opening of this magnitude happens without opening day coverage? I can tell by looking . . . investors are not impressed.
REMARKABLE! PLNHF is DOWN on huge event!
Is this a big event or what? Doors open over 1 hour. No excitement. Will we wait until tomorrow to hear the Planet 13 news? Not the way I remember grand openings to be... but then maybe they never happened in such a passive, laid back industry before. ??
WOW! What enthusiasm and excitement! Grand opening? What grand opening? NOT ONE BLOG HERE! Doors open in 10 minutes and investor indifference soars. LoL
The coolest place on earth..
https://losangeles.cbslocal.com/2021/06/24/planet-13-marijuana-dispensary-santa-ana-orange-county/
COMPARISON PLANET 13 VS TILT HOLDINGS
Planet 13 PLNHF
Last quarterly revenue $23.8M
Adjusted EBITDA $5,2M
Shares outstanding 196,391,908
Net loss/gain $400,000
Cash and cash equivalent $141M
Price per share $6.68
TILT Holdings TLLTF
Last quarterly revenue $46.8M
Adjusted EBITDA $6.2M
Shares outstanding 325,668,294
Net loss/gain <$1,579,000>
Cash and cash equivalent $9M
Price per share $0.50
This will be a nice store.
https://finance.yahoo.com/news/planet-13-california-superstore-launch-110000504.html
Planet 13’s California SuperStore to Launch with Tinley’s Beverages in July Planet 13’s “SuperStore” in Santa Ana, California is expected to open in July 2021,...
https://finance.yahoo.com/news/planet-13-continues-string-record-103000568.html
LAS VEGAS, NV / ACCESSWIRE / June 7, 2021 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQB:PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated Nev...
https://finance.yahoo.com/news/planet-13-positioned-build-consumption-103000644.html
LAS VEGAS, NV / ACCESSWIRE / June 2, 2021 / Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated Ne...
Hopefully we can break out of this range and push back to that high of 9.
https://www.investorsobserver.com/news/stock-update/is-planet-13-holdings-inc-plnhf-stock-at-the-top-of-the-drug-manufacturers-specialty-generic-industry
InvestorsObserver
Is Planet 13 Holdings Inc (PLNHF) Stock at the Top of the Drug Manufacturers - Specialty & Generic Industry?
Wednesday, June 09, 2021 01:34 PM | InvestorsObserver Analysts
Is Planet 13 Holdings Inc (PLNHF) Stock at the Top of the Drug Manufacturers - Specialty & Generic Industry?
A rating of 86 puts Planet 13 Holdings Inc (PLNHF) near the top of the Drug Manufacturers - Specialty & Generic industry according to InvestorsObserver. Planet 13 Holdings Inc's score of 86 means it scores higher than 86% of stocks in the industry. Planet 13 Holdings Inc also received an overall rating of 44, putting it above 44% of all stocks. Drug Manufacturers - Specialty & Generic is ranked 143 out of the 148 industries.
Overall Score - 44
PLNHF has an Overall Score of 44. Find out what this means to you and get the rest of the rankings on PLNHF!
See Full PLNHF Report
What do These Ratings Mean?
Trying to find the best stocks can be a daunting task. There are a wide variety of ways to analyze stocks in order to determine which ones are performing the strongest. Investors Observer makes the entire process easier by using percentile rankings that allows you to easily find the stocks who have the strongest evaluations by analysts.
This ranking system incorporates numerous factors used by analysts to compare stocks in greater detail. This allows you to find the best stocks available in any industry with relative ease. These percentile-ranked scores using both fundamental and technical analysis give investors an easy way to view the attractiveness of specific stocks. Stocks with the highest scores have the best evaluations by analysts working on Wall Street.
What's Happening With Planet 13 Holdings Inc Stock Today?
Planet 13 Holdings Inc (PLNHF) stock is trading at $7.22 as of 1:16 PM on Wednesday, Jun 9, a gain of $0.48, or 7.12% from the previous closing price of $6.74. The stock has traded between $6.70 and $7.27 so far today. Volume today is above average. So far 554,799 shares have traded compared to average volume of 407,610 shares.
Click Here to get the full Stock Score Report on Planet 13 Holdings Inc (PLNHF) Stock.
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https://www.fool.com/investing/2021/06/08/could-planet-13-be-a-millionaire-maker-stock/
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Could Planet 13 Be a Millionaire-Maker Stock?
The company is coming off yet another strong quarterly performance.
David Jagielski(TMFdjagielski)
Jun 8, 2021 at 6:20AM
Planet 13 (OTC:PLNH.F) is one of my favorite cannabis companies. Its slow-and-steady strategy has allowed it to fine tune its operations without being bogged down by rapidly increasing expenses. Its SuperStore location is a hit in Las Vegas, and it has another one scheduled to launch in California this summer.
For investors, the pot stock has already been an amazing buy, generating returns of more than 300% over the past year while the Horizons Marijuana Life Sciences ETF has risen by just 40%. With the economy reopening and travel on the rise, there could soon be an influx of customers headed for its conveniently located dispensaries. Planet 13's business holds a lot of promise, but can investing in it today make you a millionaire?
Two couples on a yacht.IMAGE SOURCE: GETTY IMAGES.
What the numbers say
For a business to make you rich, it needs to be generating some strong numbers. And Planet 13 has been doing just that. On May 27, the Nevada-based company released its first-quarter results for the period ending March 31. Sales during the period totaled $23.8 million, which was a year-over-year increase of 42%. That was also an 18% improvement from the fourth quarter when sales came in at $20.1 million.
And the numbers are likely to get even better -- Planet 13 reported that in April, sales reached a record of $10.7 million. Co-CEOs Bob Groesbeck and Larry Scheffler were "blown away by the rebound in tourist activity." A rebound is correct, as the monthly visitor volume in Las Vegas is almost back to pre-pandemic levels. In April 2021, visitor volume of 2.57 million was a 15.4% increase from the previous month and down just 27% compared to two years ago. In February 2020, the Las Vegas Convention and Visitors Authority reported 3.3 million visitors.
Las Vegas visitor volumes by month.DATA SOURCE: LAS VEGAS CONVENTION AND VISITORS AUTHORITY. CHART BY AUTHOR.
The company is also in a great position to benefit from the recently passed legislation in Nevada that will permit consumption lounges. Planet 13's SuperStore in Las Vegas already has space set aside for that, and the company says it will build a lounge "as soon as possible."
But it isn't just revenue growth that makes the business look good; its bottom line is rock-solid as well. Not only did the company generate a positive adjusted EBITDA of $5.2 million this past quarter, but Planet 13 also broke even and its net income before taxes totaled $3 million. Many marijuana companies struggle to get in the black when it comes to adjusted EBITDA, let alone true accounting income. Profitability is important for a business that wants to grow. Otherwise, that can be a recipe for frequent share offerings that dilute existing shareholders and drive down a stock's price.
It might not be too late to invest in Planet 13
At less than $25 million in quarterly revenue, Planet 13 is still a bit of a minnow in the industry. Pot giant Curaleaf recently reported sales of more than 10 times that amount -- $260 million for the first three months of the year. Not only does Planet 13 still have a lot of room to get bigger, especially with the company launching its Santa Ana-based SuperStore location later this year, but it also makes the company a potentially attractive acquisition target for a cannabis operator that may be looking to expand into Nevada. With a $1.3 billion market cap, its valuation is lower than Harvest Health ($1.7 billion), which Curaleaf's rival Trulieve recently announced plans to acquire.
Planet 13 may not be expanding as aggressively as other multistate operators in the country, but that strategy has been working just fine for the company. And if you're willing to stay the course and hold on to the pot stock, it could make you rich. While it may not double or triple in value every year, as its business gets bigger and its profits rise, you can be sure many investors will be growing more bullish on this pot stock, paving the way for some fantastic returns.
Should you invest $1,000 in Planet 13 Holdings Inc. right now?
Before you consider Planet 13 Holdings Inc., you'll want to hear this.
Our award-winning analyst team just revealed what they believe are the 10 best stocks for investors to buy right now... and Planet 13 Holdings Inc. wasn't one of them.
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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.
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David Jagielski has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Planet 13 Holdings Inc. and Trulieve Cannabis Corp. The Motley Fool has a disclosure policy.
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Planet 13 my new fav. Letsssss gooooo!!!!
Looking good here Planet 13!
Conference call was great, lots of exponential growth. They could easily do over $200 million a year from the two locations. Next earnings will be over 33+ million easily.
Maybe we'll finally get the love we deserve...
Planet 13 PLNHF
May 26th 2021 Jeremy posted another Youtube video indicating this is one of his tops picks for June. Looking to add to his already $1,000,000 position. He talks about it 22 minutes in
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This is why I'm here- Also from what I've been told May's numbers are even better!
[url][/url][tag]https://technical420.com/cannabis-article/planet-13-exceeds-10-7-million-in-sales-with-another-single-month-record/#[/tag]
Planet 13 Earnings tomorrow after Close
Very interesting to see how Planet 13 earnings will play out on Thursday afterhours. We should see strong growth for the quarter and strong guidance for Q2. The Vegas strip is opening back up and the demand for Planet 13's product is soaring. They recently announced adding 40 more registers and 80 more employees to meet the demands. Also They will be opening their Santa Ana location July first bringing their brand to one of the largest Marijuana markets in the country. For anyone new to Planet 13 just picture Costco and Disneyland merging together in the marijuana industry
*112,000sqft dispensary largest in the World
*Recent news 10.7 million in sales for month of April
*Record single day sale of $540,000 on 04/20/2021
*Second location opening in Orange county California "Santa Anna" on July 1st 2021- 55,000sqft facility with over 16,500sqft dedicated to the dispensary
*Over 70 million in Revenue for 2020 and now on pace for over $100+ million for 2021
*181 million OS with a large portion held by insiders
I disagree with you
https://finance.yahoo.com/news/planet-13-exceeds-10-7-103000866.html
LAS VEGAS, NV / ACCESSWIRE / May 5, 2020 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX: PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated Nev...
LAS VEGAS, NV / ACCESSWIRE / May 5, 2020 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX: PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated Nevada cannabis company, announces record sales in the month of April of $10.7 million, nearly equal to last year's total Q2 revenue of $10.8 million. The growth in sales was driven by increased tourist activity, strong wholesale results, and continued growth of the Medizin dispensary. The Company set new records for single day sales in April, including on April 20, 2021 ("420") where the Company generated ~US$543,000 in single-day sales. Gross margins for the month were in excess of 50%.
"While Larry and I have known for a while that the demand for Vegas is strong, we were absolutely blown away by the rebound in tourist activity and Planet 13 sales this month. It's clear that word of mouth is spreading. Everyday I speak with someone who was told that Planet 13 is a must visit by a friend or has been eager to visit since they saw an Instagram post," said Bob Groesbeck, Co-CEO of Planet 13. "I can't wait to show off to our customers and the world both our expansion at the SuperStore and our new Orange County location later this year. The SuperStore is proof you can create a successful retail brand in cannabis and we look forward to extending that brand across the United States."
For more information on Planet 13, visit the investor website.
About Planet 13
Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company based in Nevada, with award-winning cultivation, production and dispensary operations in Las Vegas - the entertainment capital of the world. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13's shares trade on the Canadian Stock Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking-statements relate to the ongoing operations at the Facility and the amendment to the Lease.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: risks associated with COVID-19 and other infectious diseases presenting as major health issues; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Nevada and California cannabis market and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in the State of Nevada; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States through licensed subsidiary entities in states that have legalized marijuana operations, however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company's business, including COVID-19, are contained under the heading "Risk Factors" and elsewhere in the Company's annual information form dated April 5, 2021 filed on its issuer profile on SEDAR at www.sedar.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
For further inquiries, please contact:
LodeRock Advisors Inc., Planet 13 Investor Relations
mark.kuindersma@loderockadvisors.com
(416) 519-2156 ext. 2230
Robert Groesbeck or Larry Scheffler
Co-Chief Executive Officers
ir@planet13lasvegas.com
SOURCE: Planet 13 Holdings
View source version on accesswire.com:
https://www.accesswire.com/644673/Planet-13-Exceeds-107-Million-in-Sales-with-Another-Single-Month-Record
It will continue to “breakdown” if that’s what you call this.
Look at the markets, Our president is a absolute failure.
Can you believe people voted for this??!!
Enjoy!!
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