Planet 13 Posts Record April Cannabis Sales Of $10M

Nevada-based cannabis company Planet 13 Holdings Inc. PLTH PLNHF generated record sales in April of $10.7 million — almost as much as last year’s total second-quarter revenue of $10.8 million.

The skyrocketing sales can be attributed to high tourist activity, consistent development of the Medizin dispensary and positive wholesale results, the company said Wednesday. 

In addition, Planet 13 recently revealed new single-day record sales for this year’s 420 celebration: $543,000 in sales in one day. For the month, the company said its gross margins were over 50%.

“Cannabis sales are surging during this post-pandemic revival with tourists coming back in big numbers and with Planet 13 being a top destination on visitors’ must-see list when in Vegas,” Planet 13 Co-CEO Larry Scheffler told Benzinga.

“We have broken our one-month sales record in back-to-back months and we expect revenues to continue to rise with mandated restrictions on dispensary occupancy limits lifting and with tourist numbers increasing. It’s been great for the economy as well.”

Planet 13 Is Hiring 

“We’re hiring talented workers as quickly as we can. We recently made 60 more jobs available in Las Vegas, raising the number of Nevada postings to 140, along with 250 jobs available for our new California SuperStore, which is scheduled to open in July,” Scheffler said.

Bob Groesbeck, co-CEO of Planet 13, said the good news is spreading fast.

“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,” he said.

“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."

PLNHF Price Action: Planet 13’s shares were trading 2.66% lower at $6.96 at last check. 

Courtesy photo.