Planet 13 Expands In Las Vegas, CEO Touts 'Record Sales' Despite Less Tourism

Cannabis company Planet 13 Holdings Inc. PLTH PLNHF disclosed Monday it's expanding its Las Vegas SuperStore dispensary.

The Nevada-based company noted it would also include the new entertainment features.

The company's SuperStore and entertainment complex spans 112,000 square-feet and would feature a new 80-foot video-wall.

The store — launched in November — expanded the retail space to 23,000 square feet with 40 new points of sale.

The budget ranges from $1.5 million to $2.5 million. Planet 13 expects to complete the project by the end of the first quarter of fiscal 2021.

"We are achieving record sales even with Las Vegas at only 50% tourist occupancy," Larry Scheffler, co-CEO of Planet 13 told Benzinga. He expects this would be the "first of many expansions we will undertake to keep up with demand."

"We continue to innovate and add new entertainment features to make every visit to Planet 13 a memorable part of the Las Vegas experience," Scheffler added.

The news comes on the heels of an agreement to sell some 4.7 million of its units (on a bought deal basis) at CA $4.30 per unit to a syndicate of underwriters co-led by Canaccord Genuity Corp. and Beacon Securities Ltd.

In addition, the company recently reported a 35% year-over-year decline in revenue. Its second-quarter earnings report showed that the company faces a "challenging environment," Scheffler noted.

Nevertheless, he was "pleased with the way the team worked under these conditions to add new customers and preserve capital."

Courtesy image

Posted In: cannabis industrydispensaryExpansionLas Vegas SuperStoreNevadaPlanet 13 Holdings Inc.retailCannabisNewsRetail SalesMarketsInterview

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.