Planet 13 Announces Record Preliminary Q3 Revenue
Planet 13 Holdings Inc. (PLNHF), a leading vertically-integrated Nevada cannabis company and a constituent in the munKNEE.com Pure-Play Pot Stock Index, is extremely excited by their recent rebound in sales revenue from a dismal Q2 performance (see here) that they have announced preliminary Q3 2020 revenue results today, as follows:
- Revenue: +110% to $22.8M (+36.5% from Q3 2019) which was the highest revenue quarter in the Company's history driven by a strong rebound of in-store sales and growth in both home delivery and wholesale.
Management Commentary
Said Co-CEO Larry Scheffler: “Q3 has proven Planet 13’s resilience and strength. We drove an impressive rebound in sales and a record quarter by making operational improvements in response to COVID-19...[which] have led to higher average tickets and conversion rate despite the reduced tourist traffic...[In addition,] our delivery and curbside pickup have expanded our revenue from Las Vegas residents...”
Added Co-CEO Bob Groesbeck: “We started wholesaling our products at the end of June, and are rapidly gaining momentum. We are now in 33 dispensaries across the state and expect this to grow as our brands continue to gain name recognition...”
Stock Performance
Planet 13 is one of only 9 pure-play pot stocks (see here) consistently trading above US$1/share in 2020 that is UP (56%) so far this year and, as can be seen in the chart below, it has jumped 8.5% as a result of the impressive Q3 turnaround in revenue.
(Click on image to enlarge)
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