On February 5, Planet 13 Holdings (PLNHF) announced that in January, it served an average of 1,550 customers per day at its Superstore in Las Vegas compared to 1,430 customers per day in December, representing a month-over-month increase of 8.4%. The company also stated that its average ticket size for the month was higher than expected.
The Superstore opened on November 1, 2018. With the construction of its first phase complete, the store spans 40,000 square feet. It features 16,500 square feet of cannabis retail space with 42 registers. In the second and third phases, Planet 13’s management plans to add a coffee shop and a cannabis lounge after the state and county legalize consumption lounges and the company gets the necessary licenses.
Despite its announcement of the growth in its traffic, Planet 13 is trading in the red today. At around 12:00 PM EST, it was down ~7.5%. However, its stock has returned 48% since the beginning of 2019 as of February 4.
In January, in a phone interview with BNN Bloomberg, Bob Groesbeck, the CEO of Planet 13 Holdings, stated that the company was open to a joint venture to expand its operations into Ontario. He added, “We’ve been in touch with a number of groups [in Ontario] that are in the process. If we move forward with that process, we’d look at more [joint venture] opportunities.” The optimism surrounding cannabis stocks and the announcement appears to have driven the company’s stock price.
During the same period, Planet 13’s peers Acreage Holdings (ACRGF), MedMen Enterprises (MMNFF), and Curaleaf Holdings (CURLF) have returned 15.9%, 24.7%, and 50.8%, respectively. The Horizons Marijuana Life Sciences Index ETF (HMMJ), which tracks the North American Medical Marijuana Index, has returned 53%.