Planet 13 Holdings Inc (OTCMKTS:PLNHF) posted revenues of $16.8 million in Q1 2020. Co-CEO of Planet 13, Larry Scheffler said the company posted robust growth despite reduced traffic in the latter part of March 2020 because of the COVID-19 pandemic.
SuperStore Accounts for 10.1% of all retail sales
Planet 13 improved its market share in Q1 in Nevada, with 10.1% of retail sales coming from SuperStore. The businesses in Nevada face challenging conditions in Q2. However, Planet 13 adopted a delivery-based model to mitigate the impact caused by lower tourist traffic. The company has widened the customer base of SuperStore to reap huge dividends in the long term.
Customers select a delivery model
Planet 13 realized an increase in the limited in-store and curbside pickup with Nevada allows the reopening of businesses. More than 40% of the customers prefer the delivery model introduced by Planet 13.
Co-CEO, Bob Groesbeck said the company targets to achieve robust growth by maintaining alternative sales channels and strengthening customer base. The company maintained a record growth in March 2020 at its SuperStore before the onset of coronavirus pandemic. Planet 13 expects to maintain the same sales growth with the state allowing sales activity.
The takeover of license for Santa Ana Dispensary allows the company to align its sales growth. Planet 13 targets to bring the best cannabis products to the population in California and improve their experience. Despite the impact of ongoing COVID-19 pandemic, the company expects a positive momentum for its business going forward.
Achievements in Q1 2020
Planet 13 inaugurated a shop-in-shop for cannabis products – dosist on January 20, 2020, in its SuperStore. The company will provide dosist employees called Guides in the dispensary to offer wellness experience.
Customers can get educated on wellness products of Planet 13 from the Guides and choose a controlled dosage of cannabis therapy. Planet 13 invites more than one million customers annually for cannabis therapy.
Larry said The SuperStore continues to act as a brand-building in Nevada and nationwide. It accounted for 9% of cannabis sales in Nevada last year and served 695,000 consumers. Nevada offers an exciting opportunity for shop-in-shops like dosist to educate a new audience on the health benefits of controlled cannabis treatment. Nevada attracts 43 million tourists annually and provides an excellent sales opportunity.