Planet 13 Holdings Inc (OTCMKTS:PLNHF) posted revenues of $23.8 million in Q1 2021. Its revenues in 2020 are $70.5 million.
Reports single month revenue of $9.7 million
Co-CEO of Planet 13, Larry Scheffler, said the company is back on its track by reporting improved performance in March 2021. He said the company posted a single-month revenue of $9.7 million in March 2021.
In 2020, tourism declined by 55% because of ongoing coronavirus. Despite the impact of coronavirus, Planet 13 reported revenues of more than $70 million. The company maintains a lead market share in Nevada.
With more people getting vaccinated, the markets in Las Vegas expect to open soon and improve revenues of Planet 13.
Co-CEO of Planet 13, Bob Groesbeck, said the company achieved a rapid turnaround in Q1 2021. It is on the backdrop of measures implemented in 2020, and normalcy gradually returns in Las Vegas.
Bob further said SuperStore is performing well, with tourism is returning to normal. The company is gaining market share with local-focused offerings like wholesale, curbside pickup, delivery, and Medizin.
In California, Orange County SuperStore is back on track. Bob said the company will use the experience gained in the operations of cannabis stores worldwide in the past two years into its Orange County SuperStore.
Highlights of Q4 2020
Planet 13 reported a growth of 21.8% YoY to $20.1 million in Q4 2020. It posted a profit of $7.5 million. The company’s loss widened marginally to $2.9 million.
Planet 13 maintains a cash balance of $79 million. Its liabilities increased marginally to $29.3 million.
Record single-day sales
Planet 13 posted record sales of $543,000 on a single day on April 20, 2021. Its gross margins in April exceeded 50%. Larry said the acceptance and demand of cannabis across the nation are growing across the nation but more prominently in Las Vegas.
Planet 13 has to improve its throughput to satisfy the growing demand for cannabis.
Larry, in March 2021, said the company is excited with the growing demand for its unique in-house brands in Nevada. Its 53 brands are available at 53 dispensaries across Nevada. The premium products of Planet 13, like hybrid vape cartridge, Sativa vape cartridge, and Sativa concentrate, received several awards.