Planet 13 Stock Poised to Break Out in Back Half of 2021
Planet 13 Holdings Inc (OTCMKTS:PLNHF, CNSX:PLTH) was one of the better performing U.S. pot stocks of 2020, rising 178%. Planet 13 Holdings stock also finished the year up 698% from March 2020 lows.
While PLNHF stock has done well in 2021, advancing roughly 25% in the first half of the year, it has been trading in a tight range since late May. But that’s about to change.
There are many reasons to be bullish on Planet 13 Holdings stock as we enter the back half of 2021. Despite COVID-19 putting a dent in January and February sales, the company reported strong first-quarter results.
Now that Las Vegas is open, tourists are back, and hotels are selling out, sales have come roaring back. In fact, in May, Planet 13 reported its third consecutive month of record sales. And that momentum is expected to continue, which should result in the company reporting record second-quarter results.
It looks like the third quarter could be one for the record books, too.
On July 1, Planet 13 opened its highly anticipated Orange County SuperStore. This is the company’s third retail outlet, but the first one outside of Nevada.
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PLNHF Stock Overview
Planet 13 Holdings owns and operates the two largest cannabis superstores on the planet. The company’s Las Vegas superstore, which is the closest dispensary to the Las Vegas strip, covers 112,000 square feet. (Source: “Corporate Presentation, March 2021,” Planet 13 Holdings Inc, last accessed July 2, 2021.)
In November 2020, Planet 13 officially re-opened its second Las Vegas dispensary, Medizin. At 4,750 square feet, this dispensary is much smaller than the superstore, but it offers the same kind of experience.
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