Planet 13 Announces Record Second Quarter 2019 Financial Results – Responsible for ~10% of Nevada’s Cannabis Dispensary Sales Q2 Revenue of $16.5 million, 19.5% sequential growth over Q1 2019 SuperStore accounted for 9.5% of all Nevada cannabis dispensary revenue in Q2 2019 Q2 EBITDA of $2.7 million, 105% sequential growth over Q1 2019 Well capitalized with $20 million in cash to complete all growth initiatives
All figures are reported in United States dollars ($) unless otherwise indicated
LAS VEGAS, Aug. 29, 2019 /CNW/ – Planet 13 Holdings Inc. (CSE: PLTH) (OTCQB: PLNHF) (“Planet 13” or the “Company”), a leading vertically-integrated Nevada cannabis company, today announced financial results for the three-month period ended June 30, 2019. Planet 13’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).
Cannabis Entertainment Complex (the “SuperStore”) monthly performance since opening November 1st, 2018.
Larry Scheffler, Co-CEO of Planet 13 commented, “Q2 was another great quarter for Planet 13 as SuperStore sales grew 19.4% sequentially over Q1. Most of this revenue growth dropped to the bottom line with $2.7 million in EBITDA, a 105% sequential growth over Q1. Planet 13’s market share grew in Q2 accounting for 9.5% of all Nevada dispensary sales, compared to 7.9% in Q1.1 We are growing sales on both an absolute basis and as a percentage of the total market. Our Phase II expansion is progressing at full speed with the goal of opening at the end of Q3. Phase II which includes a 15,000 sq. ft. customer facing production facility, a restaurant, a coffee shop, and event space will build on Planet 13’s leading position in Las Vegas by creating an experience no other dispensary can offer.”
We’ve had almost 800,000 visitors since we opened with approximately 80% coming from outside Nevada proving