Planet 13 Pre-Announces Q3 Revenue at $22.8 Million – New Cannabis Ventures – New Cannabis Ventures

Planet 13 Announces Record Preliminary Q3 Revenue

Preliminary unaudited Q3 revenue of $22.8 million with gross margins of ~50%

LAS VEGAS, NV / ACCESSWIRE / October 6, 2020 / Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNHF) (“Planet 13” or the “Company”), a leading vertically-integrated Nevada cannabis company, today announced preliminary Q3 2020 revenue of $22.8 million a 110% increase over Q2 2020. Gross margin was ~50% in Q3. Q3 2020 was the highest revenue quarter in the Company’s history, driven by a strong rebound of in-store sales and growth in both home delivery and wholesale. The SuperStore served ~1,625 average customers per day in-store with an average ticket of ~$124.

In-Store revenue of $18.5 million in Q3 2020 compared to $16.3 million in Q3 2019, an increase of 13.0%. Delivery & Curbside revenue of $3.4 million in Q3 2020 compared to $295 thousand in Q3 2019. Wholesale & Other revenue of $1.0 million in Q3 2020 compared to $61 thousand in Q3 2019. Total revenue of $22.8 million in Q3 2020 compared to $16.7 million in Q3 2019, an increase of 36.5%

“Q3 has proven Planet 13’s resilience and strength. We drove an impressive rebound in sales and a record quarter by making operational improvements in response to COVID-19. The improvements have led to higher average tickets and conversion rate despite the reduced tourist traffic. Along with these operational improvements at the store, our delivery and curbside pickup have expanded our revenue from Las Vegas residents,” said Larry Scheffler Co-CEO of Planet 13.

We are opening our neighbourhood dispensary in Q4 and continuing to drive increased delivery and curbside sales to increase our share of sales to Las Vegas residents.

Larry Scheffler Co-CEO of Planet 13

Bob Groesbeck Co-CEO of Planet 13 added, “We started wholesaling our

Read More Here...

Share on facebook
Share on twitter
Share on reddit
Share on pinterest
Share on email

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top