Planet 13 Announces First Quarter 2019 Financial Results Q1 Revenue of $13.8 million with the SuperStore now generating over $5 million per month in revenue. SuperStore accounted for ~8.2% of all cannabis dispensary revenue for Nevada in January and February. Q1 EBITDA of $1.3 million and Cash Flow from Operating Activities of $2.6 million. Well capitalized with $20 million to complete all growth initiatives.
All figures are reported in United States dollars ($) unless otherwise indicated
LAS VEGAS, May 30, 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 March 31, 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, “The SuperStore is now drawing over 3,000 visitors per day and generating over $5 million a month in revenue. For the first two months of 2019, the SuperStore accounted for ~8.2% of all cannabis dispensary sales in Nevada.1 We fully expect to generate additional growth at the SuperStore as we continue to execute awareness initiatives and complete Phase II of our expansion plan, which is designed to generate strong traffic and incremental, high-margin revenue. Other companies are starting to recognize the value of being in our store. In Q1 we made a focused effort to start leveraging the Planet 13 Las Vegas SuperStore’s unique sales platform, highlighted by our exclusive launch of the Tyson Ranch brand. In our view, the SuperStore will rapidly become the only place to launch a national brand synonymous with the entertainment and excitement that Las Vegas is known for. With roughly 70% of the customers