Planet 13 Announces Second Quarter 2020 Financial Results
Q2 2020 Revenue of $10.8 million; EBITDA loss of $0.7 million
July 2020 & August revenue of $15.1 million1
All figures are reported in United States dollars ($) unless otherwise indicated
LAS VEGAS, NV / ACCESSWIRE / August 31, 2020 / Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) (“Planet 13” or the “Company”), a leading vertically-integrated Nevada cannabis company, today announced its financial results for the three-month and six-month period ended June 30, 2020. Planet 13’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).
Q2 was a challenging environment for all Nevada businesses. I’m pleased with the way the team worked under these conditions to add new customers and preserve capital. As the State has reopened, we’ve seen an incredible pickup in our business, with July and August being our highest months of sales to date.
Larry Scheffler, Co-CEO of Planet 13
Scheffler added, “The SuperStore is seeing increased customer conversion and higher tickets, while our delivery team is servicing local customers and providing approximately 15% of our sales compared to less than 1% pre-COVID.”
Bob Groesbeck, Co-CEO added, “Our brands are performing well at the SuperStore, up from 14% in Q4 2019 to 28.5% of sales in Q2 2020. This number will continue to increase now that we have expanded cultivation to supply our popular Medizin line.”
We are also seeing initial success in the wholesale market, which we began supplying in June. Our products are now available in 33 dispensaries in Nevada, and we have multiple SKUs in the top 10 of their respective categories; edibles, concentrates, and beverages².
Bob Groesbeck, Co-CEO
Planet 13 has resumed its growth trajectory. In July and August we’ve generated our highest revenue ever, over $7 million