Planet 13 (CSE:PLTH) (OTCQX:PLNHF) is potentially one of the most well-known dispensaries around. They are incredibly innovative, massive in size, and just all around at the top of the dispensary game. Planet 13 is even more special because currently, they’re only located in Las Vegas, Nevada. For having operations in only one state, they sure do gain a ton of attention!
The cannabis megastore just announced their third consecutive month of generating over $7.5 million in revenue. The company’s October revenue clocked out at $7.6 million, with gross margins above 50%. Planet 13’s figures include sales for the SuperStore, as well as Nevada wholesale.
“Planet 13 continues to generate strong revenue with three consecutive months over $7.5 million. The SuperStore, our delivery, and our wholesale are all performing at top levels,” said Bob Groesbeck. “With the strong performance from our current operations, Medizin set to open in the next couple of weeks, continued progress towards opening Santa Ana, and approximately $70 million in cash as of November 9th for expansion in new states Planet 13 has never been in a stronger position.”
Continuing with October’s strength, Illinois’ cannabis sales broke another record last month. The state of Illinois reported adult use sales in October to be $75,278,200.15 million, while medical cannabis sales topped off at $33,135,102.46 million. The total combined sales from both programs reached $108,413,302.61 million. A large portion of October’s sales were from out of state sales, which reached $20,569,662.06. The state also sold the most items of the year, 1,557,880 sold.
These numbers broke those of September, which reported total sales at $99,086,699. Adult use cannabis sales reached $67,646,259 and medical sales hit $31,440,440, so records were broken in all three categories. Data released by the state of Illinois shows out of state data in addition to their in-state data.
The poorest month of 2020 for out of state residents was undoubtedly April, with adult-use cannabis sales only reaching $7,524,847.47. This is almost 100% because of the coronavirus lockdowns that took place during the month of April. The second lowest month was March, with sales not hitting much higher at $8,805,611.99. Interestingly enough, while out-of-state purchases were low, April beat out pre-COVID February for total monthly sales. Adult-use sales began to pick back up in May, and have been on a steady increase every month since.
“These numbers are not surprising as Illinois crosses $100 million in sales a month. The 2020 election clearly shows the country overwhelmingly supports having access to cannabis given five out of five states with cannabis on the ballot voted yes and here in Illinois six out of seven suburbs gave a green thumbs up to allowing adult-use sales in their communities. Americans want the right to safe, regulated cannabis products and understand that this industry is bringing much-needed tax revenue and creating jobs,” said Green Thumbs Industries, a retail store with eight Illinois locations and two cultivation operations.
In addition to record-breaking sales in Illinois, six suburbs in the state voted to allow adult-use sales in their area. Mount Prospect with 63%, Elk Grove Village with 63%, Park Ridge with 59%, Wilmette with 55%, Batavia with 63%, Glen Ellyn with 51%.