Planet 13 Cafe Is Paying Off As Sales Stay Strong

Las Vegas-based cannabis dispensary Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNHF) reported record-breaking January sales driven by strong traffic and attributed it to the company’s newly opened cafe and event space. The company said that the average ticket size was approximately $100.

The company said this was the second month in a row that the average ticket crossed the $100 mark. The company also achieved this in December, which is typically slower, but the company was aided by the move of the large MJ Biz conference to December That event was attended by over 30,000 people and no doubt brought many customers in the doors. Planet 13 said that January revenue was ~10% higher than the seasonally slow months of November and December.

“January is a strong proof point for the network effect of Phase II [restaurant, event center, and consumer-facing production facility]. As we add additional attractions and store-in-store options we expect the cross-promotion and improved customer experience to continue to drive traffic and ticket growth,” said Larry Scheffler, Co-CEO of Planet 13. “I would like to thank our customers who continue to choose Planet 13 for their cannabis shopping experience when visiting Las Vegas. It is gratifying to see the SuperStore’s year over year growth and to witness our return customers’ excitement when they discover the SuperStore’s new features.”

The restaurant and event space that was opened as part of Phase II development increased customer awareness of the Planet 13 Las Vegas Cannabis Entertainment Complex and enhanced customer engagement resulting in longer average time spent exploring the SuperStore and higher average ticket size. Preliminary unaudited gross margin was consistent with the previously reported range of 56-59%.

Dosist Wellness Experience

With all the space that the company has on-site, it is able to offer brand pop-up shops as well. The first comes from Dosist, which will open the Wellness Experience, occupying space within the Planet 13 SuperStore dispensary and will be staffed by Dosist employees known as Guides. The dosist wellness experience will act as a sales and education platform, introducing the brand’s dose-controlled cannabis therapy to dispensary customers.

“With 43 million tourists a year, 3 million residents and a reputation as a global epicenter for culture, hospitality, and tourism, Nevada has proven to be an exciting opportunity for Dosist to inspire, educate and engage with a new audience about the benefits of dose-controlled cannabis therapy,” said Gunner Winston, CEO of Dosist. “As a leading premium retailer Planet 13 has done an incredible job elevating the cannabis experience to a global consumer and we are thrilled to partner together to open the dosist wellness experience shop-in-shop in the SuperStore.”

 

Debra Borchardt

Debra BorchardtDebra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Masters degree in Business Journalism from New York University.


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