Planet 13 Archives - Green Market Report

StaffMay 16, 2022
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Planet 13 Holdings Inc. (CSE: PLTH)(OTCQX: PLNHF) announced its financial results for the three-month period ended March 31, 2022, with revenues rising 8% to $25.7 million from last year’s $23.8 million. However, Planet 13’s revenue fell sequentially from the fourth quarter’s $29 million. According to Yahoo Finance, three analysts cover the company and the average estimate for revenues was $46 million, so the company missed that by a mile.

Net income was before taxes of $0.7 million as compared to a net loss of $2.7 million, the company reported a net loss of $2.1 million as compared to a net loss of $6.0 million.

“While January and February were seasonally slow, we saw traffic start to pickup in March. Despite the lower tourist numbers, the Las Vegas SuperStore and our Medizin dispensary continue to compete very well taking a strong share of the overall Nevada market” said Larry Scheffler, Co-CEO of Planet 13. “Our branded products are performing well with wholesale continuing to grow nicely in Nevada. We are proud to have closed the acquisition of Next Green Wave in March and begin to bring our brands to California.”

After the quarter ended, Planet 13 announced the expansion of its Nevada cultivation to fuel in-house product growth and the expansion of STIIIZY partnership with a new shop-in-shop at the Las Vegas SuperStore. In California, the company announced the launch of the TRENDI brand into California. On May 10, 2022, Planet 13 announced it has entered into a lease for its second Florida dispensary location.

“We continue to make progress on our Florida roadmap working in dual tracks to bring cultivation and retail online. We are excited to drive growth throughout 2023 from our Florida operations,” commented Bob Groesbeck, Co-CEO of Planet 13. “In Nevada, we’ve begun the expansion of our cultivation facility to expand supply of our incredibly popular premium flower line.”

Planet 13 has cash of $62.1 million versus last year’s $61.6 million for the same time period.

Planet 13’s financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).


Debra BorchardtMarch 28, 2022
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Planet 13 Holdings Inc. (CSE: PLTH)(OTCQX: PLNHF) announced its financial results for the fourth quarter and year ending December 31, 2021. Planet 13 reported revenues rose 48% to $29.9 million versus last year’s $20.1 million for the same time period. The revenues dropped sequentially from the third quarter’s revenues of $32 million. The net loss before taxes declined to $1.3 million as compared to a net loss of $18.7 million. the company also trimmed the total net loss to $5.1 million as compared to a net loss of $18.2 million.

2021 Results

For the full year, Planet 13 reported revenues rose 70% to $119.5 million as compared to $70.5 million. The net loss before taxes of $6.0 million as compared to a net loss of $17.9 million. The company also trimmed the net loss to $19.5 million as compared to a net loss of $25.0 million. The company said that the  increase in wholesale transactions during the period, the re-opening of the Medizin Dispensary in late November 2020 and the addition of revenue from the recently opened Planet 13 OC Superstore in Santa Ana, also contributed to the increase in overall revenue when compared to the year ended December 31, 2020 that was negatively impacted by the COVID-19-related shutdowns.

“During a quarter that is seasonally slower and marked by significantly less tourist traffic, Planet 13 was able to maintain a market share above 10% in the Las Vegas cannabis market. In addition to the competitive performance demonstrated by our SuperStore and neighborhood store, our brands grew 21% in a market that was down 5% in Q4[2],” said Larry Scheffler, Co-CEO of Planet 13. “Similarly, while the California market was down sequentially in Q4 [3] , our Orange County store grew 7.2% in the quarter on the back of increased brand awareness.”

Florida/Illinois

The company acquired a Florida license in October 2021. On March 17, 2022, Planet 13 announced the initiation of its Florida dispensary roadmap with a lease for its first dispensary in Jacksonville.
On August 5, 2021, the subsidiary, Planet 13 Illinois LLC, which is owned 49% by Planet 13 and 51% by Frank Cowan, a resident of Illinois, was a lottery winner for a Social-Equity Justice Involved Conditional Adult Use Dispensing Organization License in the Chicago-Naperville-Elgin region from the Department of Financial and Professional Regulation in the State of Illinois. “We intend to open a dispensary in the downtown Chicago area and anticipate that it will be operational in late 2022. On October 5, 2021, we formed Planet 13 Chicago, LLC as a 100% owned leasing entity to support future operations in Illinois.”

“Over the last couple of months, the Planet 13 team has been working hard to operationalize all of the exciting new assets we’ve acquired over the past year. We are making strong progress on our Florida roadmap working in dual tracks to bring cultivation and retail online,” commented Bob Groesbeck, Co-CEO of Planet 13 . “In California, we closed the acquisition of Next Green Wave in March allowing us to become vertically integrated in the state and bring our award-winning brands to Planet 13’s California fans.”


StaffDecember 21, 2021
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Planet 13 Holdings Inc. (CSE: PLTH)(OTCQX: PLNHF) is buying Next Green Wave Holdings Inc. (CSE: NGW)(OTCQX: NXGWF) in a deal valued at approximately C$91 million ($70 million). Planet 13 is paying a premium of 44% to the shareholders based on the company’s average share price over the last ten days.

Next Green Wave is an integrated premium seed-to-shelf craft cannabis producer offering products through its in-house brand portfolio and wholesale flower for other large cannabis manufacturers. The company owns and operates a 35,000 sq. ft. indoor facility in Coalinga, CA, which is home to its nursery, cultivation, distribution, and future packaging business. Planet 13 said it plans on keeping the company’s management team.

“Today’s announcement is an extension of the strategy we’ve laid out for investors of adding cultivation and production in California to vertically integrate and bring our highly popular brands into the state. We are methodically expanding our footprint to drive topline growth and improved profitability,” said Bob Groesbeck, Co-CEO and Co-founder of Planet 13. “We’ve been incredibly impressed by the Next Green Wave team and their ability to generate revenue and Adjusted EBITDA based on the quality of their cultivation and manufacturing in this very competitive market.”

Planet 13 said that the deal is expected to be immediately accretive to 2021 and 2022 EBITDA. The company also said that the structure provides meaningful price protection against market volatility in Planet 13’s share price up to the completion of the transaction. In addition to that Planet 13 said that NGW’s operations will serve as the backbone of its continued focus on the California market. NGW will enable Planet 13 to introduce its diverse brand portfolio of exotic, pheno-hunted cultivars to the Santa Ana SuperStore as well as across the state.

“This is an exciting day for Next Green Wave shareholders. Planet 13 has proven its ability to run incredibly productive retail locations and create manufactured products that command a significant share of sales in their home state of Nevada,” said Mike Jennings, CEO of Next Green Wave. “They are a perfect fit for Next Green Wave, and being a part of their attractive growth profile and expansion in Illinois and Florida is the correct next step for NGW.”

For their part, NGW shareholders will immediately benefit from the enhanced size, scale and liquidity of Planet 13’s capital markets presence. NGW Shareholders will participate fully in the upside of Planet 13’s upcoming expansions into Illinois and Florida.

 


Video StaffNovember 1, 2021

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We haven’t been to Planet 13 Las Vegas since the 2019 MJ Biz conference. Back then it was only a dispensary. Now, this dispensary has over 80 registers, a restaurant, a bar, a clothing shop, and the ability to watch the company make edibles. Coming soon there will be fighting robots in the candy factory and a cannabis history museum. Green Market Report had a chance to speak with Co-CEO Larry Scheffler about the company’s growth.


Debra BorchardtOctober 27, 2021
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The state of Nevada has joined the billion-dollar bud club as the Nevada Cannabis Compliance Board (CCB) and the Nevada Department of Taxation (DoT) released figures showing more than $1 billion in taxable sales reported by Nevada’s legal cannabis industry over a 12-month period. The agencies noted that during the Fiscal Year 2021 (July 1, 2020 – June 30, 2021), licensed adult-use cannabis retail stores and medical dispensaries generated $1,003,467,655 in taxable sales. Th groups stated that this is an increase of more than $318 million versus the $685 million in taxable sales from the fiscal year 2020. The majority of sales took place in Clark County and unincorporated cities in Southern Nevada.

Provided by CCB/DOT

Schools received over $67 million from the CCB, representing combined revenue from the State Wholesale Cannabis Excise Tax, along with civil penalties, licensing, and other fees collected through regulation of the cannabis industry. In addition to that, over $92 million in Retail Cannabis Excise Tax Revenue was sent to the school’s distributive account in FY 21.
In 2019, Governor Sisolak signed SB 545, which stated all revenue from the 10% retail cannabis excise tax would be sent to the Distributive School Account.

“This is what Nevadans expected since the legalization of recreational marijuana,” Governor Steve Sisolak said. “Education remains one of my top priorities, and I’m proud to see promised tax revenue from cannabis sales directly funding our students and classrooms.” The CCB officially began regulating Nevada’s cannabis industry on July 1, 2020, transitioning oversight
from the DoT’s Marijuana Enforcement Division.

Nevada Cannabis Statistics

There are now 346 certified medical cannabis establishments in the state and 408 licensed recreational cannabis establishments. 336 entities hold dual licenses. There are 87 active dispensary/retail stores in the state.

Planet 13

One of the best-known operators in the state, Planet 13 Holdings Inc. (OTCQX: PLNHF) reported $11.9 million in sales during July. During the first month of operations, the new Orange County store generated ~$800 thousand in sales. In September, the company doubled the size of the Las Vegas superstore cannabis retail area by adding 40 registers for higher sales volume and faster customer checkouts. The store also added an additional reception desk in order to better address the crowds of shoppers.

“Based on the early results we’ve seen from the Orange County store we are confident in the trajectory of sales and the quality of service and product we are providing. Sales have grown week over week as we start to gain traction as one of the top dispensaries in Orange County,” said Bob Groesbeck, Co-CEO of Planet 13. “Looking back at the early days of Planet 13 Las Vegas is a good reminder that it takes time to build customer trust and awareness. We took that dispensary from generating around $3 million a month to now north of $9 million with gross margins above 50%, all by focusing on the customer and continuing to refine and improve the experience and product selection.”


Debra BorchardtOctober 15, 2021
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Viridian Capital Advisors analyst Jonathan DeCourcey is looking into his cannabis crystal ball and says skip 2022 – it’s 2023 that should be the focus for investors. He points out that 2023 will be the first full year with adult-use cannabis sales in the key markets of Connecticut, New Jersey, and New York. He wrote,

Based on 2023 expectations, top operators are likely to look much cheaper overall than they do today.

The analyst said that the cannabis market’s current bear market is unwarranted and presents buying opportunities. While company estimates for 2022 have been increasing, he says the real story will be what happens in 2023. He wrote, “As we look to 2023, the opportunity becomes even more favorable. Even omitting the share gains for large public players (both through execution and consolidation) and conservatively growing estimated 2022 revenues by the roughly 20% growth rate for broader US cannabis sales in 2023 and leaving adjusted EBITDA margin levels unchanged from 2022 estimates, US cannabis companies will be trading at a roughly 50% discount to the one year forward projections of this winter with 2023 multiples (’23EV/Sales at 2.1x and EV/EBITDA at 6.3x). These valuations levels are incommensurate with the high growth nature of US cannabis and look inexpensive even relative to slower growth more mature industries.”

In his opinion, many of the companies considered to be the top operators for 2023 are not necessarily the biggest by market cap or the most expensive today. His big list of companies that he believes look even better when considering the 2023 numbers are Ascend Wellness, Ayr Strategies, Body & Mind, Cansortium, Columbia Care, Glass House, Goodness Growth, Jushi, TerrAscend, and Tilt Holdings. The two companies DeCourcey specifically highlighted in his report that was published on October 15, was 4FrontVentures (OTC: FFNTF) and Planet 13 (OTC: PLNHF).

4Front

Viridian has a Buy rating on 4Front and a $2 target price. The analyst noted that the 2022 estimates only represent about 40% of the company’s long-term plans. 4Front recently broke ground on a cultivation and production facility in Illinois called “Big Daddy.” The first phase of this project will be a 250,000 square foot cultivation facility that will open in early 2023 giving the company 65,000 square feet of cultivation versus its current 9,000 sq. ft. today. This expansion will allow 4Front to sell more house brands at its own locations, plus open itself up to wholesale business. The company has said that the initial buildout will allow it to produce $100 million of sellable product.

In addition to Illinois, the Massachusetts operations are expanded by a recent acquisition of  New England Cannabis Corporation. 4Front said that NECC is expected to be significantly accretive to its EBITDA expectations for 2022 and will immediately scale 4Front’s presence as a dominant wholesaler and producer in the state. The acquisition is said to more than double 4Front’s total flower canopy in Massachusetts to over 30,000 sq. ft, with further expansion potential for up to an additional 10,000 sq. ft. of canopy, and will approximately triple 4Front’s kitchen, processing, and distribution space.

4Front also has an outstanding license application in New Jersey, which could also present a big opportunity. DeCourcey also pointed out that 4Front could end up being a potential takeover target by a larger MSO.

Planet 13

Planet 13 was truly beaten up by the pandemic. As a dispensary superstore that thrived on tourist traffic, the lockdown was especially difficult. Fast forward to today and Vegas is coming back. The MJ Biz conference next week is sure to bring lots of attention to the flagship store in Las Vegas and could be a short-term catalyst for the stock. Beyond that, the company has also opened a superstore in California.

Yet the analyst stated that right now, Planet 13 appears expensive as it has an EV/EBITDA multiple of 13.8x or a roughly 81% premium to the broader peer group. Still, he doesn’t think the 2022 outlook tells the whole story for the retailer. Looking even further out to 2023 results, Planet 13 has plans to open another store in Chicago now that it has a license through a joint venture and it acquired a Harvest license in Florida.

“We anticipate additional expansion even beyond those two initiatives coming given the company’s well-capitalized balance sheet and management’s stated initiative of having at least eight Superstore locations open within the next five years,” wrote the analyst. He suggested Planet 13 could potentially buy smaller assets that could be built out and more stores in tourist-friendly cities. He also thinks Planet 13 could be a target for a larger MSO to acquire.

 


Julie AitchesonOctober 1, 2021
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The impact of Covid-19 on shopping behaviors is a matter of great concern not only to retailers but economists, city planners, public health officials and a whole slew of other interested parties. A 2020 survey of online consumers in 9 different countries produced by The United Nations Conference on Trade and Development and titled “Covid-19 and E-Commerce”, found that the pandemic has accelerated a shift towards online shopping.

The survey also suggests that the shift towards a digital retail world may be permanent. This news has sparked some intriguing innovations in the cannabis retail space, including the rise of “immersion retailing”, which seeks to create all-inclusive, multi-sensory shopping experiences that lure customers off of their couches and back into stores.

Planet 13

Planet 13’s (OTC: PLNHF) flagship store in Las Vegas recently added a new 80-feet wide LED wall in the expanded dispensary showcasing immersive entertainment (like lions breaking through the wall, vines growing up to the ceiling and much more creating an incredible visual experience for customers). The dispensary also has a Willie Wonka style production window where customers watch edibles and beverages being produced and interact with products on flat screens. There is a choreographed Orb drone show over the dispensary floor, an interactive floor in the grand hallway, and a giant laser graffiti wall.

Planet 13 Las Vegas is the largest cannabis store in the world at 112,000 square feet, is not actually a store in the conventional sense but more of an “entertainment concept”. This concept includes Budtender greeter/concierges, beautifully merchandised products, special shop-in-shop areas where top brands showcase their offerings, Trece restaurant with signature cocktails, Purc café for gourmet coffee, and a new merchandise and collectibles store. Future plans for the as-yet-unmaximized space include a large consumption lounge inspired by the Las Vegas nightclub scene where customers can enjoy products on site. Planet 13 has taken this model to California with the recent opening of its 55,000 sq-ft Orange County cannabis SuperStore, and it has acquired licenses for expansions into Florida and Illinois.  

Alchemy

Toronto-based Alchemy is an independent retailer offering an immersive and experiential shopping alternative. It is the brainchild of former triathlete Richard Browne, who envisioned Alchemy as “a museum where you can touch, feel, and interact with the elements.” This is accomplished, in part, through a playful approach to interior design which eschews the conventions of dispensary aesthetics and focuses instead on what Alchemy’s multidisciplinary designer Paolo Ferrari refers to as “a cerebral experience infused with artistry, nature, and technology.” From the kaleidoscopic visuals on display for waiting guests to flower showcased in custom “smelling-globes”, Alchemy’s creators leave no stone unturned when it comes to enticing the senses and giving the in-person shopping experience an edge over the convenience of click-and-pay.

Cannaffornia

Cannaffornia, one of the newest immersion retail experiences to make the scene, offers two of California’s largest consumption lounges at 5,000 square feet each, situated on a 100-acre campus in southern California’s Imperial Valley. The location is strategic in its attempt to capture travelers transiting through Arizona, California, and Mexico. Cannaffornia boasts two large retails stores, Queen of Dragons and The Other Guys, which stock top brands and invite consumers to sample the goods in one of their spacious lounges before committing to a purchase.

Global management firm McKinsey & Company attributes the shift towards digital retail in the Covid Era to three change forces—economic downturn, preference shifts, and digital acceleration. With consumers sticking to trusted brands, spending less, shopping less often and sticking closer to home, the cannabis industry’s gamble on immersion retailing faces some significant obstacles. Some industry innovators are turning those obstacles into opportunities to change the retail landscape. 


StaffSeptember 1, 2021
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Planet 13 Holdings Inc. (CSE: PLTH)(OTCQX: PLNHF) is buying a subsidiary of Harvest Health & Recreation Inc. (OTC: HRVSF) in an all-cash deal valued at $55 million. The company will be named Planet 13 Florida Inc. and will purchase a license to operate as a Medical Marijuana Treatment Center issued by the Florida Department of Health to the seller. The acquisition is dependent on the successful close of the Trulieve Cannabis Corp./Harvest arrangement transaction and the Florida Department of Health’s Office of Medical Marijuana Use approval for Planet 13 Florida.

“Florida has long been one of our most coveted markets with over 20 million residents, 130 million annual visitors and incredible consumer demand already demonstrated in the medical program. It was important for us to enter the market prior to a transition to adult-use to put the pieces in place to capitalize on this market in both the short and long term,” said Larry Scheffler, Co-CEO of Planet 13. “We are excited to introduce our best-in-class retail experience and portfolio of popular products to the Florida market and to continue to build the Planet 13 brand across the United States.” Planet 13 is known for its adult-use cannabis superstores in Las Vegas and Orange County. This will be a medical-use only location.

As of August 26, 2021, there were 22 companies with MMTC licenses with 371 dispensing locations across Florida. License holders are not subject to restrictions on the number of dispensaries that may be opened or on the number or size of cultivation and processing facilities they may operate.

“After a lot of planning on how we wanted to approach this market, now is the time for action. We are well-capitalized to complete the initial buildout of our cultivation and retail plan which includes a network of neighborhood stores in priority metro areas to support future SuperStores in Miami, Orlando, and other tourist destinations, said Bob Groesbeck, Co-CEO. We have a successful track record of completing large retail and cultivation buildouts on time and on budget. This expertise combined with our differentiated, experience-driven retail and diverse product portfolio gives us confidence moving into the Florida market.”

 


Debra BorchardtJune 7, 2021
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Nevada seemed like a sure bet before the pandemic for cannabis companies. A seemingly never-ending stream of tourists from states where cannabis isn’t legal or the legal product offerings were meager. Several companies made huge investments in the state, especially in Las Vegas, to capitalize on tourists happy to plunk down big bucks to sneak some products back home. Of course, it isn’t legal to take cannabis products across state lines, but that doesn’t stop many tourists from taking the risk. The pandemic, of course, caused that market to crash as tourism dried up and the operations were left to depend on the business of residents only. Now it looks like the cannabis comeback is underway.

Planet 13 Holdings Inc. (CSE: PLTH)(OTCQB: PLNHF) reported record sales in May of $11.2 million with gross margins above 50%. The company said that May represents the third consecutive month of record sales as Las Vegas and America return to normal. In a statement, Planet 13 said that hotels across the Las Vegas strip have reported having hotel rooms sold out for the foreseeable future and Planet 13 expects continued strong sales on the back of increased tourist traffic. In May, Planet 13 reported that its first-quarter revenue rose 41% to $23.8 over 2020 before the pandemic had really settled in and lockdowns began. So, there is a great deal of optimism about the second quarter.

“Tourism and business are looking up in Nevada and our operations are mirroring this trend by experiencing consistent, month-on-month growth. We are thrilled to share that the momentum gathered over the past few months is continuing, with yet another month of record sales in May. Planet 13 has built a successful retail cannabis brand that resonates with Americans. We remain confident about the continuation of this upward trend as Las Vegas reopens to its full potential as well as the upcoming opening of our Orange County SuperStore in July,” said Larry Scheffler, Co-CEO of Planet 13. The company is opening its California Super Store on June 24, which will feature electronic waves, a 16-foot octopus, an Instagrammable Planet 13 bus, and 50 registers.

Consumption Lounges

One of the biggest issues that Las Vegas had faced with cannabis sales was the lack of anywhere for the tourists to consume. Flower sales are always the biggest seller, but there was nowhere to smoke. Hotels often don’t allow smoking in rooms or on balconies. While cigarette smoking is allowed in some spaces, cannabis smoking isn’t. This caused the state to pass Assembly Bill 341 in early June that allows adults 21 and older to purchase and consume adult-use cannabis products on-site at any licensed “cannabis consumption lounge.”

According to NORML, “The measure establishes regulations for two distinct types cannabis consumption lounges. One group would be reserved for existing marijuana dispensary license holders who can then apply to operate an on-site cannabis consumption lounge. The other designation would be for new, independent businesses to apply for a license to operate an “independent cannabis consumption lounge” which is not attached to or adjacent to an existing retailer. The bill also provides for reduced license application fees for qualifying social equity applicants. Local governments can enact policies restricting access to cannabis consumption lounges under this bill.”

Prior to the legislation, only NuWu Cannabis in Vegas featured a tasting room within its 16,000 square foot marketplace. Since the dispensary is located on sovereign land owned by the Las Vegas Paiute Tribe, it is not subject to the same restrictions as the rest of the state. Instead, NuWu is self-regulated through the Las Vegas Paiute Cannabis Authority. As such, there are no Nevada marijuana taxes, no waiting rooms, and no reason not to open a consumption lounge. However, the location is north of the Fremont strip so consumers must travel about 15 minutes by car to get there.

Planet 13 said it has reserved an expansive dedicated space within the Las Vegas SuperStore for a consumption lounge which it will look to get built as soon as possible.

“We are thrilled that after the long wait, Nevada will finally be home to consumption lounges. We’ve long believed that tourists needed a safe, legal, and enjoyable place to consume cannabis and have been planning for a consumption lounge at the SuperStore since the bill was originally proposed two years ago,” said Bob Groesbeck Co-CEO of Planet 13. “Our SuperStore is one of the only dispensaries with the space on site and the proximity to the Las Vegas Strip to create a truly Vegas-style club. As with the rest of our dispensary, we look forward to setting the bar and showing the industry what is possible when your goal is to Out Vegas, Vegas.”


Debra BorchardtApril 22, 2021
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420 was predicted to be a huge day for cannabis sales and it certainly didn’t disappoint. Akerna said that by the time Tuesday hit, the daily retail sale of legal cannabis was expected to gross $95 million nationally, bringing total 4/20-related sales to $370 million in the U.S. if Akerna’s data proves accurate.

Planet 13

Nevada-based Planet 13 Holdings Inc.(OTCQB:PLNHF)  a leading vertically-integrated Nevada cannabis company, announces record sales day on April 20, 2021 (“420”). The Company generated $543,000 in single-day sales with gross margins during the month in excess of 50%.

“The demand and acceptance for cannabis is growing across the country, and nowhere is that more evident than in Las Vegas. For tourists returning to Vegas, Planet 13 is synonymous with cannabis and an incredible entertainment experience,” said Larry Scheffler, Co-CEO of Planet 13. “The demand is so overwhelming that even with the many improvements we have made to streamline throughput, we still can’t capture all of the demand. I’m excited for the relaxing of COVID restrictions on May 1st and our expansion which doubles our sales floor and points of sale to handle the unprecedented surge in customer traffic.”

Planet 13 said it is also hiring over 300 workers to staff its Vegas dispensary expansion (doubling points-of-sale/registers to 85) and to staff its new California SuperStore.

Ayr Wellness

Ayr Wellness Inc. (OTCQX: AYRWF) said it celebrated the 420 holiday with retail sales records across its six-state footprint. Nevada, Massachusetts, and Pennsylvania all had record days. In total, the company saw 14,241 transactions and $1.24 million in sales on Tuesday, for an average ticket of $87. Retail gross margin remained high at over 50%.

In Nevada, where the local economy is seeing the benefits of the reopening of the casinos and entertainment venues, Ayr, through its service and operation agreements with licensed operators, saw over 7,500 transactions, including over 2,000 in its busiest location in Henderson, NV, 30% above its average daily count.

“I could not be prouder of our Ayr Wellness team. This 420 we set a new standard for performance and customer service with over 14,200 transactions processed in one day. As cannabis continues to mainstream throughout our culture and 420 increasingly becomes a “National Holiday”, we are thrilled to provide our consumers with an exceptional customer experience, excellent products, and new ways to safely celebrate the wellness and wonder of cannabis,” said Jonathan Sandelman, CEO of Ayr Wellness.

Eaze


California’s largest marketplace for legal cannabis delivery announced record 420 sales. Eaze customers bought an average of $200 worth of cannabis on 4/20/21, a 50% increase in order value over 420 2020. Deliveries were also up significantly, with a 185% increase compared to any other Tuesday in 2021. Eaze, which has completed 7 million deliveries to date, recently announced its expansion into Michigan and its line of private label brands. “Cannabis consumers moved to delivery as their preferred way of shopping last year, so we’re not surprised to see such a strong 420 in 2021,” said Ro Choy, CEO of Eaze, “Even as daily life begins to return to normal, consumers are staying with the convenience of delivery. It’s the future of this industry.”


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