Planet 13 (CSE:PLTH) (OTCQX:PLNHF) a vertically-integrated Nevada cannabis company, and home of the world’s largest dispensary, located just off the Las Vegas Strip, is reporting record Q3 preliminary revenue.
Planet 13 earned unaudited revenue of $22.8 million in Q3, 2020 a 110% increase over Q2, 2020. Gross margin was 50% in Q3. This was the highest revenue quarter in the Company’s history, driven by a strong rebound of in-store sales and growth in both home delivery and wholesale.
“We have adapted quickly to offset the pandemic-related drop in tourist traffic by expanding our delivery and curbside pickup services to attract a larger percentage of revenue from Las Vegas area residents,” said Larry Scheffler Co-CEO of Planet 13. “We expect our local customer-base to continue to expand as we open our neighborhood dispensary in Q4 to serve more Las Vegas residents.”
“Beyond increased local revenue, our wholesaling business has taken off,” said Bob Groesbeck Co-CEO of Planet 13. “Our brands are currently in 33 Nevada dispensaries and we plan to expand this distribution as Planet 13 brands gain recognition. Our edible, concentrate and beverage lines are among the top 10 selling SKUs across the state.”
The Planet 13 SuperStore served 1,625 average customers per day in-store in Q3 with an average ticket of $124. Delivery & Curbside revenue increased dramatically to $3.4 million in Q3, 2020 compared to $295 thousand in Q3, 2019. Wholesale & other revenue was $1.0 million in Q3, 2020 compared to $61 thousand in Q3, 2019.
