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Planet 13 Announces Customer Traffic for September 2019 and Provides Update on Phase II Expansion

All figures are reported in United States dollars ($) unless otherwise indicated

LAS VEGAS, Oct. 3, 2019 /CNW/ - Planet 13 Holdings Inc. (CSE:PLTH.CN - News) (OTCQX:PLNHF - News) ("Planet 13" or the "Company"), a leading vertically-integrated Nevada cannabis company, announced today that it served an average of 1,970 customers per day in September at an average ticket of $94.73 from the Planet 13 Las Vegas Cannabis Entertainment Complex (the "SuperStore").









30-Nov-18

31-Dec-18

31-Jan-19

28-Feb-19

31-Mar-19

30-Apr-19

Revenue

$

3,364,891

$

3,438,723

$

4,075,052

$

4,304,122

$

5,456,889

$

5,276,095

MoM Growth


2.2%

18.5%

5.6%

26.8%

-3.3%

Total Tickets

42,157

44,296

48,119

48,052

61,602

58,869

# of Days

30

31

31

28

31

30

Average Customers/Day

1,405

1,429

1,552

1,716

1,987

1,962

Avg Ticket

$

79.82

$

77.63

$

84.69

$

89.57

$

88.58

$

89.62

Total Visitors

55,433

68,422

70,133

67,900

98,659

96,659

Avg Visitors/Day

1,848

2,207

2,262

2,425

3,183

3,222

Visitor Conversion Rate

76%

65%

69%

71%

62%

61%








State of Nevada Sales

$

52,538,426

$

51,839,503

$

52,749,856

$

49,479,204

$

59,748,815

$

54,674,578

% of State's Sales

6.4%

6.6%

7.7%

8.7%

9.1%

9.6%
















31-May-19

30-Jun-19

31-Jul-19

31-Aug-19

30-Sep-19


Total Tickets

64,930

60,323

60,044

62,833

59,091


# of Days

31

30

31

31

30


Average Customers/Day

2,095

2,011

1,937

2,027

1,970


Avg Ticket

$

90.63

$

88.87

$

90.41

$

90.25

$

94.73


Total Visitors

108,174

102,145

110,813

115,246

101,228


Avg Visitors/Day

3,489

3,405

3,575

3,718

3,374


Visitor Conversion Rate

60%

59%

54%

55%

58%









State of Nevada Sales

$

62,019,961

$

57,948,330

$

59,933,851

 Data not released yet


% of State's Sales

9.5%

9.3%

9.1%











 

Source: https://tax.nv.gov/Publications/Marijuana_Statistics_and_Reports/

"We have been experimenting with different combinations of pricing, product deals, and advertising to determine the optimal mix to maximize gross profit. You can see this effect in September resulting in a significant pickup in average ticket and our second highest average daily revenue month. This large per day revenue number was achieved despite West Desert Inn Road, where Planet 13 is located, being under construction for most of the month. The county has added new pedestrian lights and crosswalk in front of the store to help pedestrians cross the street safely at all times," said Bob Groesbeck, Co-CEO of Planet 13. "Starting in October we will be driving additional traffic from our restaurant, café, event center and customer-facing production facility. Over the course of Q4 and Q1 2020 our internal goal is to grow sales of non-flower in-house brands to drive additional margin and create lasting brand recognition."

Phase II Update

Construction on Phase II expansion, which includes a restaurant, café, event center, and customer-facing production facility, is largely complete as of October 1st, 2019. The restaurant is expected to open on or around October 11th, 2019 pending final inspection and approval from County and Health inspectors.

The 15,000 sq. ft. customer-facing production facility is expected to begin operations on or around October 15th, 2019 pending final approval of transfer of production license from Planet 13's existing 2,000 sq. ft. production facility.

About Planet 13
Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company based in Nevada, with award-winning cultivation, production and dispensary operations in Las Vegas - the entertainment capital of the world. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13's shares trade on the Canadian Stock Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.

Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking-statements relate to, among other things, future expansion plans.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: final regulatory and other approvals or consents; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Nevada cannabis market and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in the State of Nevada; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States through its subsidiary MM Development Company, Inc. (or "MMDC"). Local state laws where MMDC operates permit such activities however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's annual information form dated April 30, 2019 filed on its issuer profile on SEDAR at www.sedar.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

SOURCE Planet 13 Holdings Inc.


View original content: http://www.newswire.ca/en/releases/archive/October2019/03/c2696.html