LAS VEGAS, July 29, 2019 /CNW/ - Planet 13 Holdings Inc. (CSE:PLTH.CN - News) (OTCQX:PLNHF - News) ("Planet 13" or the "Company"), a leading vertically-integrated Nevada based cannabis company, announces that it has added HaHa Gummies™ and Dreamland Chocolates™ to its growing in-house brand portfolio.
HaHa Gummies and Dreamland Chocolates along with Medizin, TRENDI and Leaf & Vine will be produced in Planet 13's new 15,000 sq. ft. customer-facing production facility located at the Planet 13 Las Vegas Cannabis Entertainment Complex (the "SuperStore").
Planet 13 in-house brands currently represent approximately 15% of all products sold at the SuperStore. With the opening of the new production facility, Planet 13 intends to continue to grow the in-house brand penetration with a long-term, sustainable target of approximately 50%. Planet 13 also plans to leverage its current SuperStore supplier relationships to gain rapid access for its in-house brands, to premium shelf space in third-party Nevada dispensaries.
"Edibles, especially premium sativa-based edibles, have been very popular with our tourist customer base," said Larry Scheffler, Co-CEO of Planet 13. "HaHa Gummies™ and Dreamland Chocolates™ were designed from the ground up using the customer insights we have generated from the over 400,000 people we have served at the SuperStore in just eight months. We expect that the combination of this deep customer connection and an interactive production experience at the SuperStore will quickly make both brands Nevada favorites."
Update on Phase II SuperStore Expansion
The Company's Phase II expansion, which includes; coffee shop, bistro, customer-facing production facility, and event space, is expected to open by the end of Q3. Ongoing permitting delays have impacted the construction schedule. Construction on Phase II is progressing at a solid pace and will accelerate once the final permits are issued.
Bob Groesbeck, Co-CEO of Planet 13, commented, "Despite ongoing permitting delays our goal is to open Phase II by the end of Q3 and to enter the wholesale market in Q4 2019."
About HaHa Gummies™
High-quality gummies infused with real-fruit ingredients & flavors that embody our favorite tropical flavors. We believe that edibles should make you feel good and never drag you down. That's why we formulated our gummies to include a burst of laughter with every bite. Available in Blue Raspberry, Pink Lemonade, Pineapple, and more. Learn more at www.HahaGummies.com
About Dreamland Chocolates™
Luxury chocolate infused with premium cannabis. Welcome to the world of Dreamland Chocolates, where your taste buds will be dazzled. We select each of our ingredients and handcraft each flavor in our production facility. Available in Cookies N' Dream, Decadent Dark, Crackling Crunch and more. Learn more at www.DreamlandChocolates.com.
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 common shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and on the 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, percentage of sales from inhouse brands and wholesale.
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. ("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.
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