Vegas-Based Planet 13 On The Rise In Q3November 30, 2021
Las Vegas-based cannabis company Planet 13, known for its superstores in Nevada and California, saw sales increase 45% year-on-year to $33 million in the three months through September, with adjusted EBITDA registering $3.6 million.
“We continued to drive strong performance during the quarter from our core Las Vegas operations,” said co-CEO Larry Scheffler. “Along with our dispensary operations, our product brands are performing well with Trendi vapes seeing 110% dollar sales growth year-over-year according to Headset. It now makes up about 5% of vape sales and 7% of concentrate sales, while HaHa edibles represent 14% of edibles sales in the state.”
In addition to its flagship Las Vegas location, Planet 13 opened a superstore in Orange County, California this past summer, and is on the move in two other key markets as well. “We also won a dispensary license for the Chicago area giving us a clear path for our next SuperStore, and acquired a Florida license that will allow us to vertically integrate and open multiple neighborhood and SuperStores in the state,” noted co-CEO Bob Groesbeck.—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.