Vertically-Integrated Nevada Cannabis Leader Planet 13 Begins Trading on the CSE Under Ticker Symbol "PLTH"
- 55 million(1) annual visitors to Las Vegas are looking for unique experiences in the entertainment capital of the world
- Planet 13 is strongly positioned to maintain and build on its leadership position in the Nevada market and to advance a globally recognized cannabis brand, anchored by world class dispensary experiences and product innovation
- Focused on building Phase I of its Planet 13 Superstore (the "Superstore"), which will be an over 40,000 sq. ft. cannabis entertainment complex located as close to the Las Vegas strip as regulations allow – set to open in November 2018
- Planet 13 also reported the operating and financial results of MM Development Company, Inc., a predecessor company to Planet 13, for the three-month period ended March 31, 2018
LAS VEGAS, June 21, 2018 /CNW/ - Planet 13 Holdings Inc. (CSE: PLTH) ("Planet 13" or the "Company"), a leading vertically-integrated Nevada cannabis company, will commence trading today at 9:30am ET on the Canadian Securities Exchange ("CSE") under the ticker symbol "PLTH". Planet 13 currently has six active licenses with the infrastructure in place to cultivate, produce and dispense cannabis and cannabis products in the state of Nevada.
"Nevada, driven by Las Vegas, is one of the most attractive, investor friendly states for cannabis operators in the U.S., and Planet 13 has existing cash flow positive vertically integrated operations that are experiencing strong growth," said Larry Scheffler, Co-CEO of Planet 13. "Planet 13 has already cultivated a reputation for being a leader in both upstream cultivation as well as downstream product formulation and quality, branding and retail experience. The Company's Planet 13 Superstore will build on this reputation and truly mark Las Vegas as a world-class cannabis destination. We look forward to opening the Superstore for customers and investors in November of this year."
Co-CEO Robert Groesbeck added, "As an established innovation leader in the rapidly growing Nevada cannabis market, Planet 13 is positioned to capture a growing share of the substantial tourist dollars that flow through Las Vegas each and every year. As an organization, the Company's Medizin (medical) and Planet 13 (recreational) brands are already some of the most awarded cannabis product brands in Nevada. We expect to continue to be a leader at home, however we also see a substantial mid-term opportunity to leverage the experiences we will offer to the 55 million(1) tourists visiting Las Vegas every year into a brand that can expand rapidly into additional legal markets and become a global name synonymous with a world-class cannabis experience."
Planet 13 Superstore – Coming November 2018
The Company is currently focused on building Phase I of its Planet 13 Superstore, which, at over 40,000 sq. ft. (over 16,000 sq. ft. of retail selling space) and located as close to the Las Vegas strip as regulations allow, is expected to be the largest cannabis entertainment complex in the world. The Superstore will be a one of a kind, true Vegas style cannabis attraction aimed at the 55 million visitors(1) that travel to Las Vegas every year.
Retail Dispensaries
The Company's currently operating Medizin cannabis dispensary, strategically located near the Las Vegas Strip, is one of the highest rated Nevada cannabis retailers on Leafly, Weedmaps, and Google(2) and is licensed to serve both medical and recreational customers. This dispensary is open 24/7 and services, on average, over 650 customers a day.
Cultivation and Production
The Company has award winning cultivation and production operations in Clark County, where it has a 15,000 sq. ft. facility with current capacity of 2,100 lbs of cannabis per year. This cultivation facility has produced international award-winning premium strains(3), including Chloe and Million Dollar Baby.
Operating and Financial Results of MM Development Company, Inc.
Planet 13 also reported the operating and financial results of MM Development Company, Inc., a predecessor company to Planet 13, for the three month period ended March 31, 2018. These financial statements can be found on Planet 13's issuer profile on SEDAR at www.sedar.com under the heading "Financial statements of RTO acquirer".
| (1) |
2018 estimate. Source: Las Vegas Convention and Visitors Authority |
| (2) |
Based on customer feedback scores of 4.7-4.9 on a 5-pt scale |
| (3) |
2nd PlaceChloeIC Mag 420 Cup Flower2017 |
| 3rd PlaceMillion Dollar BabyIC Mag 420 Cup Flower2017 |
|
| 1st PlaceChloeIC Mag 420 Cup Flower2015 |
|
| 2nd PlaceChloeIC Mag 420 Cup Hash2015 |
|
| 3rd PlaceChloeIC Mag 420 Cup Flower2014 |
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.
U.S. Disclaimer
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and accordingly may not be offered or sold within the United States or to "U.S. persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act ("U.S. Persons"), except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities to, or for the account or benefit of, persons in the United States or U.S. Persons.
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, among other things, the commencement of trading of the Planet 13 common shares on the Canadian Securities Exchange, future expansion plans and the opening of Phase I of the Superstore in November 2018.
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 Listing Statement dated May 24, 2018 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
Robert Groesbeck or Larry Scheffler, Co-Chief Executive Officers, [email protected]; Jonathan Ross, LodeRock Advisors Inc., Planet 13, Investor Relations, [email protected], 416-283-0178
Share this article