If a cannabis penny stocks company is seeing its sales increase 203% to $4.4 million USD, then you should know about it.
Enter Planet 13, Nevada’s leading vertically-integrated cannabis company. The company operations include cultivation, production, and dispensary units in Las Vegas.
Cannabis Penny Stocks: Planet 13 (CSE:PLTH)
Announced today, Planet 13 showcased record financial results for Q2; the three and six-month periods ended June 30th and they are good, very good.
The results show impressive growth for the company in a relatively short period of time. In brief, and in comparison to the same period last year, the results were the following:
- Sales revenue was $4.4 million as opposed to $1.5 million
- Gross margin was $2.4 million as compared $1.4 million, an increase of 69%
- Operating expenses were $1.9 million, up from $622,152—a 201% increase
- Planet 13 had a net loss of $3.4 million as compared to a net income of $22,209
- Adjusted EBITDA of $798,909 as compared to $128,584
The company CEO Robert Groesbeck spoke of the results:
“With two months until the Grand Opening of Phase 1 of the 40,000 square foot Planet 13 Superstore, our team is ahead of schedule. Construction is progressing rapidly, and we are in the market every day buying product from the top cultivators and brands in Nevada, with the expectation that we will be fully stocked by October 1st.”
A “40,000 square foot Planet 13 Superstore”
Of course, a massive surge in sales usually leads to operational growth and expansion and Planet 13 is no different. Two days ago, in an interview with Midas Letter Live, Groesbeck spoke of the company’s flagship location that it is currently being built just off of the Las Vegas strip.
>> Trending Small Cap Stocks: India Globalization and Jumei International
This “40,000 square foot Planet 13 Superstore” will be the world’s largest cannabis dispensary and will sell dozen’s of different varieties of cannabis and cannabis products, but will also become a cannabis entertainment complex offering visitors the experience of traditional Las Vegas entertainment spaces such as ultra lounges and the latest in interactive gaming.
Planet 13 looks set to further implement growth in its business in the year to come. This is one cannabis penny stocks company set to take over Las Vegas.
Featured Image: Planet 13 Holdings Inc.
