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

LAS VEGAS , Feb. 6, 2020 /CNW/ - Planet 13 Holdings Inc. (PLTH.CN) (PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated Nevada cannabis company, today announced a record-breaking January driven by strong traffic and the 2nd consecutive month of approximately $100 average ticket size. January revenue was ~10% higher than the seasonally slow months of November and December. Preliminary unaudited gross margin was consistent with previously reported range of 56-59%.

The restaurant and event space that were opened as part of the Phase II development increased customer awareness of the Planet 13 Las Vegas Cannabis Entertainment Complex (the "SuperStore") and enhanced customer engagement resulting in longer average time spent exploring the SuperStore and higher average ticket size.

"January is a strong proof point for the network effect of Phase II [restaurant, event center, and consumer-facing production facility]. As we add additional attractions and store-in-store options we expect the cross promotion and improved customer experience to continue to drive traffic and ticket growth," said Larry Scheffler , Co-CEO of Planet 13. "I would like to thank our customers who continue to choose Planet 13 for their cannabis shopping experience when visiting Las Vegas . It is gratifying to see the SuperStore's year over year growth and to witness our return customers' excitement when they discover the SuperStore's new features."

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.

Story continues