Investor Ideas #Potcasts
576, #Cannabis News and #Stocks on the Move; Interview with Co-CEO of Planet 13
Holdings Inc. (CSE: $PLTH.C) (OTC: $PLNHF)
Delta, Kelowna, BC, June 16, 2021 (Investorideas.com Newswire)
www.Investorideas.com, a global news source covering leading sectors including
marijuana and hemp stocks and its potcast site, www.potcasts.ca release today’s podcast edition of cannabis news and stocks to watch plus insight
from thought leaders and experts.
Listen to the podcast:
https://www.investorideas.com/Audio/Podcasts/2021/061621-StocksToWatch.mp3
Read this in full
at https://www.investorideas.com/News/2021/cannabis-potcasts/06161PLTH-PLNHF.asp
Hear Investor ideas cannabis potcast on iTunes
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Today’s podcast overview/transcript:
Good
afternoon and welcome to another episode of Investorideas.com
"Potcast" featuring cannabis news, stocks to watch as well as
insights from thought leaders and experts.
In
today’s podcast Investorideas interviews Bob Groesbeck, Co-CEO of Planet 13 Holdings Inc. (CSE: PLTH) (OTC: PLNHF), where we discussed the challenges
placed on the Nevada cannabis retail market during COVID, expectations for Las
Vegas later this year, how cannabis retail has evolved as well as the opening
of their new “SuperStore” in Santa Ana, California which is expected to open in
July 2021 and will be among the largest dispensaries in California, and it is
designed to deliver an immersive cannabis entertainment experience for
visitors, in addition to offering an extensive lineup of leading cannabis
brands.
When
asked about the last year and some of the challenges Planet 13 faced, Groesbeck
commented, “2020 was, to put it mildly, a challenging year, and hopefully we
will never see anything like that again. It forced us as a company to make some
drastic moves as we went from a store that was seeing 85% of our customers be
non Nevadans, to literally having the doors shut on us within 24 hours, and
then pivoting to 100% local customers through a delivery platform. That all
sounds good, but the reality was at the time we were used to doing maybe 20
deliveries a day. As an example, we made a decision to ramp up to meet the
anticipated demand on the delivery side, and we had to go out and secure 30
vehicles. We went from 30 deliveries within 60 days to close to 1000 a day. It
was challenging just to find car dealerships that were open. It was
logistically just a nightmare, but we have a fantastic management team here and
they rose to the challenge.”
Discussing
how things might change as tourism opens up again Groesbeck commented, “I think
the delivery platform is going to continue to be robust. From a tourist
perspective we are going to see those numbers gravitate back towards where they
were pre-COVID, so getting back up into that 85% tourist customers here at
Planet 13. For the delivery side, customers have become accustomed to that
service, and we think that's going to continue and that is basically equal to
another retail store. We think we’re going to have a very robust delivery
market in Southern California as we roll out that store, again it’s about
convenience.”
Groesbeck went on to discuss some of
the expansion plans for Planet 13 in Vegas in anticipation of this Fall and
Winter’s demand as well as the the recently passed bill 341 allowing existing
licensed dispensaries to operate a consumption lounge co-located with the
dispensary and how Planet 13 has reserved an expansive dedicated space within
the Las Vegas SuperStore for a consumption lounge which it will look to get
built as soon as possible.
"We are thrilled that after the
long wait, Nevada will finally be home to consumption lounges. We've long
believed that tourists needed a safe, legal, and enjoyable place to consume
cannabis and have been planning for a consumption lounge at the SuperStore
since the bill was originally proposed two years ago," said Bob Groesbeck
Co-CEO of Planet 13. "Our SuperStore is one of the only dispensaries with
the space on site and the proximity to the Las Vegas Strip to create a truly
Vegas style club. As with the rest of our dispensary we look forward to setting
the bar and showing the industry what is possible when your goal is to Out
Vegas, Vegas."
Groesbeck went on to dicuss not only
expansion and expectations surrounding their Vegas Superstore, but also plans
and expectations surrounding their new Superstore in Southern California which
is expected to open in July of this year.
The
Tinley Beverage Company Inc. (CSE:TNY) (OTC:TNYBF)just recently announced that its cannabis infused beverages
will be one of the inaugural brands to launch at Planet 13’s Orange County
SuperStore “P13 OC” at its expected grand opening in July 2021.
Planet 13’s SuperStore OC, located
at 3400 West Warner Ave Santa Ana, California, is planned as a 55,000
square-foot consumer experience, with 16,500 square-feet devoted to the
dispensary retail area. The remaining areas in the complex, to be built as
phases 2 and 3, are expected to include memorabilia sales, a restaurant and a
cannabis consumption lounge, all enhanced by additional immersive experiences.
With all 3 phases operating, P13 OC is expected to be California’s largest
dispensary complex. The Santa Ana store will be Planet 13’s second-largest
cannabis dispensary after its 112,000 square foot location in Las Vegas,
Nevada. The Orange County location is ten minutes south of Disneyland, four
miles from South Coast Plaza, the largest mall in Southern California, and only
1.5 stoplights from the 405 freeway. Planet 13 anticipates hiring 250 people
with an anticipated 80 budtenders serving consumers at the store at any given
time.
The store’s immersive cannabis
educational and entertainment experiences incorporate extensive visual special
effects, including “smoke”, large screen video displays and waterfalls. Planned
features include a Tinley’s branded midcentury-inspired mixology experience
involving beverage recipe demonstrations and, where permissible, tastings of
comparably concocted non-infused products.
Later this week, Tinley’s is hosting
approximately 80 of Planet 13’s budtenders and other key personnel at the
Company’s cannabis beverage manufacturing facility in Long Beach, California,
in order to provide the P13 OC dispensary team the in-depth product knowledge
that Planet 13 is committed to deliver to customers. Tinley’s believes its
facility is the largest and most versatile licensed cannabis beverage
manufacturing operation in California. Tinley’s own award-winning products as
well as those belonging to third-party brands are produced on the facility’s
bottling, canning and mini lines.
Expectations are high for their
Southern California store as their Vegas store continues to return to strong
sales numbers having just recently announced record sales in the month of May of
$11.2 million with gross margins above 50%. May represents the third
consecutive month of record sales as Las Vegas and America return to normal.
Hotels across the Las Vegas strip have reported having hotel rooms sold out for
the foreseeable future and Planet 13 expects continued strong sales on the back
of increased tourist traffic.
As
Groesbeck put it, “As my Co-CEO Larry Scheffler and I are fond of telling
everyone, Vegas is back!”
To find
out more information about Planet 13 Holdings Inc. click here.
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