Planet 13 Begins Phase II Expansion of the SuperStore Entertainment Complex, Adding a Coffee Shop and Bistro/Pizzeria to Nevada's Top-Rated Dispensary
Feb 28, 2019, 06:00 ET
- Served 1,712 customers on average per day in first 26 days of February at an average ticket of US$89.33, a 10.3% growth in average daily traffic over January.
LAS VEGAS, Feb. 28, 2019 /CNW/ - Planet 13 Holdings Inc. (CSE: PLTH) (OTCQB: PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated Nevada cannabis company, announced today that it has begun construction on a coffee shop and bistro/pizzeria as part of a Phase II expansion of the SuperStore Entertainment Complex, adjacent to the famed Las Vegas Strip. The coffee shop and bistro/pizzeria will add to the unique customer experience that has already made Planet 13 the number one rated dispensary in Nevada.1 The Company has served 1,712 customers on average per day during the first 26 days of February, at an average ticket of US$89.33. Actual foot traffic, including customers that did not make a purchase, has averaged 2,465 people per day since January 1st, a powerful branding and product visibility opportunity to introduce products to Planet 13's globally diverse tourist customer. The coffee shop and bistro/pizzeria are dedicated to capturing revenue from non-cannabis consumers and to driving cross-over revenue from cannabis customers, and is only the first of several planned expansions for the 112,000 square foot site.
"The SuperStore isn't just a dispensary; it's a destination. Everything in the Phase II expansion is about giving customers more reasons to visit and recreate while they are in Las Vegas," said Larry Scheffler, Co-CEO of Planet 13. "We are very pleased with the trend in both traffic and ticket at the SuperStore and expect continued growth as we add to the entertainment features on-site and steadily grow and enhance the targeting of our marketing and awareness initiatives. Customer traffic is growing; however there are many more people that come to see the store that don't buy cannabis. The coffee shop and bistro/pizzeria will act as a draw and a tool to service that customer, while also increasing the existing customers average ticket. We are building a one-of-a-kind tourist destination that will be a must-see for both cannabis aficionados and people who don't consume the product. This is just the beginning. We are well-capitalized and expect to continue to drive results from the SuperStore, while also beginning to leverage our growing reputation into other attractive markets in the U.S."
The combined footprint of the coffee shop and bistro/pizzeria is 4,500 square feet able to seat between 130 and 150 patrons. The bistro/pizzeria will be operated by award-winning Arizona restaurant and craft brewery chain Rickety Cricket. Rickety Cricket operates three locations in Arizona and has won multiple awards for its pizza, including 2nd place in the world at the International Pizza Expo in Las Vegas. The coffee shop will be operated under the name Purc Coffee, "Coffee for the Planet," and will be a greenhouse concept, completely unique in Las Vegas.
Terry Thomson, Owner of Rickety Cricket, added, "The SuperStore is already a destination for thousands of people every day, they come and spend hours looking at the amazing entertainment, displays and the spectacle that is the SuperStore. I'm thrilled to be able to serve the food that has made Rickety Cricket so popular in Arizona to this large and diverse new customer base."
Rickety Cricket will enter into a multiyear lease and a separate licensing agreement under which they pay a portion of revenue to Planet 13. The coffee shop and bistro/pizzeria are expected to be completed Q3 2019.
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 OTCQB 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.
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 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 annual information form dated October 18, 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 Holdings Inc.
For further information: LodeRock Advisors Inc., Planet 13 Investor Relations, [email protected], 416-283-0178; Robert Groesbeck or Larry Scheffler, Co-Chief Executive Officers, [email protected], 416-283-0178