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:
Investor Ideas Potcasts #576, Cannabis News and Stocks on the Move; Interview with Co-CEO of Planet 13 Holdings Inc. (CSE: PLTH) (OTC: PLNHF)
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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