Planet 13 Stock Soars 150% in a Month: What’s The Buzz?
Over the course of the past year or so, most of the cannabis companies in the world have had a tough time and in that regard, Las Vegas-based Planet 13 Holdings Inc (OTCMKTS:PLNHF) is no exception.
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However, things have turned around for the company over the past couple of moths and that is clearly reflected in the performance of its stock. Since the early days of June, the Planet 13 stock has rallied strongly and thus far, it has gained as much as 150%. In such a situation, it is necessary for investors to take a closer look at the company and the recent developments around it.
Earlier this week, the company made a major announcement with regards to its operations that resulted in a lot of momentum in the stock. Planet 13 announced on Monday that it has got the coveted retail license to establish an adult-use dispensary in Clark County in Nevada. It was further notified that the company got the license as part of the settlement of a lawsuit against the Nevada Department of Taxation and other entities.
The company went on to state that it is going to use this new permit to open its store at 4850 Sunset Road in Las Vegas again. The co-Chief Executive Officer of the company Larry Scheffler stated that considering the fact that Planet 13 is one of the biggest cannabis operators in Canada and accounts for 9% of the sales, it ‘deserved’ the retail license.
However, there have been other important developments as well which investors ought to keep in mind. Back on July 2, it was announced that it signed a massive new cultivation deal by acquiring the Las Vegas-based assets of the company W Vapes. The acquisition was made by Planet 13 by paying $1.656 million in the form of cash and $2.5 million worth of stock.
Additionally, the two co-CEOs of Planet 13 is going to buy the real estate and then lease it back to the company at a rate that is going to be well below those charged by real estate investment trusts. This is a significant deal and enhances the company’s capacities significantly. Earlier on in August, the company announced that it had completed the acquisition of cultivation space that spans 45000 square feet. All these developments have made Planet 13 a stock to watch out for in the cannabis sector.
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