Planet 13 Holdings (PLNH.F 1.35%) released an update on Feb. 6 announcing that revenue for January was a new record. While it didn't disclose a specific figure, it said it was approximately 10% more than what it calls the "seasonally slow months of November and December."
In the company's last monthly update in November, Planet 13's revenue for January 2019 was just under $4.1 million. A year ago, however, Planet 13 had an average ticket of $84.69. The average has steadily been increasing over the past year and for the past two months, the company's average ticket has been around $100.
Planet 13's co-CEO Larry Scheffler believes there's still potential for the average ticket to rise as the company expands its SuperStore location in Las Vegas. "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," he said.
Image source: Getty Images.
Planet 13's SuperStore is the key to the company's growth
The SuperStore is much than just a dispensary, it's become an attraction for tourists. Located near the Strip, the complex is adding restaurants, cafes, and even has a cannabis museum coming to its 112,000 square foot location.
In November, the company released its third-quarter results which showed the cannabis company generated $16.7 million in sales, a 241% increase from the prior-year period. The company also captured 9.1% of Nevada's total dispensary revenue during the quarter.
