Planet 13 Holdings (PLNH.F -4.38%) 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.
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.