Mike Tyson has launched a premium brand of cannabis products called "Undisputed 87," which he'll sell exclusively at Planet 13 (PLNH.F) at its Superstore location in Las Vegas. The former heavyweight champ's connection to the city goes back decades, with many of his important fights having happened in Las Vegas. The number 87 refers to his win of the Undisputed Heavyweight Boxing Champion crown in Las Vegas in 1987, after which he held three heavyweight titles simultaneously.
Tyson currently owns Tyson Holistic Holdings, which launched in 2016. The business includes a cannabis ranch in California where he grows marijuana, and there are plans to build an entire cannabis resort, which when completed could include a hotel, festival venue, and even a university dedicated to growing cannabis.
Planet 13 has been home to Tyson's products in the past, and the company is excited about his newest brand. David Farris, Planet 13's vice president of sales and marketing, stated in a press release that "[w]e've been supporters of Mike Tyson for a long time. We launched Tyson Ranch as a Superstore exclusive in March 2019 and it quickly became one of the top selling pre-rolls in Nevada."
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Planet 13's been dominating the Nevada market
In 2019, Planet 13 accounted for more than 9% of Nevada's total pot sales. The state has been one of the hottest markets for pot in the entire country, with monthly taxable sales averaging about $60 million.
Planet 13 reported revenue of $16.7 million in its third-quarter results released back in November; it was also was able to hit breakeven before taxes.
Over the past year, shares of the pot stock are up 23% and have outperformed the Horizons Marijuana Life Sciences ETF, which is down more than 60%.
