Planet 13’s announcement
On February 28, Planet 13 Holdings (PLTH) (PLNHF) announced that the company has started construction on the coffee shop and bistro/pizzeria at its SuperStore in Nevada as part of its Phase II expansion.
Rickety Cricket, a restaurant and craft brewery chain in Arizona, will operate the coffee shop and bistro/pizzeria, which will span 4,500 square feet and will have the capacity to seat 130 to 150 patrons.
The coffee shop and bistro/pizzeria are expected to enhance the customer experience at the SuperStore, which served an average 1,712 customers per day in the first 26 days of February with the average ticket standing at $89.33. The newly added facility is expected to target non-cannabis consumers and also cross-over revenue from cannabis customers. The company also has plans to add a cannabis lounge after the state and county legalize consumption lounges and the company gets the licenses to operate such activities.
The announcement appears to have increased investors’ confidence, leading to a rise in Planet 13’s stock price. By the end of February 28, the company was trading at 1.89 Canadian dollars, which represents a rise of 9.3% from its previous day’s closing price. The company has returned 26.8% YTD. During the same period, peers MedMen Enterprises (MMNFF) (MMEN), Acreage Holdings (ACRGF) (ACRG-U), and Curaleaf Holdings (CURLF) (CURA) have returned 3.1%, 3.4%, and 61.1%, respectively. The Horizons Marijuana Life Sciences Index ETF (HMMJ), which tracks the North American Medical Marijuana Index, rose by 54.2% YTD.