Today, Planet 13 Holdings (PLNHF) (PLTH) launched Planet M, a line of CBD isolate products available as tinctures, edibles, topicals, and more. Initially, the brand will be sold at select locations in the Fashion Show Mall, which is located close to its Planet 13 Cannabis Entertainment Complex, which is also called the SuperStore. The SuperStore will have a 2,000-square-foot flagship CBD store, which will feature educational and experiential components. With the flagship CBD store being part of Phase II construction, the company’s management expects it to open in the third quarter of 2019. The company also plans to sell Planet M online, which would enable the brand to reach customers across the United States, in accordance with regulations.
In regards to the launch of Planet M, the company’s co-CEO, Bob Groesbeck, stated, “Over the course of 2019, we will begin to take additional steps to leverage the SuperStore’s growing visibility and unique position as a sales platform, to continue expanding our successful brand portfolio both within Nevada and beyond. Along with our Medizin brand of high THC products, Leaf & Vine which is a high CBD to THC line, and now Planet M a 100% CBD line we have products to meet any need. Planet M line of CBD products will initially be offered at the SuperStore and the Fashion Show Mall. We will look to expand retail locations over the course of the year, focused initially on the Las Vegas strip where we can drive crossover advertising of the SuperStore and online where we can continue to build our profile across the United States,” reported Cision.
On the back of weakness in the broader equity market, Planet 13 was trading 1.1% down today at 11:10 EST. YTD, the company has returned 85.9% as of May 28. The growth in revenue from its SuperStore and the success of its three brands, Medizin, TRENDI, and Leaf & Vine appears to have led to a rise in the company’s stock price. Also, in March, the company had signed an agreement with Tyson Ranch, owned by boxer Mike Tyson, to become its exclusive launch partner in Nevada, which has also helped drive the company’s stock price this year.