Breakout Stocks   Corona Virus Stocks

The cannabis industry has not had a great time of late and that has been reflected in the price action of some of the stock. However, Las Vegas-based Planet 13 Holdings Inc (OTCMKTS:PLNHF) has been an exception in this regard. Over the course of the past month, the Planet 13 stock has gained as much as 20%. The impressive performance might have been due to certain developments in recent days and it could be worthwhile for investors to take a look.

Vegas Winners Rolls Dice – Coming Soon – Buy This Stock ?
Hot Stock Daily Says Watch This Beverage Stock
Shrooms To Go – Urban Farmers – Should You Buy This Stock
Pandemic Play – Dillards Department Store  Soars Ahead – Buffett Sniffing Around !  

Public Bought Offering

 On Tuesday, Planet 13 announced that it reached an agreement with a group of underwriters with regards to the purchase of 47,00,000 units on bought deal rules. The underwriters are being led by Beacon Securities Limited and Canaccord Genuity Corp.

The units are going to be bought by the underwriters for C$4.30 each and are expected to raise as much as C$20210000 for Planet 13. It is a significant development for Planet 13 and the company aims to use the money for general corporate expenses and for working capital needs.

The units are made up of one common share in Planet 13 and half of a singular common share purchase warrant. One full warrant will allow the holders to get hold of a common share of Planet 13 for C$5.80 each and that price is going to be available for 24 months since November 5, 2020, the closing date of the offering.

Impressive Sales

Planet 13, which operates a Super Store close to the Las Vegas strip, is dependent on tourism in order to drive its sales. However, tourism has gone down significantly due to the coronavirus pandemic.

The Chief Executive Officer of the company stated this week that although tourism in the city has gone down by as much as 50%, Planet 13 has managed to generate record sales.

Store Expansion

The company also announced that it is going to expand its Super Store dispensary and is going to see the installation of an 80-foot video wall. In this regard, it should also be pointed out that back in November, Planet 13 had added 40 new points of sale.

The latest expansion plans from the company are aimed at improving the entertainment offerings at its flagship Super Store. In addition to that, it is also expected to lessen the waiting time for customers and thereby lead to better customer experiences. The expansion is expected to be completed by the time Q1 2021 ends.

Neither PSN nor its owners, members, officers, directors, partners, consultants, nor anyone involved in the publication of this website, is a registered investment adviser or broker-dealer or associated person with a registered investment adviser or broker-dealer and none of the foregoing make any recommendation that the purchase or sale of securities of any company profiled in the PSN website is suitable or advisable for any person or that an investment or transaction in such securities will be profitable. The information contained in the PSN website is not intended to be, and shall not constitute, an offer to sell nor the solicitation of any offer to buy any security. The information presented in the PSN website is provided for informational purposes only and is not to be treated as advice or a recommendation to make any specific investment. Please consult with an independent investment adviser and qualified investment professional before making an investment decision.