Bet on This $1 Cannabis Stock (Just Off the Las Vegas Strip)
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If you can succeed in Las Vegas, you could succeed anywhere. Las Las is a city powered by tourists. Caesars Entertainment, MGM Resorts International and Wynn Resort are big players in the market. New York has a lot of tourism, but it's not the main source of its economy. Wynns has shown it can use the lessons it learned operating just off the Las. Vegas Strip and during the pandemic to bring its business all around the country.
Planet 13 is a cannabis dispensary stock that trades at $1.15. It's well off its 52-week high of $7.17. In its most-recent quarter, revenues were $25.7 million and gross profit was $12.9 million. Net income before taxes was $0. 7 million, but it had a net loss of $2.1 million in the previous quarter.
Revenues were $25.7 million as compared to $23.8 million. Gross profit was $12.9 million or 50.2% as opposed to $13 million or 54. 7%. Net loss was $2.1 million compared with a previous loss of $6 million
Planet 13 has become a tourist destination in Las Vegas and a successful business in California. It has plans to open a superstore in Chicago and multiple locations in Florida. The company has a long-range plan and it will be well-positioned to take advantage of changing laws in key markets. It may take years for Planet 13 to grow enough to see its stock price climb. However, the company needs time and legal intervention. Its Florida plan will benefit from the expected eventual recreational legalization in that state.
There is cash of $62.1 million and total assets of $274.0 million. There is total liabilities of 41.2 million as compared to $43. 1 million
Daniel Kline owns shares of Planet 13.
