Planet 13’s Update: Florida Expansion and Consumption Lounge
The TDR Three Key Takeaways regarding Planet 13 Holdings Inc.’s Updates:
- Planet 13 celebrates its consumption lounge in Las Vegas and looks for growth opportunities in Florida.
- Planet 13’s Las Vegas consumption lounge exceeds expectations.
- Planet 13 is vertically integrated and poised for growth with potential Florida recreational cannabis legalization.
In this exclusive article and podcast, we explore the insights of Larry Scheffler, the Co-CEO of Planet 13 Holdings Inc. (CSE: PLTH, OTC: PLNH), on recent developments, including the company’s strategic expansion and wider industry trends.
Six years ago, Planet 13 Holdings Inc. opened its 112,000-square-foot dispensary in Las Vegas. Now, they are venturing into the Florida market, which presents substantial growth opportunities. Larry Scheffler expressed his excitement about this new chapter, stating, “It’s just a whole new chapter again in our company.”
One of the most talked-about recent developments is the launch of the consumption lounge in Las Vegas, which went live on April 5th. Scheffler shared his enthusiasm about the feedback received, noting, “It’s sensory overload like we normally do at Planet 13. Everything from the graphics inside to the big chandeliers made out of bongs, to just the whole atmosphere.” The lounge features unique elements, including a room decorated with Mike Tyson’s memorabilia, which has been a big hit among visitors.
The success of the consumption lounge exceeded expectations, with Scheffler revealing, “We had estimated 50 to 75 people a day… and we’re exceeding 100 people on the average a day.” This success is partly due to the extensive efforts made to educate and inform customers about the lounge. “We’ve met with all of our people up front as people check-in, how to inform them what’s going on,” he explained.
As Planet 13 expands, the company remains committed to maintaining its unique brand identity and quality. In discussing the future of consumption lounges, Scheffler remarked, “I don’t see one… we’ll buy our local one at Planet 13 at Madison for the locals. We just don’t see if there’s any money in it.” Instead, Planet 13 focuses on creating an entertainment complex that draws tourists and provides a distinctive experience.
Florida represents a significant growth market for Planet 13, especially with the potential for recreational cannabis legalization. The company acquired a license that allows for 26 medical dispensaries in key markets within Florida. Scheffler elaborated on the long-term vision, stating, “We’re thinking of a long-term and that is recreational eventually, hopefully November, which allows us then to get a start with a superstar in Miami.”
Scheffler also highlighted the advantages of Planet 13’s vertically integrated model in Florida. He mentioned the extensive growing operations, saying, “They got about 150, 178 acres… They got to have a million square feet of greenhouses.” This setup ensures that Planet 13 can maintain control over the quality of its products and meet market demands efficiently.
Quality remains a cornerstone of Planet 13’s strategy. Scheffler emphasized the importance of premium cannabis, particularly in markets like Florida, where high-quality products are scarce. “We think of California, we think of Nevada. There really isn’t a lot of premium cannabis in Florida,” he noted.
Looking ahead, Scheffler is optimistic about the potential for further growth and innovation in the cannabis industry. The recent regulatory shifts, such as the rescheduling of marijuana, signal a positive trend for the industry. “We need to solve custody and get language in so that exchanges are comfortable with uplisting,” Scheffler commented, highlighting the need for continued regulatory reform.
Planet 13 aims to achieve success in the cannabis industry through strategic planning and a commitment to quality. The company’s expansion into Florida and the new consumption lounge in Las Vegas reflect this strategy. As Scheffler stated, “It’s just a whole new chapter again in our company.” Want to be updated on all things Psychedelic, Cannabis, AI, and Crypto? Subscribe to our Daily Baked in Newsletter!
