VIDEO: Planet 13 Holdings Inc (CNSX:PLTH) Worlds Largest Cannabis Dispensary
Planet 13 Holdings Inc (CNSX:PLTH) (OTCMKTS:PLNHF) CEO Robert Groesbeck reveals the company is in the midst of building its flagship location, and the world’s largest cannabis dispensary, just off the strip in Las Vegas. While Plant 13’s new superstore will boast dozens of different in-house and vendor-sourced cannabis varieties, the store will also act as a cannabis entertainment complex. Visitors will have the chance to experience traditional Las Vegas entertainment spaces such as ultra lounges as well as to try the latest in interactive gaming. Planet 13 is working with local officials to establish a regulatory framework that will allow consumers to use cannabis products while enjoying Planet 13’s entertainment offerings.
James West: Hey, welcome back to Midas Letter Live. My guest in this segment, coming to us from Las Vegas, Nevada, is Robert Groesbeck. He is the CEO of Planet 13 Holdings, trading on the CSE under the symbol PLTH. Robert, welcome to our humble show.
Robert Groesbeck: thanks, James. It’s great to be with you.
James West: So Robert, let’s start with an overview: what does Planet 13 Holdings actually do?
Robert Groesbeck: We’re a vertically integrated marijuana company in Las Vegas, Nevada, and we’re in the midst of building the largest dispensary on planet Earth. I’m actually calling in from our construction site, and we’re really excited with the progress that we’re making to get this thing opened.
James West: Okay, so when you say largest cannabis dispensary, how many square feet is it?
Robert Groesbeck: Our first phase that we’re opening in November will be 40,000 square feet. Of that, about 16,200 square feet will be devoted to the retail operation. So we’ve got a bunch of corporate offices that’ll be built out, and then we’re transitioning into the second phase, which should follow right about year’s end.
James West: Okay, excellent. And so, where do you source your products, and how many different products do you have there?
Robert Groesbeck: Well, on any given day, our current store, we can carry, you know, 60 to 70 different SKUs. We probably have 12 to 15 outside vendors that are constantly putting product into the store, in addition to our own product lines that we grow and produce in-house.
James West: Wow, that’s impressive. And so the business model of Planet 13, then, is to focus on developing these super-stores, for want of a better word?
Robert Groesbeck: Well, yeah, James, that’s a great question. This will be our flagship operation; we have 112,000 feet here that we’re going to build out. This is more than just a retail store; this is a cannabis entertainment complex. So really our focus is to put something in place that’s entirely new in the industry, and no one has ever seen anything like this.
James West: Yeah, I’ve never heard of anything like this, for sure! So when you say ‘cannabis entertainment complex’, what other aspects besides the buying of cannabis products is involved in that?
Robert Groesbeck: Well, obviously the first phase is going to include a number of interactive opportunities for our customers. The whole idea is to bring into the space and keep you here. You know, this is an attraction, just like you would see on Las Vegas Boulevard. You know the hotels; some have volcanoes, others have roller coasters, Ferris wheels, whatever the case may be. Our goal here, of course, is to carry that entertainment component over to the marijuana side of the business. You really want our customers to come in here, have a great time, experience everything that we have to offer.
I’ll give you some examples: we have a flying orb show that will show hourly in the ceiling, and it’s a technology out of Germany, it’s the first of its type in the world used in a commercial application. We have a giant interactive floor, much like a giant iPad, that was manufactured for us in England, and we have a laser graffiti wall that will be the first of its type permanently staged and based here at our facility in Las Vegas. And basically what it will allow is customers to graffiti up their space, for lack of a better term, and do it through laser technology. It’ll look just like they’re spray-painting it on a canvas.
James West: Interesting!
Robert Groesbeck: Yeah. The whole idea is to get them to come here and experience a complex and have fun.
James West: Wow. So are the laws in Nevada such that you can open a place to the public like this, and can your customers come in, buy products and actually enjoy them on the premises while experiencing this sort of multimedia extravaganza?
Robert Groesbeck: Well, that’s actually an excellent point. Right now, you know, our tourist customers have the ability to buy the product, they just don’t have the ability to legally use it anywhere in the Strip corridor. We’re working with local governments here now to try to create a regulatory framework that allows customers to not only buy, but to use products in the entertainment complex. So we’re designing an ultra lounge now as we speak, but there’s not a legal mechanism at this point to allow us to do that. So in the short term, no, but our goal here is, you know, in the next several quarters, to get legislation in place that will allow customers to not only buy, but actually use onsite.
James West: Yeah, well, I’ve noticed the whole evolution of cannabis is all about the companies that have the foresight to be built out and ready for regulations that are yet to come, so I congratulate you on that. Sounds like a really interesting concept! Will you – do you plan to expand this outside of Las Vegas?
Robert Groesbeck: We do. In fact, we’re looking in other jurisdictions now. The facilities will, of course, all be branded under our Planet 13 name. they won’t be as large or certainly to this scale; again, the superstore will be our flagship operation. But we’ll have similar concepts and themes in our stores in other jurisdictions.
James West: 40,000 square feet, that’s huge. So I mean, is it, it’s not a case where you’re just going to fill up corners of the store with vast arrays of single products. You’re actually probably, I’m assuming, going to have a vast array of products in a huge variety of demonstrated sort of environments?
Robert Groesbeck: Oh, absolutely. The whole idea, of course, is to give our customers a wide spectrum of products to chose from. Again, we partner with top vendors in the industry. We want to give our customers that experience, and whether that be through an edible, a vape, traditional flower, concentrates, the whole idea is to give them the opportunity to buy what they’re looking for. And again, with a facility this large, we’re going to move through a lot of product, and it’s important that our customers have a great experience. That’s why we only partner with top-tier producers and cultivators.
James West: Okay. So obviously you make money on the margin between retailing, the retail price of cannabis products, and the wholesale price at which you buy them. But the whole idea of a entertainment complex, I’m assuming, has other revenue-generating components to it?
Robert Groesbeck: It does. Now, the technology that I mentioned a moment ago to you, that is basically all free. The graffiti experience, of course, will be free if customers buy a minimum purchase in the facility; otherwise there will be a pay component. As we move into the ultra lounges, that side of the house will be a revenue generating opportunity as well. It will be a pay to play, like a traditional club in Las Vegas is.
James West: Okay, so is it conceivable that you will have slot machines and roulette and all that stuff?
Robert Groesbeck: No. That I really sort of will not have.
James West: Right.
Robert Groesbeck: There won’t be any gaming overlay to this. Again, this will be complimentary to the gaming experience. Customers come in to town, they recreate, want to have a great time, but when they want to, you know, leave the property for a bit, this is, you know, very close to the heart of the Strip, so customers can walk or Ride Share over here, and again, experience the amenities that we’re going to offer. There will be other uses, as I mentioned before. As soon as we open in November we’ll be building out our coffee shop. It’ll be a traditional coffee shop; we’re looking at several other phased opportunities here that will follow very shortly. I’m not in a position to announce those just yet, but I want your ears to stay tuned because we have a couple of very exciting projects we hope to announce on the market here very soon.
James West: Sounds great. Okay, Robert, well, that’s a very interesting introduction to this company, and it’s the first I’ve heard of it, so I’m really intrigued by this. We’re going to come back to you in a quarter’s time and see how things are developing. Thanks very much for joining us today.
Robert Groesbeck: Thanks, James, I appreciate it. Have a great day.
James West: You too.
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