Recommended Cannabis Stock Pick for 2020, Planet 13, Offers Expanded Online Orders & Delivery Services
Our analysts have strongly recommended Planet 13 as one of the best buy and hold cannabis stock investments after an in-depth review of the company’s fundamentals.
The current state of cannabis investments at the moment, due to the selloffs generated from the coronavirus, is one of the biggest opportunities for potential growth since the government shutdown in 2018. Cannabis investments right now would be at a time where the entire sector is at its lowest and would provide cannabis investors with the opportunity to have sizeable returns after the coronavirus fears have passed. Planet 13, one of our highly recommended cannabis stock picks for 2020, recently addressed changes the company will make to better suit its customers during the coronavirus.
Planet 13 is one of the biggest players in the cannabis market with its cannabis superstore in Las Vegas, Nevada. The superstore is the largest cannabis dispensary and entertainment location in the world. Recently, we covered the success Planet 13 has with its brand momentum and we have an in-depth review of the company’s financial improvements, debt reduction, new automated facility, strategic partnerships, and record revenue. But what do expanded online orders and delivery services have to do with the stock being a cannabis stock pick for 2020?
The company has a huge line of cannabis edibles that consists of well-known brands that, as mentioned earlier, picked up considerable momentum in the cannabis market. Cannabis edible brands that Planet 13 has are Haha Gummies, Dreamland Chocolates, TRENDI, Leaf & Vine, and Medizin. In February, all of the cannabis edible brands were able to rake in a record $1 million in combined sales. These brands were specially designed to target consumer interests and are extremely likely to see continued success as online orders and delivery services are expanded by Planet 13. It also has enough cash on hand to make it through the period of volatility brought on by the coronavirus.
Planet 13 announced today that the company has started online ordering, delivery services, and core dispensary services. The company will continue to provide customers with products through these times with the coronavirus. However, in order to ensure the safety of consumers, the company has decided to temporarily shut down its restaurant and superstore activities until it has been deemed okay to open.
The company has also announced that they have trained their staff with extensive health and safety courses. Employees of Planet 13 have been trained to implement “best practices” which includes the strict adherence of social distancing protocols, wearing gloves, and regular cleaning.
Larry Scheffler and Bob Groesbeck, Co-CEOs and Co-Founders of Planet 13, stated: “The health and safety of our employees, customers, and community remain our top priority as the spread of COVID-19 continues to impact people and businesses nationwide. We are closely monitoring the situation and following all guidance from our federal and local authorities. We encourage all Nevada residents who rely on Planet 13 to utilize our online ordering express pickup or delivery options to limit interactions and practice social distancing. Planet 13 is well-capitalized to weather this period of volatility, with ~US$16 million of cash on hand as of the date of this press release (unaudited).”
Recommended Cannabis Stock Pick for 2020, Planet 13, Offers Expanded Online Orders & Delivery Services
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