Planet 13 awarded Nevada retail cannabis license through settlement of the lawsuit against the Nevada Department of Taxation
NEVADA: Planet 13 Holdings Inc., a leading vertically-integrated Nevada cannabis company, today announced it has agreed to a settlement of its ongoing lawsuit against the Nevada Department of Taxation and other parties which subsequently joined the litigation. As part of the Settlement, Planet 13 is receiving one provisional adult-use dispensary license in unincorporated Clark County, Nevada. The License will be used to re-open Planet 13’s former dispensary located at 4850 Sunset Road in Las Vegas, Nevada that closed on October 30, 2018 (the “Medizin Dispensary”).
“We’ve always known that as one of the top operators in Nevada, responsible for 9% of the state’s sales, we deserved to win a license from the Nevada Department of Taxation. Although we are not happy with how long the process took for us to obtain the license to re-open our original location, we are thrilled to be able to service our loyal customers who supported Planet 13 from day one,” said Larry Scheffler, Co-CEO of Planet 13. “The Medizin Dispensary at 4850 Sunset Road in Las Vegas is a fully built-out 4,750 sq. ft. store that offers the same dedication to customer service, high-quality products, and innovation that Planet 13 is known for, all in a compact footprint designed to compliment its local neighborhood.”
The Medizin Dispensary was closed on October 30, 2018, to transfer the license to the Planet 13 SuperStore located next to the Las Vegas Strip. During the last full quarter of operations, Q3 2018, the Medizin Dispensary generated $4.9 million in revenue with a gross margin of 53%. The Medizin Dispensary requires no additional CAPEX to open.