This morning has seen a rise in gold stocks thanks to news that Warren Buffet bought a giant stake in Barrick Gold. It also is seeing the continued rise in shares of Planet 13 Holdings (OTCMKTS: PLNHF) thanks to more good vibes from recent news releases by the company and a stock buy recommendation from ProfitConfidential.com a few weeks ago. Take a look at the chart.
Planet 13 Holdings (OTCMKTS: PLNHF) is a small cap cannabis company based in Las Vegas that operates the largest cannabis dispensary in the world with a 112,000 square foot facility just miles from the Las Vegas strip and in view of major highways. The stock has an over $350 million market cap and has been one of the big cannabis plays of the past few years. In July it announced that it was going to begin to operate a 45,000 square foot growing facility.
In a company press release co-CEO Larry Scheffler said, “We’ve been pursuing additional premium indoor cultivation to expand our Medizin flower line, including our proprietary strain Chloe. Medizin sells out each harvest days after it hits the SuperStore shelves. This agreement allows us to add 25,000 square feet of indoor cultivation immediately, with the ability to expand up to 45,000 square feet in the future.
“In another example of Planet 13’s patience and ability to execute for our shareholders, we’ve identified an opportunity to assume control of a fully built out indoor cultivation facility at a price that will be accretive,” said Bob Groesbeck, Co-CEO of Planet 13. “Larry and I are paying $3.3 million of our own money to purchase the land and building, through RX Land, to preserve Planet 13’s cash while offering an ongoing lease well below the rate set by cannabis REITS.”
The stock has generated a lot of excitement on Twitter.
Happy with my swing trade on $PLNHF. Was patient and let the MDBO pattern speed up exiting today with $3084.28. In 3.32 avg out 3.71 avg. Thanks for your teachings @timothysykes pic.twitter.com/DY3hcit6ZJ— Ambessa Saul (@Ambessastv) August 17, 2020
Thoughts on $PLNHF …. 10% of all sales in Nevada with Superstore opening in CAL Q2 2021. Top brand sells out in 3 days…just bout 45k facility to be able to meet demand and sell more. Trades at $2.75 right now take a look.— FalconsEye (@FalconsPicks) August 12, 2020
I have no position in this stock and neither does Michael Swanson who is the founder of this website WallStreetWindow.com. He has a big following from his free morning email updates that provide trading ideas. You can get on his stock trading newsletter by clicking here to subscribe.