Over the course of the years, the cannabis sector has had a rollercoaster ride so far. The coronavirus pandemic had come as a major disruption for many of the firms but in recent times there has been a recovery and that brings us to the subject of Las Vegas-based Planet 12 Holdings (CSE:PLTH) (OTCQB:PLNHF).
The company was the subject of the latest video released by RICH TV LIVE on Sunday and it could be worthwhile for investors to perhaps take a closer look at it. The host stated that the Planet 13 stock remains among his personal choice when it comes to the top 10 stocks in the United States.
It is a well-known fact that the company suffered due to coronavirus pandemic. It operates a massive store close to the Las Vegas strip but due to the coronavirus pandemic and associated lockdowns, the company suffered for some months.
However, the stock has started recovering in recent days and it is no surprise that RICH TV showcased it in its latest production. It is also interesting to note that the stock had been recommended by RICH TV back in December 2019 when it was trading at sub $1 levels. Despite the trials and tribulations of the past months, the stock is currently trading at almost $8 a share.
Back on September 30 this year, the company released its third-quarter financial results. Additionally, Planet 13 also provided a snapshot of its performance in the first nine months of the year. Following a tough start to the year, the company managed to perform reasonably in the third quarter.
The company announced that although the pandemic had forced Planet 13 to operate its Super Store in Las Vegas at half its capacity, the revenues actually rose year on year. As compared to the same quarter in 2019, the company managed to boost its revenues by 36%. At the time, the Chief Executive Officer of the company, Larry Scheffler stated that Planet 13 is going to go for further strategic initiatives that are going to help in boosting revenues in the coming quarters.
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