To generate the big bucks, you have to be everywhere your customers are…
Planet 13 Holdings Inc. (OTC: PLNHF) has worked hard to turn its Las Vegas SuperStore into not just a dispensary, but a destination.
It’s a 24-hour theme park with light shows, LED murals and, with its Phase 2 expansion, you can grab a slice of pizza or a cup of coffee while you’re there.
It also has every cannabis product you could ever want, from chocolate edibles to vapes. It even has a delivery service.
Planet 13 picked the Vegas tourist lane and has done well, with over 1 million visitors per year. But with full cannabis legalization just on the horizon, becoming a multi-state operator (MSO) is more important than ever.
Selling Cannabis in the Golden State
California is the biggest cannabis market in the United States, and that’s the next part of the country Planet 13 wants to conquer.
Back in June 2019, it acquired a dispensary license and lease in the town of Santa Ana. This is a prime location, as it’s just a stone’s throw away from Huntington Beach, a 40-minute ride from Long Beach, and less than 50 minutes from Los Angeles (which might be a little optimistic considering the traffic in LA, but you get the point).
Planet 13 believes that if it has a proven business model in one state, it can replicate that throughout the country. And if you’ve ever visited Planet 13, you know why it has become such a hot tourist destination.
Just check out their grand opening video to see what we mean.
The reason Planet 13 is making the move to California is that being a multi-state operator is the key to building an empire. Just look at Starbucks.
Whether Executive Director Don Yocham is in Miami rubbing elbows with top executives or catching up with cannabis law expert Joshua Sanderlin in Baltimore, when he stops in Starbucks to pick up a cold brew in either city, he knows it’s going to always taste the same.
Look, you can carve out a nice living as a mom-and-pop shop or a specialty player. And there are niche investment opportunities out there.
But like we said, if you’re going to build an empire, you need to be national.
If a tourist in Vegas picks up a product, they want to find that same product and brand in their local dispensary in California. The same will be true when cannabis is fully legal across the country. Someone visiting Colorado from Kentucky will want to find the same brands and the same products in the Bluegrass State.
You have to be everywhere a potential customer is, and that’s why expansion is so important right now.
The ones doing it right will be long-term winners.
We recently teamed up with Joe Montana to bring you three need-to-know considerations before you invest a single penny in cannabis. Learn all about them right here.
Now, a key part of that expansion is also building a brand. You can sell products in every state you want, but if you don’t stick out in the crowd, you won’t make any money.
Tomorrow, we’ll have a snippet of a special interview from Don that we want to share with you about another key to success in this industry – branding.
Until then, you can learn more about how branding helps separate the winners from the wannabes in our free premium report, The Billion-Dollar Branding Opportunity in Cannabis.
One response to “Why Expansion Is the Key to Success in This Industry”
March 02 2020