Home REITs Cannabis Player Planet 13 Has Big Expansion Plans

Cannabis Player Planet 13 Has Big Expansion Plans

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Cannabis Player Planet 13 Has Big Expansion Plans

Cannabis Multinational Operators (MSOs) are the sleeping giants of the cannabis industry.

Since marijuana remains illegal at the federal level, U.S. companies operating in multiple states are currently as large as the cannabis industry.

Some of the largest MSOs today include Acreage Holdings (ACRHF) Columbia Nursing (CCHWF) Cresco Laboratories (CRLBF) Curay (curls) and Green Thumb Industries (GTBIF) in.

Despite slower growth in the third quarter, there are still signs of a strong cannabis industry.

One of the biggest problems with operating as an MSO is dealing with the different regulations in each state.

Without a federal legal framework, businesses need attorneys to ensure they comply with each state’s unique laws and regulations.

However, the benefits of spreading your brand to new territories outweigh the downsides of extra red tape that companies may have to deal with.

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Planet 13 Expands to Jacksonville

Nevada-based Planet 13 Holdings is one of those MSOs looking to soar.

Planet 13 will open a dispensary in Orange Park, a suburb of Jacksonville, Florida.

“We’ve been working hard on our expansion in Florida. We’re well on the way with positioning and growing and retail, bringing both online under a dual-track plan,” said Bob Groesbeck, co-CEO of Planet 13. “This is the first lease signing for our initial six planned neighbourhood-style stores, all concentrated in key population centres and high-traffic retail locations.”

The new pharmacy will be located next to the Walmart supermarket, giving it maximum visibility.

The company has been busy with expansion plans on the West Coast, where they built a pharmacy “supermarket” in Orange County.

Planet 13, which also has a permit in Chicago, plans to open another supermarket “somewhere in the greater metropolitan area,” according to an interview with New Cannabis Ventures.

Planet 13 has an 11.1 percent market share in its home state of Nevada, according to the company.

In the most recent quarter, the company reported revenue of about $33 million, up 205% year over year.

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