Las Vegas, America’s entertainment and gambling capital, has become a major home to a new industry. The world’s largest cannabis dispensary opened in the Nevada city this week.
Owned by Planet 13 Holdings Inc, a publicly traded (over the counter) cannabis distribution company, the Planet 13 Superstore is a few blocks from the famed Las Vegas Strip, home to some of the world’s largest casinos. The location has been broken into two sections. The first is 40,000 square feet of entertainment space which includes games and interactive features. The second is 16,500 square feet of cannabis retail space. Based on a Planet 13 traffic forecast, the store will have 42 registers. Bob Groesbeck, Co-CEO, of Planet 13, said the location would service about 2,000 retail customers a day.
The location has been built in a style which befits its Las Vegas location. Its LED lights can be seen from approximately 65,000 hotel rooms in the downtown area. Inside, people can create their own artwork by drawing on an interactive wall.
Planet 13 Holdings Inc. is a member of the generation of cannabis product and distribution businesses which trade on public markets. The legalization of marijuana for medicinal and recreational use has created the growing sector particularly throughout states that allow recreational use, and Canada where cannabis was recently legalized. The states are Alaska, California, Colorado, Maine, Massachusetts, Nevada, Oregon, Vermont, and Washington. Data from Grand View Research puts the size of the global cannabis at $146.4 billion by end of 2025. And cannabis will create a large tax haul. The Washington Post recently cited a study by New Frontier Data that forecasts close to $132 billion in tax revenue and nearly 1 million new jobs in the U.S. within the next decade.
Despite the visibility Planet 13 Holdings is still a small company. In its most recently reported quarter the company had revenue of $4.4 million and lost $3.3 million. The company’s market cap is $243 million.
As the Planet 13 location opened, Las Vegas Medical Marijuana Association Vice President Jim Lamb said “This is just like Steve Wynn opening The Mirage,” according to the Las Vegas Journal Review. Wynn was the founder of one of the largest casino companies in history and The Mirage one of the world’s largest casinos. So Planet 13 still has a ways to go.