Planet 13 Dispensary was one of the top Dispensaries in Las Vegas. They used to be called Medizin. They are publicly traded on the Canadian Stock Excahnge (CSE:PLTH and OTCQB:PLTHF).
We went to this dispensary for a couple months as a back up to our favorite dispensaries ShowGrow and Essence. They were always more expensive than the other two, but if the other stores ran out, they were a great back up for us. We started going there a couple months before November. At first it was a pretty relaxed environment and the employees seemed to enjoy their job. Then they started to get more intense. They changed the original security team to a company that brought in intense security agents. This was in preparation for the opening of their new store near Spearmint Rhino close to the strip. They were going to expand and have 2 locations (so we all thought). Towards the end of October they started telling all the customers about how excited they were for the new store and that they would still have both locations. They informed us that they would have to close the current store on Sunset and Decatur for 2 days in preparation for the Grand Opening near the strip. We live closer to the one on Sunset, so we assumed we would continue to shop there. Well a couple days after the Grand Opening on November 1st, 2018, we went to the store and found that it still was not open. The sign still indicated that they would be returning. We tried 2 more times in an Uber. So 3 wasted Uber trips to finally see a sign that said closed indefinitely. Every time we stopped by there was 4 or 5 other people just as confused. Well today we found out that, their stocks plummeted. They had to halt trading because the numbers were so low and unstable. We were still scratching our heads saying what were they thinking closing a super profitable store that catered to the loyal locals. Well I just found out. They were not able to get a second license. They have only one Cannabis License. They built this huge store without making sure they had approval for a second license. Now they have pretty much screwed themselves and all their profit share holders. Along with pissing off the locals by not communicating what was going on. This is mind blowing that they could make mistakes at this caliber. Someone really dropped the ball and now the stocks have dropped. They aren’t even meeting their projected daily customers. Sounds like their needs to be some major changes in leadership. Maybe having 2 CEOs is the first mistake.
Jedi Rich is a former CEO who transformed from a banker into a modern day independent music & film maker.
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