Elysium Cannabis Beverages introduced by Planet 13 Holdings Inc. (OTCMKTS:PLNHF) last week are a hit at superstores.
Beverages in five-flavors
Elysium, the best sparkling line of beverages, is offered in five flavors: Eureka Lemon, Persian Lime, Valencia Orange, Ruby Red Grapefruit, and Wild Berry. Features of natural fruit-flavored drinks include zero sugar, instant high, and zero calories.
Co-CEO of Planet 13, Bob Groesbeck said its latest innovative and high-quality products – Elysium, which s developed using all-natural ingredients, are now on the shelves of SuperStores. It is a top-selling brand statewide.
The market for cannabis beverages
Cannabis beverages account for 10% of the edibles purchases. The demand for cannabis beverages worldwide expects to reach $2.6 billion in 2026. It grows at a CAGR (Compounded Annual Growth Rate) of 26.6%.
Acquires cannabis licenses in Nevada
Planet 13 signed an accord to take over cannabis equipment, inventory, and tenant improvements on 45,000 Sq. Ft. It paid $1.156 million for the indoor production/ cultivation facility based in Las Vegas to WCDN (West Coast Development Nevada LLC).
The company will also pay an additional $3 million (cash of $0.5 and shares worth $2.5 million) for equipment, licenses, operating assets, and tenant improvements. It will close the takeover on receipt of approval from CCB (Cannabis Control Board) in Nevada.
Co-CEO of Planet 13, Larry Scheffler said the company plans to expand its Medizin flower line by acquiring additional indoor cultivation of 25,000 Sq. Ft. Medizin flowers are a hit SuperStore each harvest. The company will have an option to expand the facility to 45,000 Sq. Ft. It also plans to expand its offerings and products to 3rd party dispensaries.
Own brands of Planet 13 are now available in Nevada based 26 dispensaries. SuperStores reported a 29% increase YoY in its sales in Q2 2020 from owned brands of Planet 13. It’s best selling product SKUs are HaHa Gummies, TRENDI, and Elysium.
Larry said the company is making solid progress continuously in enhancing its product line and unveiling new products in Nevada. It is experiencing increased demand for its products at SuperStores and other dispensaries.
Planet 13 raised capital of CAD 11.52 million through a bought-deal offering of 5.359 million units in July 2020.