Planet 13 Holdings (OTCMKTS:PLNHF) is one of the better known multiple state operators in the cannabis industry but over the course of the past week the company’s stock has endured a tough time.
Market Reaction
On Monday, PLNHF stock moved down 3.37% to $1.72 with more than 589k shares, compared to its average volume of 445K shares. The stock moved within a range of $1.6800 – 1.8900 after opening trade at $1.89.
Planet 13 Expands Popular TRENDI Brand to California with Premium Flower
Amidst a steady selloff, it has shed as much as 14% during the period. Those who may be hoping for a rebound could consider taking a look at a key announcement from Planet 13 on Monday. Yesterday the company announced that it was going to further expand TRENDIbrand to the state of California. It remains one of its more popular brands at this point in time.
Planet 13 noted that it was going to launch in California through its high end small batch flower strains and it is going to be restricted to the Planet 13 location at Orange County in the beginning. In this context, it is necessary to also noted that California is one of the more lucrative markets in the United States and the expansion of the brand into that state could be seen as a positive.
It now remains to be seen if the latest news leads to any kind of change of sentiments among investors with regards to the Planet 13 stock.
Key Quote
“We are excited to begin bringing our portfolio of award-winning brands to California starting with TRENDI. Now that we are fully vertically integrated in California, we have the ability to introduce all of our brands to increase margins at our retail location and to enter into the wholesale market,” said Bob Groesbeck, Co-CEO of Planet 13. “We are diligently executing our strategy in California, Nevada, and Florida to grow revenue, profitability and brand equity.”
Traders Review
PLNHF stock is trading above the 20-Day and 50-Day Moving averages of $2.10 and $2.36 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.65.
