Planet 13 brings superstore model to Florida, Illinois
Planet 13 is bringing its tourist-driven superstore model to two more states with the acquisition of a license in Florida for $55 million and by winning a license in the lottery for the Chicago area.
Planet 13 already owns the two largest cannabis retail stores in the country — in Las Vegas and Orange Country, California — and according to a press release, the company is planning new superstores in Miami and Orlando.
“Florida has long been one of our most coveted markets with over 20 million residents, 130 million annual visitors and incredible consumer demand already demonstrated in the medical program,” said Larry Scheffler, co-CEO of Planet 13. “It was important for us to enter the market prior to a transition to adult-use to put the pieces in place to capitalize on this market in both the short and long term.”
The Florida license was purchased from Harvest Health and Recreation, which is divesting its Medical Marijuana Treatment License, a condition of its acquisition by Trulieve in May as part of a $2.1 billion deal. There are 22 companies with MMTC licenses in Florida. More than 603,000 residents have active ID cards in the state.
Publicly traded on the Canadian Securities Exchange, the vertically integrated Planet 13 boasts the largest dispensary in the world, a 120,000-square-foot entertainment complex in Las Vegas that often sees lines stretching out the door, as well as the largest dispensary in California. Planet 13 has been smashing its sales records recently, reaching $11.9 million for the month of July, the top-selling single month in the company’s history, and revenue of $32.8 million for Q2 of 2021, an increase of more than 200% compared to 2020.
In Illinois, Planet 13 is partnering with Frank Cowan, who will own 51% of the Illinois business. According to a press release, Chicago is also part of the company’s plans to bring superstores to major tourist markets around the country.
“Chicago has been one of the main target markets for a Planet 13 SuperStore with its rapidly growing cannabis sales, large population base, and attraction as a tourist destination,” Scheffler said.
“Planet 13 has defined what the cannabis retail experience can be,” added Cowan. “Their Las Vegas store is out of this world, and I’m excited to partner with them to bring that experience to my home town.”
— Brian Beckley
At No. 4, Revolutionary Clinics leads 18 cannabis companies on prestigious Inc. 5000 list
With a three-year growth rate of 32,997% (not a misprint), Massachusetts-based Revolutionary Clinics landed at No. 4 on the 2021 Inc. 5000 list of the fastest-growing private companies in America.
With three dispensary locations in the Boston metro area and a wholesale business, the vertically integrated company employs more than 375 people across its manufacturing and retail operations, making hundreds of products under a dozen brands with more than 80 wholesale cannabis customers for a total 2020 revenue of more than $40.7 million, according to Inc. magazine.
Founded in 2016, Revolutionary Clinics’ growth has transpired alongside industry partnerships and community investments. In the last year, more than $100,000 has been awarded to organizations and initiatives in the company’s host communities, in addition to regular volunteer work, according to a press release.
The company also created an accelerator program called “ASPIRE” (Achieving Success through Partnerships for Inclusive Retail Entrepreneurs) as a way to help those who were disproportionally harmed by the War on Drugs get into the business. To date, ASPIRE has helped three equity license holders successfully open their doors.
“We are extremely proud to be named to Inc.’s prestigious annual list in recognition of Rev’s growth, but also opportunities created for our employees, our host communities, and the industry overall,” said Keith Cooper, CEO of Revolutionary Clinics. “This growth has enabled us to reinvest revenue into programs that fund equity license holders to help them open their doors as well as critical needs in the community, like COVID-19 relief funds and support for nonprofits.”
Springbig, the industry’s leading loyalty software provider, landed at No. 69 this year, the only other cannabis-related company to make the top 100. Its 5,485% growth rate was enough to raise it from No. 99 on last year’s list.
Also making a return appearance on the Inc. 5000 is Wana Brands. The Colorado-based edibles manufacturer, famous for its best-selling gummies, earned its impressive fourth-straight appearance on the Inc. 5000, peaking at No. 1,087 in 2018 and clocking in this year at No. 2,675 with a three-year growth of 152%.
In the top 500, Mattio Communications was No. 190 and Leaflink landed at No. 204, with Willow Industries right behind at 205; Seattle-based GrowFlow was No. 312, California processor Sunderstorm came in at 319 and Green Rush Packaging landed at 413.
Other cannabis-related companies making this year’s Inc. 5000 were: Growlink (609), Extract Labs (615), Canndescent (736), Treez (812), Mankind Dispensary (2,039), Pet Releaf (2,159), Cannabox (2,371), MainStem (2,691), Precision Extraction (3,066) and Giving Tree Wellness (4,617).
In total, 18 cannabis-related companies made this year’s list.
Inc. 5000 companies are ranked based on percentage of revenue growth from 2017 to 2020. Candidates must be based in the U.S., privately and independently owned, for-profit companies that generated at least $100,000 in 2017 and at least $2 million in 2020.
— Brian Beckley