The legal Las Vegas marijuana market opened for business one year ago this month, and recreational sales are expected to exceed $400 million, according to the Las Vegas Patch.
As the entertainment capital of the world, it's a great market to identify new industry trends and the products tourists are flocking toward.
And discovering what's happening before other retail investors gives you the inside edge to find the best marijuana stocks for long-term gains.
Thanks to our impressive connections, we have a firsthand account of what's going on in Sin City.
I recently chatted with David Farris, the Director of Marketing for Planet 13 Holdings Inc. (OTCMKTS: PLNHF), which is rated as one of the top premier Las Vegas marijuana dispensaries.
He provided me with some expert insight that I had to make sure to share with Money Morning readers...
What a Cannabis Expert Has to Say About the Las Vegas Industry
In this interview, I ask David about what's selling at the dispensary, expansion plans, and what he sees for the Las Vegas market in the years ahead.
Renegade Investment Expert: "It's time to double down - or even triple down - on your cannabis investments!" Read more...
While Planet 13 is publicly traded in Canada and on over-the-counter markets, this is not an endorsement of the stock.
As always, Money Morning readers should do their own due diligence with all their investments.
But as a marijuana insider plugged into one of the most dynamic cities in the legal cannabis world, David's insight is crucial for getting an edge...
Jack Delaney: David, can you give Money Morning readers a brief background on how Planet 13 started and what separates you from other cannabis operations?
David Farris: Founded in 2014, Planet 13 is a leading vertically integrated cannabis company in the state of Nevada. Planet 13 Holdings has recently begun trading on the Canadian Securities Exchange.
The company currently operates an award-winning dispensary located in Las Vegas with both a medical and recreational license and sells its own in-house brands, Medizin (medical) and Planet 13 (recreational).
The company also operates two cultivation licenses and two production licenses in Clark County and Nye County. Planet 13 has received recognition for its plant strain development and has earned awards and industry recognition for its current dispensary.
Planet 13 has received several top-three finishes for its strains over the last few years at the IC Mag 420 Cup. With unique and essential local experience of the executive team, we plan to redefine the cannabis experience.
JD: Planet 13 offers 50 different strains of marijuana and sells concentrates and edibles. I know the laws of how much recreational cannabis can be bought in one outing may weigh on a customer's decision. Are you noticing any trends in sales? Do customers who purchase the marijuana plant also buy concentrates and edibles? Do new marijuana users gravitate more towards edibles?
DF: We have noticed on-the-go items trending such as vape cartridges, pre-rolls, and convenient edibles.
Marijuana flower is still our primary seller despite these trends accounting for over 60% of our daily sales. We do experience new marijuana users gravitating towards traditional flower or a low-dose edible they feel comfortable with.
As our market continues to mature, I see the quality and variety of edibles improving as well. We currently operate a successful edible line through our Medizin brand.
This includes Infused Macadamia Nut Oil, where customers can be creative in the kitchen. In addition, we offer THC Syrups that are available in five bold flavors.
JD: I know you have some exciting expansion plans. Could you also touch on those as well?
Planet 13
DF: With our successful business model established and proven, Planet 13 is looking to transform the dispensary experience with what is anticipated to be the world's largest cannabis dispensary. The Planet 13 Superstore will offer visitors from around the globe a unique, never-before-seen experience when the destination opens in November 2018.
The new entertainment complex will be unveiled in phases, with the first phase reaching more than 40,000 square feet, which includes a multi-faceted entertainment space featuring interactive attractions and more than 16,500 square feet of cannabis retail space.
Planet 13 is designed to be an interactive entertainment experience that appeals to both cannabis aficionados and the general public, creating a true Las Vegas attraction. The new destination will weave together an unparalleled dispensary experience, complete with 45-50 registers to serve the large number of anticipated visitors with state-of-the-art technology and interactive entertainment.
As guests approach the complex they will be greeted by thirteen 15-foot-tall LED lotus flowers on the roof of the building. Made of acrylic leaves and metal stems, the lotus flowers can be controlled by visitors, making them interactive pieces of art.
The control panels will be located near the sophisticated outdoor water feature that is branded Planet 13.
Customers can explore these features before heading into the lobby where they can experience the sensory-activated LED flooring that creates an interactive show while guests are walking on it.
The attractions continue once guests move inside the main portion of the complex, where they'll view a glowing aerial orb show high above the dispensary floor.
There's also interactive laser graffiti where visitors can leave their mark with unique writings and drawings. Guests also will be mesmerized by the 3D Projection Visual Experience where numerous 3D visuals are projected onto walls.
Las Vegas does not allow dispensaries on the strip, but our strategically located property brings us as close as you can get to the Las Vegas Strip.
The Planet 13 Superstore is in a prime position to attract foot traffic, being less than a 10-minute walk from the Wynn Hotel's front entrance located in the heart of the strip.
This allows our superstore to be seen by more than 65,000 hotel rooms looking down on our property.
JD: Because you're centered in the entertainment capital of the world, do you see Nevada becoming a top cannabis destination for tourists?
DF: Following adult-use recreational legalization in July 2017, Nevada has become one of the fastest-growing markets in the U.S. legal cannabis space.
Las Vegas experiences over 55 million annual tourists, [who] will now add Planet 13 to their list of must-sees.
JD: What does Planet 13 hope to accomplish in the next five years? In the next 10?
DF: With our future plans to diversify revenue streams, Planet 13 will continue to strategically establish itself as a vertically integrated leader.
Beyond opening our Superstore location in November 2018, we are determined for Planet 13 to become a global name synonymous with a world-class cannabis experience.
I'd like to thank David for providing a wealth of information.
Before this interview, I'd never heard of THC syrups, which shows why it's so vital to have such great connections.
The marijuana-edible market was worth $7.2 billion in 2016, and it's expected to grow up to 25% annually, according to Forbes.
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