Planet 13 Holdings Inc (NASDAQ:PLTH) Q1 2020 Earnings Conference Call - Final Transcript
Jun 01, 2020 • 05:00 pm ET
Thank you, sir. [Operator Instructions] And your first question will be from Bobby Burleson at Canaccord. Please go ahead.
Yeah, good afternoon. So, yeah, my first question would just be, we've seen some dispensary robberies and burglaries, especially in California. And just wondering kind of what the security situation is at the Las Vegas store and the not-yet-built-out asset in Santa Ana?
Yeah. Hey, Bobby, good afternoon. This is Bob.
Yeah. we're obviously continuing to monitor that very closely. We're fortunate in that -- the Metropolitan Police Department has been very aggressive in monitoring protesters. And they've actually set up a command center here on the Strip and that's probably half block away from us. So they're in very close proximity. We, of course, ramped up our security personnel considerably and we'll continue to monitor the situation as desired. Now, so far, we're not aware of anyone in Southern Nevada from a dispensary standpoint that's been impacted. But again, given our proximity to the command center and our security force, we feel comfortable that we can keep things under control.
Okay. That's good to hear. And then in terms of the Nevada expansion, you mentioned that there's some attractive assets, given the pressure some businesses might be under in Nevada that you guys are exploring in terms of maybe expanding in the state. And given your high exposure to tourist dollars at the current location, are you considering maybe diversifying a little bit into operations that have more local customers or in areas outside of Las Vegas?
Well, we're looking at -- of course, we're looking seriously at any type of all the cultivation, because we could use 25,000 to 50,000 more square feet just to supply more from -- to the Las Vegas dispensary Planet 13. We currently have 50 vendors we buy from, so our products are the most popular, but we only have 15,000 square feet. So that's a big part of what we're looking at, but we're looking at a deal. And I mean a deal where it's pennies on the dollar. We think they're out there. We've got some in our sights, we've got some people contacting us. We think we'll get something done and to the benefit of our shareholders and to us, the only probably dispensary we'd be looking at sale is our license to reopen Medizin. But with that opening, that's another reason why we need more cultivation. So probably on our biggest list right now is the cultivation, the right one, the right equipment and so on.
Okay, great. Well, thank you.
Thank you. Next question will be from Adam Altberg at BMO. Please go ahead.
Good afternoon, gents and wow, great job. Can't believe what you must have gone through, through all of this to get to this point. So congrats to the entire team there and to all the staff. So a really good job. Just wanted to say that. I've got a question. Actually, Larry, you answered