Showdown in Vegas: Tryke vs. Planet 13 – sales, margins and multiples

As noted in our last Weekly Wrapup, the acquisition of Tryke Cos. by Cresco Labs (CSE: CL) provides great sales, profit margin and valuation comps for Planet 13 (OTC: PLNHF), which has their main “experience” dispensary literally across the street from Tryke’s Reef Dispensary.

Net, Tryke has higher sales per foot and margins and is already at scale, but Planet 13 equity could rise about 60% if they achieve their goals.

As shown in the Cresco-Tryke presentation on the acquisition, Tryke runs six dispensaries under the Reef brand along with some cultivation assets and licenses, but 70% of its revenue comes from two dispensaries in Las Vegas:

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