Planet 13 Co-CEO testified to losing $1.5 million or more per month
A marijuana industry executive testified Monday that his company is losing up to $1.5 million per month because of a cannabis license injunction hearing that could go into August.
“As I sit here today, I’m losing $1.5 million or more per month on a mothballed facility,” said Bob Groesbeck, co-CEO of Planet 13 Holdings Inc. and the former mayor of Henderson. “Those are very real damages. Those have a very real impact to my bottom line.”
Planet 13’s parent company, MM Development Co. Inc., is one of a number of dispensary companies that combined to file an injunction earlier this year against Nevada over its handling of a competitive retail cannabis license application process.
A number of successful applicants then sided with the state to defend the process.
The companies have alleged the Department of Taxation bungled the decision of which companies would be awarded a limited number of retail marijuana licenses last year. A pool of 461 applications were considered. The state ended up approving about five-dozen from 17 companies.
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