Pot stocks have blazed higher this year.

Since its low on March 23, the North American Marijuana Index has gained 92.15%…

That’s double the rebound that the Dow Jones, the S&P 500 and even the Nasdaq have enjoyed.

In part it’s because cannabis dispensaries were deemed essential businesses during the pandemic and economic shutdown.

But as we look further down the road – past the haze of the pandemic – cannabis is poised to rocket even higher. I believe we’re talking about at least a $200 billion global opportunity by the end of the decade. And the U.S. would represent $80 billion of that.

North American Marijuana

This isn’t an industry to ignore. Especially for investors with longer time horizons who can weather the volatility.

Sales for the cannabis industry are in the billions and are rapidly growing.

At the moment, California is the largest legal weed market in the world. And we have other billion-dollar opportunities in Colorado, Florida, Illinois, Michigan, Oklahoma, Pennsylvania and Washington.

But as a cannabis investor, I like one market above all others: Nevada.

It’s primed for success because it’s built on tourism. Each year, more than 45 million people flock to Las Vegas. They come for conventions, vacations, bachelor or bachelorette parties, or just plain old fun.

And there’s one company dominating the Nevada cannabis market.

New Highs and Outperformance

I’m not going to go so far as to say that Las Vegas is my favorite city.

But it is home to my favorite dispensary – the Planet 13 Holdings (OTC: PLNHF) Superstore.

The Superstore is an enormous entertainment complex. It’s not only the largest dispensary in the world but also the closest dispensary to the heart of the Strip.

And both these characteristics are key to Planet 13’s success. They allow the company to operate from a position of strength in a market dominated by tourism.

How strong is Planet 13’s position? Well, the Superstore accounted for more than 10% of all cannabis sales in the state of Nevada for the first quarter of 2020.

That’s one location accounting for all of those sales.

Now, I’ve interviewed CEO Robert Groesbeck a couple of times over the years. And last November, I traveled to Las Vegas (when traveling was still a thing) and filmed a short documentary on the cannabis market with a focus on Planet 13.

I thought the company was the best positioned to survive the cannabis bear market. Plus, I felt shares would be poised to blast off in 2020.

And that’s exactly what we’ve seen.

To date, shares of Planet 13 have outperformed other major U.S. multistate operators (MSOs) like Curaleaf Holdings (OTC: CURLF), Cresco Labs Inc. (OTC: CRLBF), Green Thumb Industries (OTC: GTBIF), Trulieve Cannabis Corp. (OTC: TCNNF) and Acreage Holdings Inc. (OTC: ACRGF)

Planet 13 Holdings vs Major MSOs

In fact, shares of Planet 13 set a new all-time high of $3.05 last week.

And I believe this MSO is only just beginning to gain steam.

Going Big, Las Vegas Style

In 2019, Planet 13 reported $63.6 million in revenue. And the Superstore totaled 9.1% of all cannabis dispensary revenue in Nevada that same year.

In the first quarter of 2020, revenue jumped 21.4% year over year to $16.8 million.

The company announced a new 24-hour delivery service and expanded its online services. But revenue growth is also being fueled by new products.

When I met with Groesbeck last November, Planet 13 had just launched its line of gummies the day before. And it was prepping to roll out its beverage line.

Those were transformative initiatives that are performing well. And that’s given the MSO the ability to expand the footprint of its house brands.

At the end of 2019, Planet 13’s branded products were available in eight dispensaries in the state. Since then, that number has grown to 26.

That broader brand recognition is having a positive impact on the MSO’s sales. For instance, in the fourth quarter of 2019, Planet 13’s branded products accounted for 14% of Superstore sales. In the second quarter of this year, that percentage had more than doubled to 29%.

At the moment, Planet 13’s Trendi vape pen line owns three of the top 10 bestselling concentrate SKUs in Nevada.

The company’s HaHa Gummies include three of the 10 bestselling edibles SKUs in the state.

And its Elysium line is the fourth-bestselling cannabis beverage in Nevada.

But what I really like about Planet 13 is its vision for the future.

Over the next five years, it plans to open eight or more Superstores across the U.S.

This company is the epitome of “go big or go home.”

With its dominance in Nevada being cemented, its own branded products taking off and the potential for more than a half-dozen Superstores dotting the country, Planet 13 remains one of the most attractive cannabis plays to me.

It has just come off all-time highs. But I think new ones will be minted in the future.

Here’s to high returns.

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