Mr. Braelyn Davis reports

PLANET BASED FOODS ANNOUNCES NORTHERN CALIFORNIA EXPANSION

New Leaf Community Markets and Lunardi's Markets have authorized the sales of Planet Based Foods Global Inc.'s original-with-cheese and southwest-style taquitos across their respective locations.

New Leaf and Lunardi's to welcome Planet Based Foods to store location this December

Planet Based Foods' original-with-cheese and southwest-style taquitos have been a hit with consumers ever since the product hit the shelves early last year. The taquitos are a delectable, gluten-free, plant-based vegan option that's considered as an ideal snack or entertaining option. Each taquito is hand rolled on a crunchy, gluten-free corn tortilla.

These savoury delights feature vegan pepper jack cheese and Planet Based Foods' hemp-based crumbles, a superfood blend of hemp seed, pea protein and rice flour. Seasoned to perfection, the taquitos are available in two flavourful varieties: original with cheese and southwest style.

Packed with fibre, complex carbs, essential vitamins, fatty acids and four grams of protein per serving, each package contains eight taquitos for a convenient, anytime snack. Microwave friendly and 100-per-cent non-genetically modified organism (GMO), Planet Based Foods' vegan taquitos are also free of eggs, gluten and soy.

Consumers will be able to find the original-with-cheese and the southwest-style taquitos across New Leaf and Lundardi's store locations next month.

Gregory Maselli appointed to Planet Based Foods' board of directors

The company is also pleased to announce that Mr. Maselli has joined the company's board of directors. Mr. Maselli is the co-founder and former chief executive officer of SAVR Pak, a company focused on mitigating food waste through patented technologies. Mr. Maselli is also the founder of 117 Global, an international logistics company specializing in sourcing and importing goods, materials and finished products.

"Joining forces with a visionary like Gregory Maselli is a testament to our commitment to revolutionizing the food industry," said Braelyn Davis, chief executive officer and co-founder of Planet Based Foods. "His expertise in sustainability and logistics aligns seamlessly with our mission at Planet Based Foods. Together, we'll drive impactful change, leveraging innovation to create a more sustainable and accessible future for all."

Planet Based Foods announces share consolidation

In accordance with the company's articles, Planet Based Foods' board of directors has authorized the implementation of a share consolidation of the company's subordinate voting shares and multiple voting shares on the basis of five preconsolidation subordinate voting shares and multiple voting shares for one postconsolidated subordinate voting share and multiple voting shares, respectively. The consolidation will provide the company with a better capital structure in order to attract financing.

As a result of the consolidation, the approximately 51,735,693 subordinate voting shares of the company currently outstanding will be reduced to approximately 10,347,139 subordinate voting shares, and the four million multiple voting shares of the company currently outstanding will be reduced to approximately 800,000 multiple voting shares. No fractional shares will be issued. Any fractional shares resulting from the consolidation of the shares shall be converted, such that each fractional share remaining after conversion that is less than one-half of a share be cancelled and each fractional share that is at least one-half of a share be changed to one whole share. The exact number of postconsolidated shares will vary depending on the treatment of fractional shares, which will occur when each shareholder's holdings in the company are consolidated.

Outstanding stock options, restricted stock units and warrants would similarly be adjusted by the consolidation ratio. The company will not be changing its name and trading symbol in connection with the consolidation. The subordinate voting shares will continue to be traded on the Canadian Securities Exchange under the company's current name and under its current stock symbol PBF on a postconsolidated basis.

The consolidation remains subject to the approval of the Canadian Securities Exchange. The company will provide further details with respect to the record date and the effective date of the consolidation in due course.

About Planet Based Foods Global Inc.

Planet Based Foods Global, through its wholly owned subsidiary in San Diego, Calif., Planet Based Foods, is a producer of sustainable plant-based food alternatives. Planet Based Foods was founded in 2018 in San Diego, Calif., with a mission to build a better food system by providing hemp-formulated superfood products to people today that support the planet tomorrow. All Planet Based Foods products are 100 per cent vegan. Planet Based Foods creates clean, non-GMO, nutrient-dense food built for the future: the first line of plant-based foods with sustainable hemp as the No. 1 ingredient. Founded by former nutrition coach and cannabis marketer Braelyn Davis, food scientist and plant-based pioneer Robert Davis, and restaurant industry veteran Ted Cash, the company aims to establish hemp as a nutrient-dense protein source to feed the world sustainably for generations to come. Planet Based Foods' suite of products includes its new consumer line of nutritious frozen foods, plant-based food ingredients and hand-held comfort foods for foodservice and restaurants.

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