Mr. Larry Scheffler reports

PLANET 13 ANNOUNCES Q1 2023 FINANCIAL RESULTS

Planet 13 Holdings Inc. will release its financial results for the three-month ended March 31, 2023. Planet 13's financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP).

All figures are reported in U.S. dollars unless otherwise indicated

"Planet 13 started the year with consistent results notwithstanding overall economic conditions. In Q1, we saw a stabilization in cannabis prices, resulting in an improvement in our retail revenue from the SuperStore. In Nevada, we maintained our share of sales above 8 per cent, consistent with our long-term goals. We also saw strong sequential growth in wholesale as we continued to add more accounts and increase sales and productivity with our existing buyers. In California, growth in our wholesale business offset some of the seasonal decline in retail sales," said Larry Scheffler, co-chief executive officer of Planet 13.

"In 2023, our corporate strategy has three key goals: strengthen our core business; increase scale; and improve cash flow and preserve capital," commented Bob Groesbeck, co-CEO of Planet 13. "We are leveraging our strong core business, taking strategic steps to reduce costs across our organization, and aggressively pursuing accretive M&A to add scale, operating leverage and improve our ability to generate free cash flow."

Financial highlights -- Q1 2023

Operating results -- all comparisons below are with the quarter ended March 31, 2022, unless otherwise noted:

• Revenue was $24.9-million as compared with $25.7-million, a decrease of 3.0 per cent. The decline in revenue was driven by a large decline in the average price of cannabis in Nevada, partially offset by an increase in revenue from Planet 13 OC and additional wholesale revenue in California and Nevada.
• Gross profit was $10.9-million or 43.7 per cent, as compared with $12.9-million or 50.2 per cent. The decline in gross profit was driven by a decrease in the average price of cannabis in Nevada and a greater percentage of revenue coming from lower-margin wholesale revenue.
• Total expenses were $15.3-million, as compared with $16.6-million, a decrease of 7.8 per cent. The decline in total expenses was driven by strong cost control across the organization combined with lower share-based compensation.
• Net loss of $6.3-million, as compared with a net loss of $2.1-million. The increase in net loss was driven by lower gross profit dollars as well as high one-time costs associated with potential M&A (merger and acquisition).
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $680,000, as compared with adjusted EBITDA of $2.61-million. The lower adjusted EBITDA margin was primarily due to lower gross profit dollars and lower operating leverage.

Balance sheet -- all comparisons below are with Dec. 31, 2022, unless otherwise noted:

• Cash of $42.7-million, as compared with $52.4-million;
• Total assets of $227.2-million, as compared with $233.6-million;
• Total liabilities of $41.0-million, as compared with $42.7-million.

Q1 highlights and recent developments (For a more comprehensive overview of these highlights and recent developments, please refer to Planet 13's management's discussion and analysis of the financial condition and results of operations for the three months ended March 31, 2023.):

• On Jan. 19, 2023, Planet 13 announced the location of its Port Orange dispensary in the Daytona Beach area of Florida.
• On Feb. 3, 2023, Planet 13 purchased land and a building for its planned Illinois dispensary.
• On Feb. 7, 2023, Planet 13 announced it had exercised the option to buy the remaining 51-per-cent interest in Planet 13 Illinois LLC.
• On April 10, 2023, Planet 13 announced that its board member and chair of the audit committee, Mike Harman, had passed away.
• On May 10, 2023, Planet 13 announced the appointment of Lee Fraser as board member and chair of the audit committee.

Results of operations (summary)

The attached table sets forth consolidated statements of financial information for the three-month periods ending March 31, 2023, and March 31, 2022.

The company's quarterly report on Form 10-Q for the quarter ended March 31, 2023, is available on the U.S. Securities and Exchange Commission's (SEC) website or at the company's website. The company's management's discussion and analysis for the period and the accompanying financial statements and notes are available under the company's profile on SEDAR and on its website.

Conference call

Planet 13 will host a conference call on May 15, 2023, at 5 p.m. ET, to discuss its first quarter financial results and provide investors with key business highlights, strategy and outlook. The call will be chaired by Mr. Scheffler and Dennis Logan, chief financial officer.

Conference call details

Date:May 15, 2023

Time:5 p.m. EST

Participant dial-in:toll-free 888-506-0062 or international 973-528-0011

Replay dial-in:toll-free 877-481-4010 or international 919-882-2331 (available for two weeks)

Reference No.:660024

A webcast will be available.

About Planet 13 Holdings Inc.

Planet 13 is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas and in Orange County in California. Planet 13 also holds a medical marijuana treatment center licence in Florida and a conditional social-equity-justice-involved dispensing licence in the Chicago region of Illinois. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13's shares trade on the Canadian Securities Exchange under the symbol PLTH and are quoted on the OTCQX under the symbol PLNHF.

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