Mr. Larry Scheffler reports

PLANET 13 ANNOUNCES Q2 2023 FINANCIAL RESULTS

Planet 13 Holdings Inc. has released its financial results for the three-month period ended June 30, 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.

"During the quarter, we grew our share of total Nevada state-wide sales and once again had some of the most sold brands across all major product categories. We had a steady quarter in California and across our business we saw improvement in gross margins and EBITDA margins sequentially. Overall we've had a good first half of the year," said Larry Scheffler, Co-CEO of Planet 13.

"We are executing on the strategic goals we laid out at the beginning of the year. We continue to strengthen the destination appeal and reputation of the SuperStore and are making progress towards opening our consumption lounge. We are also nearing the completion of our new dispensary in Illinois, an exciting addition to our retail portfolio," commented Bob Groesbeck, Co-CEO of Planet 13. "Between our ongoing construction projects, the strength of our business in Nevada and our rock-solid balance sheet 2024 is shaping up to be a good year for Planet 13."

Financial Highlights - Q2 - 2023

Operating Results

All comparisons below are to the quarter ended June 30, 2022, unless otherwise noted

• Revenue was $25.8 million as compared to $28.4 million, a decrease of 9.1%. The decline in revenue was driven by a decline in the average price of cannabis in Nevada, partially offset by an increase in wholesale revenue in Nevada.
• Gross profit was $11.9 million or 46.0% as compared to $13.8 million or 48.7%. 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 $15.4 million as compared to $15.6 million, a decrease of 1.6%. The decline in total expenses was driven by lower share-based compensation offset by higher professional fees associated with potential M&A
• .Net loss of $4.3 million as compared to a net loss of $2.0 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.
• Adjusted EBITDA of $3.0 million as compared to Adjusted EBITDA of $2.9 million. The higher Adjusted EBITDA margin was primarily due to improvement in the Company's operating costs.

Balance Sheet

All comparisons below are to December 31, 2022, unless otherwise notedCash of $40.5 million as compared to $52.4 millionTotal assets of $222.7 million as compared to $233.6 millionTotal liabilities of $40.5 million as compared to $42.7 million

Q2 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 and Six Months Ended June 30, 2023 (the "MD&A").On June 23, 2023, Planet 13 announced they had received the first Nevada State conditional consumption lounge license.On June 29, 2023, Planet 13 announced the return of Cannabition, an immersive cannabis experience.

Results of Operations (Summary)

The following tables set forth consolidated statements of financial information for the three-month periods ending June 30, 2023, and June 30, 2022.

The Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, is available on the SEC's website at www.sec.gov or at https://www.planet13holdings.com/investors/. The Company's Management 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 at https://www.planet13holdings.com/investors/.

This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.

Conference Call

Planet 13 will host a conference call on August 9, 2023 at 5:00 p.m. ET to discuss its second quarter financial results and provide investors with key business highlights, strategy, and outlook. The call will be chaired by Larry Scheffler, Co-CEO, and Dennis Logan, CFO.

CONFERENCE CALL DETAILS

Date: August 9, 2023 | Time: 5:00 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 2 weeks)

Reference Number: 940077

About Planet 13

Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas and in Orange County, California. Planet 13 also holds a medical marijuana treatment center license in Florida and a conditional Social-Equity Justice Involved dispensing license 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. Licensed cannabis activity is legal in these states but remains illegal under U.S. federal law. Planet 13's shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and are quoted on the OTCQX under the symbol PLNHF.

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