Mr. Robert Groesbeck reports

PLANET 13 TO RESTATE CERTAIN PREVIOUSLY ISSUED FINANCIAL STATEMENTS

As a result of the preliminary information obtained in connection with a continuing internal investigation, the audit committee of the board of directors of Planet 13 Holdings Inc., based on the recommendation of the company's management, and after consultation with the company's independent registered public accounting firm, concluded that the company's previously issued audited consolidated financial statements as of and for the years ended Dec. 31, 2022, and 2021, included in the company's annual report on Form 10-K for the year ended Dec. 31, 2022, and the company's previously issued unaudited consolidated financial statements included in the quarterly reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023, and Sept. 30, 2023, should no longer be relied upon due to material errors due to the believed misappropriation of approximately $22-million (U.S.) of the company's funds held by El Capitan Advisors Inc. as disclosed in the news release issued by the company dated Jan. 23, 2024. El Capitan is an investment adviser registered with the Securities and Exchange Commission (the SEC) that was engaged by the company on June 20, 2021, for cash management services. Similarly, any previously furnished or filed reports, related earnings releases, related management's discussion and analysis of financial condition, and results of operations, investor presentations or similar communications of the company describing relevant portions of the affected financials should no longer be relied upon. The company intends to file amendments to the reports, including restated financial statements and related disclosures, as promptly as practicable.

Additional information relating to the restatement is available in the company's current report on Form 8-K filed today with the SEC and on SEDAR+.

About Planet 13 Holdings Inc.

Planet 13 is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations across its locations in California, Nevada, Illinois and upcoming sites in Florida. Home to the nation's largest dispensary located just off the Strip in Las Vegas, Planet 13 recently opened its first Illinois dispensary in Waukegan, bringing unparalleled cannabis experiences to the Chicago metro area. Planet 13 holds a medical marijuana treatment centre licence in Florida allowing for state-wide expansion throughout the Sunshine State. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and innovative cannabis products. Licensed cannabis activity is legal in the states Planet 13 operates in 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 PLNH.

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