Mr. Larry Scheffler reports

PLANET 13 REPORTS UNAUDITED, PRELIMINARY FOURTH QUARTER AND FULL YEAR 2023 FINANCIAL RESULTS AND DATE FOR FULL EARNINGS RELEASE

Planet 13 Holdings Inc. has released its unaudited preliminary financial results for the fourth quarter and full year ended Dec. 31, 2023. All financial information is provided in U.S. dollars unless otherwise indicated and is prepared under U.S. generally accepted accounting principles (GAAP).

The Company will host a conference call on March 13, 2024, at 6:00 p.m. ET to discuss its fourth-quarter and year end financial results and provide investors with key business highlights, strategy, and outlook. The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO.

CONFERENCE CALL DETAILS

Date:  March 13, 2024

Time:  6:00 p.m. ET

Participant Dial-in:

Toll Free:  888-506-0062

International:  973-528-0011

Access Code:  815562

Replay Dial-in:

Toll Free:  877-481-4010

International:  919-882-2331

Replay Passcode:  50013

"Given the turbulence of the last few months, the challenging macroeconomic backdrop, and the continued cannabis price compression we are seeing, I am pleased to report a solid quarter. We generated solid revenue performance and positive Adjusted EBITDA, driven by gross margin expansion and strong cost controls. We continue to hold ~9% of Nevada's retail market share and top five brands in every category, demonstrating the strength of our Nevada operations and brand value," said Larry Scheffler, Co-CEO of Planet 13. "In spite of recent events, Planet 13 is generating positive Adjusted EBITDA and continues to have a strong balance sheet with over $17 million in cash and effectively no debt. We are well capitalized to continue executing our announced growth plan in Florida and Nevada."

"Towards the end of the quarter, we opened our new Illinois location and are working towards closing our acquisition of VidaCann and opening our consumption lounge at the Las Vegas SuperStore. These exciting additions are set to drive Planet 13's next leg of growth," said Bob Groesbeck, Co-CEO of Planet 13. "We've built an attractive portfolio of operations in highly sought-after states. As we look to 2024, our goal is to prepare for the exciting potential of adult use in Florida and increase our scale, efficiency and operating leverage in core states to drive growth in operating cashflow and shareholder value."

Note to Reader

These preliminary, unaudited selected financial results and disclosures contained in this press release are preliminary, based on information available to management as of the date of this press release, remain subject to the completion of normal quarter and year end accounting procedures and adjustments, and are subject to change. Planet 13's independent registered public accounting firm has not completed its review and audit of the results for the quarter and year ended December 31, 2023. Planet 13 undertakes no obligation to update the information in this press release in the event facts or circumstances change after the date of this press release. Planet 13 plans to release its complete financial results for the fourth quarter and full year 2023 on March 13, 2024. A conference call to discuss the results will follow on March 13, 2024 at 6:00 pm EST.

About Planet 13

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 center license 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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