Mr. Bob Groesbeck reports

PLANET 13 ANNOUNCES Q4 2023 FINANCIAL RESULTS

Planet 13 Holdings Inc. has released its financial results for the three-month and 12-month periods ended Dec. 31, 2023. Planet 13's financial statements are prepared in accordance with U.S. generally accepted accounting principles. All results are reported in U.S. dollars unless otherwise indicated.

"Amidst recent challenges, economic uncertainties and ongoing pressure on cannabis prices, I am pleased to announce a strong quarter. Our performance was highlighted by solid revenue and positive adjusted EBITDA, fuelled by the expansion of gross margins and effective cost management. We were responsible for approximately 9 per cent of Nevada's retail market share and boasted a top brands in each category, underscoring the resilience of our operations and brand appeal in Nevada," stated Larry Scheffler, co-chief executive officer of Planet 13.

"We recently took decisive actions to fortify our balance sheet and set the company up for growth through our acquisition of VidaCann. With the potential for adult use in Florida, we are now well positioned to capture the full benefit of this tremendous opportunity," commented Bob Groesbeck, co-CEO of Planet 13.

Financial highlights -- fourth quarter 2023

Operating results (all comparisons are with the quarter ended Dec. 31, 2022, unless otherwise noted):

• Revenues were $23.0-million as compared with $24.8-million, a decrease of 7.5 per cent. The decline in revenue was driven by lower sales at the SuperStore and a decline in wholesale revenue in Nevada.
• Gross profit was $11.0-million or 47.8 per cent as compared with $10.7-million or 43.0 per cent. The improvement in gross margin was driven by a decrease in product discounting at retail.
• Operating expenses were $18.1-million as compared with $45.9-million, a decrease of 60.5 per cent.
• Net loss was $14.3-million as compared with a net loss of $49.2-million.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $1.3-million as compared with adjusted EBITDA loss of $600,000. Adjusted EBITDA margin was higher due to better gross margin performance and strong cost control.

Financial highlights -- full-year 2023

Operating results (all comparisons are with the full year ended Dec. 31, 2022, unless otherwise noted):

• Revenues were $98.5-million as compared with $104.6-million, a decrease of 5.8 per cent. The decline in revenue was driven by lower sales at the SuperStore and a decline in wholesale revenue in Nevada.
• Gross profit was $44.8-million or 45.5 per cent as compared with $48.0-million or 45.9 per cent. Gross margin was essentially flat due to an increase in vertical integration and strong cost control offsetting price compression.
• Total expenses were $105.9-million as compared with $96.7-million, an increase of 9.5 per cent. This included a one-time, non-cash $46.8-million impairment. Excluding impairment, total expenses were $59.1-million.
• Net loss was $73.6-million as compared with a net loss of $59.6-million. The increase in net loss was driven by the one-time $46.8-million impairment charge.
• Adjusted EBITDA was $1.4-million as compared with adjusted EBITDA loss of $7.5-million.

Balance sheet (all comparisons are with Dec. 31, 2022, unless otherwise noted):

• Cash of $17.3-million as compared with $38.8-million;
• Total assets of $151.7-million as compared with $220.1-million;
• Total liabilities of $44.1-million as compared with $42.7-million.

Q4 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 12 months ended Dec. 31, 2023.

• On Nov. 1, 2023, Planet 13 announced plans for the Dazed! consumption lounge.
• On Nov. 14, 2023, Planet 13 entered into a settlement agreement.
• On Nov. 17, 2023, Planet 13 provided an update regarding certain cash accounts.
• On Dec. 4, 2023, Planet 13 opened its dispensary in Waukegan, Ill.
• On Dec. 11, 2023, Planet 13 announced Koolsville Tattoo, a new attraction at the SuperStore.
• On Jan. 22, 2024, Planet 13 entered into a definitive agreement to sell its redundant medical marijuana treatment center licence in Florida.
• On Feb. 8, 2024, Planet 13 announced an expansion of the leadership team and board.
• On March 4, 2024, Planet 13 announced the commencement of an underwritten public offering of units.
• On March 7, 2024, Planet 13 closed the previously announced public offering of units.

Results of operations (summary)

The attached table sets forth consolidated statements of financial information for the three-month and full-year periods ended Dec. 31, 2023, and Dec. 31, 2022.

The company's annual report on Form 10-K for the year ended Dec. 31, 2023, is available on the Securities and Exchange Commission's website or at the Planet 13 website. The company's management's discussion and analysis for the year, the accompanying financial statements, and notes are available under the company's profile on SEDAR+ and on its website.

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 March 13, 2024, at 6 p.m. ET, to discuss its fourth quarter and full-year financial results and provide investors with key business highlights, its strategy and its outlook. The call will be chaired by Mr. Groesbeck, Mr. Scheffler and Dennis Logan, chief financial officer.

Conference call details

Date:  March 13, 2024

Time:  6 p.m. EST

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

Access code:  815562

Replay dial-in:  toll-free 877-481-4010 or international 919-882-2331

Replay passcode:  50013

An audio 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 across its locations in California, Nevada, Illinois and coming 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 under the symbol PLTH and are quoted on the OTCQX under the symbol PLNH.

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