Mr. Bob Groesbeck reports

PLANET 13 ANNOUNCES Q2 2024 FINANCIAL RESULTS

Planet 13 Holdings Inc. today released its financial results for the three-month period ended June 30, 2024. Planet 13's financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP). All figures are reported in United States dollars unless otherwise indicated.

• Q2 2024 revenue of $31.1-million;
• Q2 2024 net loss of $8.1-million;
• Q2 2024 adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $3.2-million.

"Q2 was an exciting period for Planet 13, marked by strong financial performance and execution of our growth initiatives. We closed the transformational acquisition in Florida and opened our completely unique DAZED! consumption lounge. In addition to consolidating results in Florida, we generated strong sequential organic revenue growth, better margins and increased cash flow across our operations," said Larry Scheffler, co-chief executive officer of Planet 13.

"As we look to the latter half of 2024, we're poised for continued strength as we execute our exciting multiyear growth plan. We're making significant progress on expanding our cultivation and retail network in Florida to continue the trend of sequential growth in that state. Beyond Florida, we are pushing the envelope in innovation as an entertainment and lifestyle-focused cannabis brand. Our SuperStore, Dazed! lounge and lifestyle brand are key to building a deeper connection with Planet 13 fans, and we anticipate even greater engagement and growth in the future," said Bob Groesbeck, co-CEO of Planet 13.

Financial highlights -- Q2 2024

Operating results

All comparisons herein are with the quarter ended June 30, 2023, unless otherwise noted:

• Revenue was $31.1-million as compared with $25.8-million, an increase of 20.3 per cent. The increase in sales was driven by a month and a half of revenue from Florida as well as strong sales at the Planet 13 SuperStore and Illinois neighbourhood store.
• Gross profit was $15.8-million or 50.9 per cent as compared with $11.9-million or 46.0 per cent. The improvement in gross margin was driven by a lower cost of cultivation through full utilization of cultivation facilities and better yields, along with a higher portion of sales from owned brands.
• Total expenses were $19.4-million as compared with $15.4-million, an increase of 26.0 per cent. Absolute expenses grew with the consolidation of Florida.
• Net loss of $8.1-million as compared with a net loss of $4.6-million.
• Adjusted EBITDA of $3.2-million as compared with adjusted EBITDA of $2.8-million. Adjusted EBITDA was higher due to better gross margin performance, strong cost control and increased operating leverage.

Balance sheet

All comparisons herein are with Dec. 31, 2023, unless otherwise noted:

• Cash of $26.7-million as compared with $11.8-million;
• Total assets of $242.4-million as compared with $151.7-million;
• Total liabilities of $84.4-million as compared with $44.1-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 months ended June 30, 2024 (the MD&A):

• On April 30, 2024, Planet 13 announced the launch of new Medizin Branded Topicals powered by Planet 13.
• On May 6, 2024, Planet 13 announced the closing of the sale of Planet 13 Florida Inc. which held its medical marijuana treatment centre licence in Florida.
• On May 10, 2024, Planet 13 announced the closing of the purchase of VidaCann LLC, a medical marijuana treatment centre in Florida, increasing our portfolio by 26 medical retail stores, one cultivation facility and one production facility.
• On June 11, 2024, Planet 13 announced the results of its annual general meeting of stockholders.
• On June 12, 2024, Planet 13 announced the appointment of David Loop to its board of directors.
• On June 18, 2024, Planet 13 announced the launch of Planet 13 Fight Club.
• On July 24, 2024, Planet 13 announced the launch of its new lifestyles brand, Planet 13 Lifestyles.

Results of operations (summary)

The attached tables set forth consolidated statements of financial information for the six-month periods ending June 30, 2024, and June 30, 2023.

The company's quarterly report on Form 10-Q for the quarter ended June 30, 2024, is available on the Securities and Exchange Commission's website or at the Planet 13 website. 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.

Conference call

Planet 13 will host a conference call on Aug. 8, 2024, at 6 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 Robert Groesbeck, co-CEO, Larry Scheffler, co-CEO, and Dennis Logan, chief financial officer.

Conference call details

Date:  Aug. 8, 2024

Time:  6 p.m. ET

Participant dial-in:   toll-free 888-506-0062 or international 973-528-0016

Access code:  707676

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

(available for two weeks)

Reference No.:  50504

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 Florida following the acquisition of VidaCann and its 26 Florida dispensaries. Home to the nation's largest dispensary, located just off The Strip in Las Vegas, Planet 13 continues to expand its footprint with the recent debut of its first consumption lounge in Las Vegas, DAZED!, and the opening of 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 statewide 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 United States 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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