Planet 13 Enters into Definitive Agreement to Acquire Florida Cannabis License - Seite 2

As consideration for the License, the Company will pay US$55 million in cash to the Seller, with an initial deposit therefrom of US$2 million to be delivered by the Company and held in escrow by a third party escrow agent upon execution of an escrow agreement as promptly as possible after the date hereof. The transaction is subject to certain closing conditions including the successful close of the Trulieve Cannabis Corp./Harvest arrangement transaction, the Florida Department of Health's Office of Medical Marijuana Use ("OMMU") approval for Planet 13 Florida to acquire the license and other customary closing conditions. If the foregoing regulatory approval is not obtained, the Company and Seller will have the right to terminate the Agreement.

Beacon Securities Limited is acting as financial advisor to the Company in connection with the License acquisition.

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 dispensary operations in Orange County, California. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13's shares trade on the Canadian Stock Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking-statements include but are not limited to, information concerning the proposed License acquisition, conditions to the consummation of the proposed acquisition, expectations for the effects of the proposed acquisition or the ability of the Company to successfully achieve business objectives, including the initial buildout of the Company's Florida cultivation and retail plan, expectations regarding the Florida cannabis market and expectations for other economic, business, and/or competitive factors.