Planet 13 Holdings Investor Presentation — November 2021

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VIRIDIAN CAPITAL ADVISORS • 805 THIRD AVENUE, N.Y., N.Y. 10022 • WWW.VIRIDIANCA.COM

U.S. Cannabis Industry

Planet 13 ( US OTCQX: PLNHF : $4.15 ): COVID Headwinds

Persist ; Remain P ositive on Long -term Opportunity

Planet 13 reported Q3/21 results of $33M in revenues and $3.5M adjusted EBITDA.

Revenues for the quarter came in below our estimate of $36M on continued COVID

related headwinds which impacted sales at both the Superstore and the recently

opened California dispensary . The reported adjusted EBITDA compared with our $8M

forecast as lower than anticipated profitability stemmed from a mix shift toward

wholesale sales in Nevada (vs. the company ’s Superstore whe re Planet 13 achieves

industry leading margins), inflated G&A on acquisitions and the California opening

and higher advertising expenses incurred as management looked to capture new

local customers amidst challenged tourism .

We expect the COVID headwinds to persist into nex t year with a particular drag on

California contributions. For Q4 , we reduce our forecasts to ref lect modest sequential

top line growth as foreign tourists return to Las Vegas , the expanded retail footprint

at the Superstore and a boost fr om the recent MJ Biz conference offset typical

seasonal weakness. For 2022, we reduce our forecast on some continued COVID

challenges in Neva da and more importantly a slower ramp in California on a lack of