Planet 13 Holdings Inc. Announces Upsize to Bought Deal Public Offering

Planet 13 Holdings Inc. (CSE: PLTH) (OTCQB: PLNHF) announces that it has amended the terms of its previously announced offering of units of the Company. Under the amended terms of the Offering (as defined below), a syndicate of underwriters co-led by Beacon Securities Limited and Canaccord Genuity Corp. have agreed to purchase, on a bought deal basis, 5,410,000 units in the capital of the Company at a price of $3.70 per Unit (the “Offering Price”) for aggregate gross proceeds to the Company of $20,017,000.

Planet 13 is a vertically integrated cannabis company based in Nevada, with award-winning cultivation, production and dispensary operations in Las Vegas – the entertainment capital of the world. 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 Securities Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.

Each Unit shall consist of one common share in the capital of the Company and one-half (1/2) of one common share purchase warrant of the Company. Each whole Warrant shall entitle the holder thereof to acquire one Common Share at an exercise price per Common Share of $5.00 for a period of 24 months from the Closing Date.

The closing of the Offering is expected to occur on or about September 10, 2020 and is subject to the completion of formal documentation and receipt of all regulatory approvals, including the approval of the Canadian Securities Exchange. The net proceeds from the Offering will be used for working capital and general corporate purposes.

The Company has granted the Underwriters an option, exercisable, in whole or in part, by Beacon, on behalf of the Underwriters, giving notice to the Company at any time and from time to time up to 30 days following the Closing Date, to purchase, or to find substituted purchasers for, up to an additional number of Units equal to 15% of the number of Units sold pursuant to the Offering at the Offering Price to cover over-allotments, if any, and for market stabilization purposes.

The Units to be issued under the Offering will be offered by way of a short form prospectus to be filed in all of the Provinces of Canada and by private placement to eligible purchasers resident in jurisdictions other than Canada that are mutually agreed by the Company and Beacon, provided that no prospectus filing or comparable obligation arises and the Company does not therefore become subject to continuous disclosure obligations in such jurisdiction.