Planet 13 Holdings Inc · CSE:PLTH
Planet 13 — Merger or Acquisition (August 2026)
27 slides from Planet 13's merger presentation, Aug 13, 2026
Slide 1: Investor Presentation August 2026
CSE: VREO OTCQX: VREOF Investor Presentation AUGUST 2026 A Cannabis Company With a Mission.
Slide 2: Cautionary Note Regarding Forward-Looking Information
CSE: VREO | OTCQX: VREOF 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This presentation includes information, statements, beliefs, and opinions which are forward-looking, and which reflect current estimates, expectations, and projections about future events, referred to herein and which
Slide 3: Vireo is an integrated operating platform serving cannabis and agriculture
Vireo is an integrated operating platform serving cannabis and complementary agriculture businesses Vireo combines local cannabis market leadership with a growing agribusiness platform to create scale, improve operating economics and compound shareholder value through disciplined capital allocation.
Slide 4: Two Growth Engines, One Integrated Platform
Two Growth Engines, One Integrated Platform. CSE: VREO | OTCQX: VREOF 4 Winning local cannabis markets while building agricultural capabilities that strengthen platform economics Organic Growth Operating Leverage Scalable Cash Flow Shareholder Value Cannabis Engine: Win Local Markets Agribusiness En
Slide 5: How We Got Here
How We Got Here How We Got Here Vireo has successfully implemented a growth strategy in 2025, combining M&A and organic expansion, positioning itself as a leading operator in the sector. CSE: VREO | OTCQX: VREOF 5 Announced JV with Glass House Brands to enhance distribution and supply chain scale in
Slide 6: A Target Rich Consolidation Opportunity
A Target Rich Consolidation Opportunity 6 The Consolidation Window is Now Vireo believes current market conditions create a consolidation opportunity Strong Assets are available because operators are Balance Sheet Constrained during a perfect moment of an Industry reset Multiple high-growth, interco
Slide 7: Acquiring High-Quality Assets at Attractive Valuations
Acquiring High-Quality Assets at Attractive Valuations • Financially constrained, operationally strong businesses • Proven local management teams support decentralized structure • Opportunities to strengthen our vertically integrated platform • Going deep, increasing market density and operating lev
Slide 8: Building an Integrated Platform
Building an Integrated Platform . CSE: VREO | OTCQX: VREOF 8 HA-MD dispensaries M3 Dispensary Nevada JV JV Cannabis Segment (announced to date) Non-Cannabis (agribusiness) Creating a broad, differentiated platform that is difficult to replicate
Slide 9: Infrastructure Creates a Competitive Advantage
CSE: VREO | OTCQX: VREOF Infrastructure Creates a Competitive Advantage National scale, executed locally with experienced operating teams Targeting $100M+ In Every Market we operate in 9 *Proforma metrics based on all announced acquisitions through August 11, 2026. Largest dispensary network in U.S.
Slide 10: Combined Platform Vision Starting To Take Shape
CSE: VREO | OTCQX: VREOF 10 Combined Platform Vision Starting To Take Shape . . . Vireo has the largest dispensary footprint in these markets NV CO NM FL 21 Stores ~2% 105* Stores ~14% 16* Stores ~15% National supply distribution to current traditional ag and cannabis cultivation customers Ag Inputs
Slide 11: Why C21? Leading Market Share in Nevada
Why C21? Leading Market Share in Nevada Value Creation Investment Case Study: C21 Announced acquisition of C21, a leading operator in Nevada, with its award-winning Silver State Relief* Investment Case Study: C21 Announced acquisition of C21, a leading operator in Nevada, with its award-winning Silv
Slide 12: Our Vision: the Flywheel Effect
CSE: VREO | OTCQX: VREOF 12 Our Vision: the Flywheel Effect Acquire Integrate Optimize Generate Cash Flow Reinvest A Simple Formula 10 Transactions closed since December 2024 7 Transactions announced and pending A robust pipeline across the platform Vireo is actively integrating, optimizing and leve
Slide 13: Cannabis Industry & Regulatory Catalysts
CSE: VREO | OTCQX: VREOF 13 Cannabis Industry & Regulatory Catalysts Industry consolidation creating opportunities to acquire quality assets at attractive valuations State market maturation driving higher revenues and operating leverage Improving pricing environment as weaker competitors are acquire
Slide 14: Positioned to Create Long-Term Shareholder Value
CSE: VREO | OTCQX: VREOF 14 Positioned to Create Long-Term Shareholder Value • Leading market consolidator – Proven acquisition and integration strategy • Market Structure – Fragmented industry/significant consolidation opportunity. • Infrastructure advantage – Cultivation, manufacturing, distributi
Slide 15: Leadership
CSE: VREO | OTCQX: VREOF 15 Leadership The executive team, led by John Mazarakis and complemented by Tyson Macdonald, is uniquely positioned to capitalized on their vast experiences in operational and institutional investing and lead Vireo Growth in becoming the top cannabis operator in the US. Foun
Slide 16: Q2 2026 Financials
Confidential Material | CSE: VREO | OTCQX: VREOF 16 Vireo Growth Q2 2026 FINANCIALS
Slide 17: Q2 2026 Highlights
CSE: VREO | OTCQX: VREOF • Q2 GAAP revenue of $209.3 million increased 335% yoy, driven by recently closed M&A transactions • Assuming the completion of all announced acquisitions, Vireo will become the largest U.S. cannabis operator by dispensary count with approximately 270 dispensaries, and among
Slide 18: Q2'26 Highlights and Subsequent Events
10 States 170+ Dispensary Locations ~1M sq ft Cultivation Expanding Ancillary Markets 4500 Employees 15 States 270+ Dispensary Locations 1M+ sq ft Cultivation Expanding Ancillary Markets 5000+ Employees Current as of June 30, 2026 Proforma* as of August 11, 2026 CSE: VREO | OTCQX: VREOF Q2’26 Highli
Slide 19: Revenue Growth – Path to Significant Scale
Q2 2026 REVENUE $209.3M ▲ 335% YoY Q2 2026 Proforma Revenue* $254.9M KEY TAKEAWAY Revenue growth reflects a combination of organic same-store sales momentum and change in revenue from the comparable operating platform. Proforma revenue highlights the earnings power of the expanded platform. *Proform
Slide 20: AEBITDA – Growing Profitability Across an Expanding Platform
Q2 2026 AEBITDA $41.5M ▲ 212% YoY AEBITDA Margin 19.8% KEY TAKEAWAY Continued integration, operating discipline and margin expansion drove Adjusted EBITDA to $41.5 million. $6.6 $6.6 $13.2 $25.4 $29.5 $32.7 $41.5 0 5 10 15 20 25 30 35 40 45 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 GAA
Slide 21: Per Share Growth – Building Shareholder Value
Balance Sheet Highlights • Strong liquidity supports disciplined acquisitions. • New ABL facility provides additional financial flexibility. • Capital allocation remains focused on accretive growth. • Balance sheet positioned to support continued expansion. KEY TAKEAWAY Revenue per share increased m
Slide 22: Q2'26 Balance Sheet & Liquidity
Cash & Cash Equivalents $122.7M Balance Sheet Highlights • Strong liquidity supports disciplined acquisitions. • New ABL facility provides additional financial flexibility. • Capital allocation remains focused on accretive growth. • Balance sheet positioned to support continued expansion. KEY TAKEAW
Slide 23: Asset-based Revolving Credit Facility
23 Total Facility Capacity $105M $20 M Accordion Capacity $65 M Initial Commitment $20 M Expandable Capacity Term SOFR plus 1.75%–2.00% • Secured through its subsidiary Prolific Supply, Vireo’s non-cannabis business segment • Led by Bank of Montreal • Scalable capital up to $105M • Industry leading
Slide 24: Capitalization Table
Capitalization Table SHARE PRICE $9.44 USD – OTC: VREOF BASIC SHARES OUTSTANDING 46.1M BASIC MARKET CAP $471.6M CSE: VREO | OTCQX: VREOF 24 Q2 2026 Net LT Debt & Convertible Debt $322.4M Finance Lease Liabilities $8.8M Income Tax Receivable $20.5M Indemnified Tax Assets $48.8M Uncertain Tax Liabilit
Slide 25: Building an integrated platform through disciplined acquisitions
25 Building an integrated platform through disciplined acquisitions that strengthen our cannabis operations, expand adjacent agricultural capabilities, and create long-term shareholder value.
Slide 26: VIFeO
yr VIFeO CSE: VREO OTCQX: VREOF
Slide 27: Legal Appendix: Additional Information and where to find it
Legal Appendix: Additional Information and where to find it On July 27, 2026, the Company and Planet 13 Holdings Inc., a Nevada corporation (“Planet 13”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), dated as of July 26, 2026, by and among Vireo, Planet 13 and Supernova Mer
Planet 13 Holdings — Merger or Acquisition (August 2026) on 6ix