Business Description

Overview We are a vertically integrated cultivator and provider of cannabis and cannabis-infused products in the States of Nevada and California, with retail cannabis operations in Illinois. In addition to these operational cannabis licenses, we hold a license and are developing operations in Florida. Our common stock is listed for trading on the Canadian Securities Exchange (“ CSE ”) under the symbol “PLTH” and quoted on the OTCQX in the United States under the symbol “PLNH.” Through our subsidiaries in Nevada, we hold six licenses for cultivation (three medical licenses and three adult-use licenses), six licenses for production (three medical licenses and three adult-use licenses), three dispensary licenses (one medical license and two adult-use licenses) and one distribution license (adult-use and medicinal). Additionally, in California, our subsidiaries hold one medium indoor cultivation license, one manufacturing license, two distribution licenses, one dispensary license, and one event organizer license. In Florida, our subsidiary holds one Medical Marijuana Treatment Center license that allows us to operate an unlimited number of medical dispensary locations (33 locations were in operation as of December 31, 2025), and operate multiple cultivation facilities ( one is currently operational and approved by state regulators) and operate multiple manufacturing facilities (one is currently operational as of December 31, 2025). In Illinois, our subsidiary holds one adult-use dispensing license. We currently own and manufacture cannabis products under the following brands: HaHa (gummies and beverages), Dreamland (chocolates), TRENDI (flower, vapes and concentrates), Medizin (flower, vapes, and concentrates), Leaf and Vine (flower and vapes) and have a customer-loyalty database of over 485,000 customers. The following table presents the inter-corporate relationships between us and our subsidiaries as of the date hereof. Subsidiaries of Company Ownership and control Description MM Development Company, Inc. 100% Nevada license holding company; vertically integrated cannabis operations BLC Management Company, LLC 100% Management/holding company LBC CBD, LLC 100% CBD retail sales and marketing Newtonian Principles, Inc. 100% California license holding company; cannabis retail sales Crossgate Capital U.S. Holdings Corp. 100% Holding company for Next Green Wave, LLC Next Green Wave, LLC 100% Subsidiary of Crossgate Capital U.S. Holdings Corp.; California license holding company; cannabis cultivation and processing Planet 13 Illinois, LLC 100% Illinois license holding company; cannabis retail sales BLC NV Food, LLC 100% Holding company for By The Slice, LLC By The Slice, LLC 100% Subsidiary of BLC NV Food, LLC; restaurant and retail operations Planet 13 Chicago, LLC 100% Holding company Planet 13 Real Prop, LLC 100% Holding company Planet 13 Lifestyles LLC 100% Retail sales of apparel and accessories VidaCann, LLC 100% Florida license holding company Planet 13 Innovations LLC 100% Intellectual property holding company Estate of Las Palmas LLC 100% Real estate holding company ORB13T LLC 100% Inactive Club One Three, LLC 100% Inactive Our registered head office is located at 2548 West Desert Inn Road, Suite 100, Las Vegas, Nevada 89109. 5 Table of Contents History of the Company We were incorporated under the Canada Business Corporations Act (“ CBCA ”) on April 26, 2002 under the name “High Income Preferred Shares Corporation.” On October 18, 2010, Wombat Investment Trust acquired control of us and on January 1, 2011, we changed our name to “Carpincho Capital Corp.” (“ Carpincho ”). MM Development Company, Inc. (“ MMDC ”), now one of our wholly owned subsidiaries, was formed on March 20, 2014 as a Nevada limited liability company under the name MM Development Company, LLC (“ MMDC LLC ”) with the mission to provide compassionate, dignified and affordable access to cannabis, cannabis concentrates and cannabis-infused products to approved customers in the State of Nevada. MMDC LLC underwent a statutory conversion to a Nevada corporation and became MMDC on March 14, 2018.…