Due to our focus on sales growth and marketing, Nature's Miracle continues to receive significant demand for our Efinity brand grow lights and remains firmly positioned to be a leading provider of energy efficient lighting and other products in the indoor grow market.

Nature's Miracle Holdings Inc. (NASDAQ: NMHI) ("Nature's Miracle" or the "Company"), a leader in vertical farming technology and infrastructure, today announced that it has signed a sales order agreement for $5.1 million of grow light products for use by the U.S. energy rebate market with What Rebates LLC ("What Rebates"), a utility rebate company specializing in product offerings for the agricultural sector. Supported by the Inflation Reduction Act (IRA) implemented by the U.S. Government, 78% of the U.S. is covered by an active commercial lighting rebate program. The business of Nature's Miracle and What Rebates remain direct beneficiaries given the support measures and government resources.

Due to our focus on sales growth and marketing, Nature's Miracle continues to receive significant demand for our Efinity brand grow lights and remains firmly positioned to be a leading provider of energy efficient lighting and other products in the indoor grow market. The order by What Rebates is expected to be delivered in late 2024 and will increase Nature's Miracle's 2024 gross revenue by $5.1 million.

The Inflation Reduction Act of 2022 by the U.S. Government was implemented to make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. Under this Act, FY2022 Budget Reconciliation bill will invest approximately $300 billion in Deficit Reduction and $369 billion in Energy Security and Climate Change programs over the next ten years. Based on this Act, 78% of the US is covered by an active commercial lighting rebate program. The rebates come from multiple sources such as utility companies, municipalities, states, and non-profit organizations and can help offset the initial cost of installing energy-saving LED lighting.

Management Comments

James Li, Chairman and Chief Executive Officer of Nature's Miracle, commented, "We are excited to continue our partnership with What Rebates offering a range of Nature's Miracle energy-saving products, including grow lights and dehumidifiers, to qualified commercial indoor growers in the U.S. Nature's Miracle is proud to help indoor growers lower their operating costs by reducing their energy bills, energy usage and carbon emission."

Shawn Brissette, Founder and CEO of What Rebates, commented, "The energy rebate market is becoming an important evolving industry over the next ten years. We are working with Nature's Miracle to deliver quality energy saving solutions and products to commercial growers in order to assist them in achieving cost reduction and energy independence. We are proud to assist our partners to be able to offer their clients incentives."

About Nature's Miracle Holdings Inc.

Nature's Miracle (www.Nature-Miracle.com) is a growing agriculture technology company providing equipment and services to growers in the Controlled Environment Agriculture ("CEA") industry which also includes vertical farming in North America. Nature's Miracle offers hardware to design, build and operate various indoor growing settings including greenhouse and indoor-growing spaces. Nature's Miracle, through its two wholly-owned subsidiaries (Visiontech Group, Inc. and Hydroman, Inc.), provides grow lights as well as other hydroponic products to hundreds of indoor growers in North America. Nature's Miracle has also developed a robust pipeline to build commercial-scale greenhouse in the U.S. and Canada to meet the growing needs of fresh and local vegetable products. Nature's Miracle has established its first manufacturing footprint in North America with its grow-light assembly plant in Manitoba, Canada and is expected to set up additional manufacturing/assembly facilities in North America.

About What Rebates LLC

What Rebates LLC (www.whatrebates.com) is a dynamic and innovative utility rebate company specializing in the agricultural sector. What Rebates is being led by highly experienced professionals in the indoor grow industry. The company is driven by a clear mission: to simplify the process of accessing financial incentives and rebates for farmers, agribusinesses, and agricultural equipment manufacturers as well as their distributor and consulting firms. The company has established partnerships with major utility companies across the United States and Canada. Its unique position as a trusted trading ally and contractor enables the company to expedite verification processes with these utilities, setting a new industry standard for efficiency.