Andrew Semple

Matt Bottomley

Frederico Yokota Gomes

Frederico Gomes

Michael Kim

Bill Kirk

Michael Regan

Neil Gomer

Scott Fortune

Brenna Cunnington

Doug Cooper

Neal Gilmer

Ty Collin

William Joseph Kirk

William Kirk

- High Tide Inc. is celebrating the **four-year anniversary** of its Cabana Club discount model and has raised its long-term targets to **3 million Cabana Club members** and **350 Canna Cabana locations** across Canada.  **[1847409_0001279569-25-001132_ex991.htm:1]** 
- The Cabana Club membership has grown by **800%** since its launch in October 2021, reaching **2.2 million members** today, making it the largest cannabis loyalty program globally.  **[1847409_0001279569-25-001132_ex991.htm:1]** 
- Canna Cabana currently operates **210 locations** and holds a **12% market share** in the five provinces where it has a presence for the quarter ended July 2025.  **[1847409_0001279569-25-001132_ex991.htm:1]** 
- Canna Cabana is recognized as Canada's **most recognizable cannabis retailer**, with **29% national consumer awareness** in Q3 2025, and **49% of daily cannabis users** shopping most often at Canna Cabana.  **[1847409_0001279569-25-001132_ex991.htm:2]**

High Tide Raises Long-Term Targets and Celebrates Cabana Club Anniversary

- High Tide Inc. has **raised its long-term targets** to **3 million Cabana Club members** and **350 Canna Cabana locations** across Canada.  **[1847409_20251021CA02877:0]** 
- Canna Cabana has been named Canada's **most recognizable cannabis retailer**, with **29% national consumer awareness** in Q3 2025.  **[1847409_20251021CA02877:0]** **[1847409_20251021CA02877:1]** 
- The Cabana Club membership has grown **800% to 2.2 million members** since its launch in October 2021, with member purchases representing over **90% of in-store sales**.  **[1847409_20251021CA02877:0]** 
- Canna Cabana achieved a **12% market share** in the five provinces where it operates for the quarter ended July 2025.  **[1847409_20251021CA02877:0]** 
- The Canadian adult-use cannabis industry reached **$5.5 billion in retail sales** for the 12 months ending July 2025.  **[1847409_20251021CA02877:0]**

High Tide Raises Long-Term Targets and Reports Strong Growth in Canna Cabana Memberships and Market Share

- High Tide Inc. has been recognized for the **fifth consecutive year** on the **2025 Report on Business ranking of Canada's Top Growing Companies**.  **[1847409_0001279569-25-001055_ex991.htm:0]** **[1847409_0001279569-25-001055_ex991.htm:1]** 
- For 2025, the company placed **No. 182 out of 400 companies** with a **three-year revenue growth rate of 188%**, following a **2024 ranking of 87th** with a **486% three-year growth rate**.  **[1847409_0001279569-25-001055_ex991.htm:0]** 
- The company recently completed a **majority acquisition of Remexian**, marking its entry into Europe's largest cannabis market, which is expected to enhance its revenue profile and broaden its international footprint.  **[1847409_0001279569-25-001055_ex991.htm:0]** **[1847409_0001279569-25-001055_ex991.htm:1]**

High Tide recognized as a Top Growing Company for fifth consecutive year and expands into European market

- High Tide Inc. was ranked **No. 182** on the **2025 Report on Business ranking of Canada's Top Growing Companies**, marking its **fifth consecutive year** on the list.  **[1847409_20250926CA84050:0]** 
- The company achieved a **three-year revenue growth rate of 188%** for the 2025 ranking, following a **486% growth rate** and a **No. 87 ranking in 2024**.  **[1847409_20250926CA84050:0]** 
- The recent **majority acquisition of Remexian** is expected to enhance revenue, broaden international footprint, and create new growth opportunities by entering Europe's largest cannabis market.  **[1847409_20250926CA84050:0]** **[1847409_20250926CA84050:1]** 
- High Tide's wholly-owned subsidiary, Canna Cabana, operates as the **largest cannabis retail chain in Canada** with **210 locations** and holds a **12% market share**.  **[1847409_20250926CA84050:0]**

High Tide Inc. Ranks on Canada's Top Growing Companies List for Fifth Consecutive Year

- High Tide Inc. announced the opening of **three new Canna Cabana branded locations** in North York, Etobicoke (Ontario), and Fort McMurray (Alberta), with openings scheduled between **September 26 and September 29, 2025**.  **[1847409_20250924CA81836:0]** 
- These new openings will bring High Tide's total Canna Cabana store count to **210 locations** across Canada, including **89 in Alberta** and **88 in Ontario**.  **[1847409_20250924CA81836:0]** 
- The company plans to accelerate store openings, targeting **two to three new locations per month**, which will be **self-funded** from profits.  **[1847409_20250924CA81836:0]** 
- Canna Cabana is recognized as the **second-largest cannabis retail brand globally** and the **largest cannabis retail chain in Canada**, holding a **12% market share**.  **[1847409_20250924CA81836:0]** **[1847409_20250924CA81836:1]**

High Tide to Open Three New Canna Cabana Locations

- **High Tide Inc.** completed the acquisition of a **51% equity stake** in Remexian Pharma GmbH on **September 1, 2025**.  **[1847409_0001279569-25-001024_ex991.htm:0]** 
- The estimated purchase price for the 51% interest was **€26.4 million**, which represents **3.64065 times** Remexian's Annualized Adjusted EBITDA for the six months ended March 31, 2025.  **[1847409_0001279569-25-001024_ex991.htm:0]** 
- The consideration for the acquisition included **€11.1 million** in High Tide common shares, **€7.65 million** in cash, and **€7.65 million** via loans from the sellers.  **[1847409_0001279569-25-001024_ex991.htm:0]** 
- High Tide has a **five-year call option** to acquire the remaining interest in Remexian after 24 months, with a minimum price of **€15 million** and at least **40% cash payment** if exercised.  **[1847409_0001279569-25-001024_ex991.htm:0]**

High Tide Inc. Completes Acquisition of 51% Stake in Remexian Pharma GmbH

- High Tide reported **record Q3 revenue of $149.7 million** and **adjusted EBITDA of $10.6 million** for the quarter ended July 31, 2025, alongside **$7.7 million in free cash flow**.  **[1847409_2146192_5]** 
- The company expanded into the German medical cannabis market by acquiring **51% of Ramexian Pharma** for **€26.4 million** on September 2, 2025, with Ramexian generating annualized revenue of **€70 million** and **€15 million** in adjusted EBITDA for the six months ended March.  **[1847409_2146192_0]** **[1847409_2146192_4]** 
- High Tide's Canna Cabana operates as the **largest retail cannabis brand in Canada** with over **207 stores**, demonstrating **137% same-store sales growth** since October 2021 and holding a **12% market share**.  **[1847409_2146192_0]** **[1847409_2146192_3]** 
- Its ELITE loyalty program has grown to **115,000 paying members**, contributing to strong customer loyalty and increased sales.  **[1847409_2146192_0]** **[1847409_2146192_7]**

High Tide Reports Record Q3 Results and German Market Entry

- High Tide reported its strongest quarter in company history for Q3 2025, with **record revenue of $149.7 million** (up **14% year over year**) and **record adjusted EBITDA of $10.6 million** (up **11% year over year**).  **[1847409_2145693_1]** **[1847409_2145693_5]**  The company also achieved positive **net income of $832,000** and generated **$7.7 million in free cash flow**.  **[1847409_2145693_1]** **[1847409_2145693_6]** 
- The company completed the acquisition of a **51% stake in Remexian**, a German medical cannabis distributor, marking its entry into the German market.  **[1847409_2145693_1]** **[1847409_2145693_3]**  Remexian contributed annualized revenue of **€70 million** and adjusted EBITDA of **€15 million** for the six months ended March 2025, establishing High Tide with a **16% market share** in Germany.  **[1847409_2145693_2]** 
- High Tide's core bricks-and-mortar segment continued its strong performance, with **same-store sales growth accelerating to 7.4%** year over year and bricks-and-mortar adjusted EBITDA reaching a record **$12.7 million**, an increase of **42% year over year**.  **[1847409_2145693_1]**  The company operates **207 Canna Cabana locations** in Canada and plans to add **20 to 30 new locations** in calendar 2024.  **[1847409_2145693_1]** **[1847409_2145693_5]** 
- The company's consolidated debt is **$69 million**, which is **1.5 times its attributable adjusted EBITDA**, and it secured a **$30 million junior subordinated loan** in July 2025.  **[1847409_2145693_3]** **[1847409_2145693_4]** **[1847409_2145693_6]**

High Tide Reports Record Q3 2025 Financial Results and Completes German Market Entry

- High Tide Inc. reported **record revenue of $149.7 million** and **record Adjusted EBITDA of $10.6 million** for the third fiscal quarter ended July 31, 2025.  **[1847409_0001279569-25-000989_ex991.htm:1]** 
- The company achieved **positive free cash flow of $7.7 million**, representing a **148% increase year over year**, and **positive net income of $832 thousand** in Q3 2025.  **[1847409_0001279569-25-000989_ex991.htm:0]** **[1847409_0001279569-25-000989_ex991.htm:1]** 
- **Same-store sales grew by 7.4% year over year**, marking the fastest growth rate in two years, and Canna Cabana's market share reached **12%** across five Canadian provinces.  **[1847409_0001279569-25-000989_ex991.htm:0]** **[1847409_0001279569-25-000989_ex991.htm:1]** 
- High Tide expanded its global footprint by acquiring a **51% interest in Remexian Pharma GmbH**, entering the German medical cannabis market.  **[1847409_0001279569-25-000989_ex991.htm:0]** **[1847409_0001279569-25-000989_ex991.htm:2]**

High Tide Reports Strong Q3 2025 Financial Results

- High Tide Inc. reported **revenue of $149,690 thousand** for the three months ended July 31, 2025, representing a **14% increase** year-over-year.  **[1847409_0001847409-25-000005_hiti-exhibit992mda.htm:3]** 
- For Q3 2025, the company generated **$7,682 thousand in free cash flow**, a **148% increase** compared to the prior year, and **Adjusted EBITDA of $10,643 thousand**, up **11%**.  **[1847409_0001847409-25-000005_hiti-exhibit992mda.htm:3]** 
- The company's wholly-owned subsidiary, Canna Cabana, is Canada's largest cannabis retail brand with **207 operating locations** and is on track to open **20-30 new locations** in calendar year 2025.  **[1847409_0001847409-25-000005_hiti-exhibit992mda.htm:2]** 
- The Cabana Club loyalty program has surpassed **2.15 million members in Canada** and **6.15 million globally**.  **[1847409_0001847409-25-000005_hiti-exhibit992mda.htm:2]** 
- Subsequent to the quarter, on September 1, 2025, High Tide acquired **51% of Remexian Pharma GmbH** for an estimated **$42.4 million**, paid through common shares, cash, and seller loans.  **[1847409_0001847409-25-000005_hiti-ex991condensedinterim.htm:23]**

High Tide (HITI)