High Tide Announces the Elimination of All META Convertible Debentures

CANNANNEW REPORT

CALGARY, Alberta–(BUSINESS WIRE)–High Tide Inc. (“High Tide” or the “Company”) (TSXV:HITI) (Nasdaq:HITI) (FSE:2LYA), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, announced today that all outstanding convertible debentures originally issued by Meta Growth Corp. (“META Convertible Debentures”) have now been converted into common shares of High Tide – more than one year prior to their maturity date. The META Convertible Debentures were previously traded on the TSX Venture Exchange (TSXV: HITI.DB). The Company’s total debt balance immediately after closing the acquisition of META was approximately $71 million, including $21.15 million of META Convertible Debentures. The META Convertible Debentures have now been extinguished in their entirety, and the Company’s current total debt balance has been reduced to $28.4 million. Of this amount, $10.8 million is non-interest bearing. Total debt maturities during the next 12 months from today are $1.6 million. Of the company’s remaining debt profile, $13.4MM is convertible at an average conversion price of $6.31 per common share, while $15.0 million is not convertible. “Since the close of the META acquisition in November 2020 we have been aggressively driving our business forward, growing the top line, building new stores and making accretive acquisitions, with a focus on the U.S. e-commerce market,” said Raj Grover, President and Chief Executive Officer of High Tide. “Simultaneously we have been deleveraging our balance sheet, shedding the majority of our debt while also increasing our cash reserves. This has been driven in part by the strong performance of our shares which has resulted in investors converting debt into equity,” added Mr. Grover. About High Tide Inc. High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The Company is the most profitable Canadian retailer of recreational cannabis as measured by Adjusted EBITDA[1], with 91…

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