High Tide Recaps Milestones of 2021

CANNANNEW REPORT

CALGARY, Alberta–(BUSINESS WIRE)–High Tide Inc. (“High Tide” or the “Company”) (TSXV: HITI) (Nasdaq: HITI) (FSE: 2LYA), a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, is pleased to reflect on its key milestones of 2021 and their strategic significance for the Company moving forward. From the acquisition of six new e-commerce platforms in the hemp-derived CBD and consumption accessories sectors, making High Tide a major global online player with over 2.92 million customers in its international database, to the launch of an innovative discount club model, the Cabana Club, which has led to a dramatic increase in membership that now stands at over 320,000 nationally, to the organic construction and opening of 48 new bricks-and-mortar cannabis retail stores in Canada, bringing the Company’s total to 105 stores across the country. High Tide’s 2021 Highlights: Total revenue for the nine months ended July 31, 2021 increased to CAD$127 million from CAD$58 million for the nine months ended July 31, 2020. Annualizing the revenue generated in the quarter ended July 31, 2021, and adding the disclosed annual contributions of Blessed CBD and NuLeaf Naturals, results in a current revenue run rate of approximately CAD$226 million. Adjusted EBITDA for the nine months ended July 31, 2021 increased to CAD$10.9 million from CAD$4.3 million for the nine months ended July 31, 2020. Improved the Company’s balance sheet through several transactions, reducing debt from CAD$72 million as of December 31, 2020, to CAD$31 million today, with only $1.6 million maturing over the next 12 months. Acquired six new e-commerce platforms outside of Canada in the hemp-derived CBD and consumption accessories sectors, leading to an increase in international revenue run rate from approximately CAD$11 million on January 1, 2021 to approximately CAD$80 million today. Grew international customer database to over 2.92 million…

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