Mr. Raj Grover reports

HIGH TIDE ANNOUNCES AT-THE-MARKET PROGRAM OF UP TO CAD$30,000,000 FOR STRATEGIC INITIATIVES TO REPLACE PREVIOUS AT-THE-MARKET PROGRAM

In order to replace its previous at-the-market equity offering program that ended on May 22, 2023, High Tide Inc. has established an at-the-market (ATM) equity offering program that allows the company to issue up to $30-million (or the equivalent in United States dollars) of common shares from treasury to the public from time to time, at the company's discretion and subject to regulatory requirements. Any common shares sold through the ATM program will be sold at prevailing market prices when issued (i) in ordinary brokers' transactions on the Nasdaq Capital Market or another U.S. marketplace on which the common shares are listed, quoted or otherwise traded, or (ii) in ordinary brokers' transactions on the TSX Venture Exchange, or another Canadian marketplace on which the common shares are listed, quoted or otherwise traded. Since the common shares will be distributed at the prevailing market prices at the time of their sale or as otherwise permitted by law, prices may vary among purchasers and during the period of distribution.

The company will determine, at its sole discretion, the date, minimum price and maximum number of common shares to be sold under the ATM program. The common shares will be distributed at the prevailing market prices at the time of each sale, at prices relating to such prevailing market prices, and/or in any other manner permitted by applicable law. As such, the prices may vary between purchasers over time. The company is not required to sell any common shares at any time during the term of the ATM program.

The company intends to use the net proceeds of the offering, if any, and at the discretion of the company, to finance two specific strategic initiatives it is currently developing, to support the growth and development of the company's existing operations, to finance future acquisitions, as well as for working capital and general corporate purposes. The company will pay the agents (as defined below) a cash fee of up to 2 per cent of the gross proceeds for common shares sold under the ATM agreement and will reimburse certain expenses incurred by the agents.

"I am pleased to announce the replacement of our previous at-the-market equity offering program. Even though the broader cannabis capital markets have been challenging, we have remained very disciplined in raising equity capital. For instance, I note that we only raised approximately $10-million from our $40-million previous at-the-market program over the 25-month period before it expired. The ATM program in place can act as a low-cost source of capital, should the need arise," said Raj Grover, president and chief executive officer of High Tide.

"Being a Nasdaq-listed company, and a leader in Canadian cannabis, there are plenty of growth opportunities regularly coming our way. That said, we will continue to be highly selective and disciplined regarding what we choose to pursue. As previously communicated to the market, our focus remains on generating positive free cash flow, and becoming less reliant on macro factors and industry sentiment," added Mr. Grover.

Sales of common shares through the ATM program will be made pursuant to the terms of an equity distribution agreement dated Aug. 31, 2023, entered into and among the company, ATB Capital Markets Inc. and ATB Capital Markets USA Inc. The ATM program will be effective until the earlier of: (i) the date that all common shares available for issue under the ATM program have been sold; (ii) the date the Canadian prospectus supplement (as defined below) or the Canadian shelf prospectus (as defined below) is withdrawn; or (iii) the date that the ATM program is terminated by the company or the agents.

Common shares issued pursuant to the ATM program will be issued pursuant to a prospectus supplement dated Aug. 31, 2023, to the company's final base shelf prospectus dated Aug. 3, 2023, filed with the securities commissions or similar regulatory authorities in each of the provinces and territories of Canada, and pursuant to a prospectus supplement dated Aug. 31, 2023, to the company's U.S. base prospectus dated Aug. 3, 2023, included in its registration statement on Form F-10 and filed with the U.S. Securities and Exchange Commission (SEC). The Canadian prospectus supplement and the Canadian shelf prospectus will be available for download from SEDAR+, and the U.S. prospectus supplement, the U.S. base prospectus and the registration statement will be accessible via EDGAR on the SEC's website. Alternatively, upon request, any of the agents participating in the ATM program will arrange to send you the documents. To make a request, please contact, in Canada or in the United States:

• ATB Capital Markets, 66 Wellington St. W., Suite 3530, Toronto, Ont., M5K 1A1, or by telephone at 647-776-8230, or by e-mail at prospectus@atb.com.

The offering remains subject to conditional and final approval from the TSX-V, and the Nasdaq has been notified of the offering.

About High Tide Inc.

High Tide is the leading community-grown, retail-forward cannabis enterprise engineered to unleash the full value of the world's most powerful plant. High Tide is uniquely built around the cannabis consumer, with wholly diversified and fully integrated operations across all components of cannabis, including:

• Brick-and-mortar retail: Canna Cabana is the largest non-franchised cannabis retail chain in Canada, with 155 current locations spanning British Columbia, Alberta, Saskatchewan, Manitoba and Ontario, and growing. In 2021, Canna Cabana became the first cannabis discount club retailer in Canada.
• Retail innovation: Fastendr is a unique and fully automated technology that integrates retail kiosks and smart lockers to facilitate a better buying experience through browsing, ordering and pickup.
• E-commerce platforms: High Tide operates a suite of leading accessory sites across the world, including Grasscity.com, Smokecartel.com, Dailyhighclub.com and Dankstop.com.
• CBD (cannabidiol): High Tide continues to cultivate the possibilities of consumer CBD through Nuleafnaturals.com, FABCBD.com, blessedcbd.de and blessedcbd.co.uk.
• Wholesale distribution: High Tide keeps that cannabis category stocked with wholesale solutions through Valiant.
• Licensing: High Tide continues to push cannabis culture forward through fresh partnerships and licence agreements under the Famous Brand name.

High Tide consistently moves ahead of the currents, having been named one of Canada's Top Growing Companies in both 2021 and 2022 by The Globe and Mail's Report on Business Magazine, and was ranked No. 1 in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023.

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