Mr. Raj Grover reports

HIGH TIDE OPENS NEW CANNA CABANA LOCATION ON DAVIE STREET IN VANCOUVER, BRITISH COLUMBIA

High Tide Inc. is taking yet another step to expand its bricks-and-mortar retail cannabis operations, by acquiring certain assets of Canadian Cannabis Media Corp. related to its store located at 1208 Davie St. in Vancouver, B.C., for $1.33-million, paid via a combination of High Tide shares and cash, pursuant to a definitive agreement. This exceptional site includes assets of a completely outfitted store, allowing the company to open the store with minimal incremental costs.

The closing of the transaction brings High Tide to a total of eight Canna Cabana retail cannabis stores in British Columbia, which is the maximum number of stores allowed to operate by any one entity in the province.

The Davie Street location is in the vibrant neighbourhood of Davie Village in Vancouver. A few blocks from Sunset Beach Park, this store is located on a main thoroughfare for Davie Village and is nestled beside many small businesses and larger retailers, like a major national grocery chain. Stanley Park, a world-famous, 400-hectare natural West Coast rainforest, is a short drive from this prime retail storefront, in addition to being surrounded by major high-density residential towers. With over 200,000 residents within three kilometres and very little in the way of nearby competition, this Canna Cabana is well situated to welcome the company's loyal customers as well as the numerous tourists who visit this trendy locality.

"I am thrilled to announce the acquisition of this prime retail storefront in the dynamic community of Davie Village. Our team has been hard at work, completing all the necessary legal and regulatory work to bring this over the finish line, and I am excited about the grand opening of our newest Canna Cabana location in the heart of Vancouver. Residents of Davie Village may have seen our store branding on this location for a while, and I can promise that it will be worth the wait. Davie Street is the main roadway through the village, giving the Canna Cabana brand excellent visibility from residents and tourists alike. I'm very excited for the opportunity to serve new customers and tourists in this densely populated neighbourhood, and we are confident this location can quickly become our busiest in British Columbia," said Raj Grover, founder and chief executive officer of High Tide.

"This Canna Cabana store is an excellent example of our focus on site selection criteria, identifying the best possible opportunities in the best possible locations. This Davie Street store, with tremendous sales potential, is the perfect addition to our B.C. retail portfolio and brings us to the current provincial store cap of eight cannabis stores. We await British Columbia's decision with respect to a potential increase to the cap, which, if enacted, we hope will help to reduce the illicit market share of cannabis sales and allow us to welcome and serve even more cannabis enthusiasts and the canna-curious through our innovative discount club model," added Mr. Grover.

Transaction details

High Tide acquired the store for 658,754 common shares of High Tide valued at $1.16-million on the basis of a deemed price of $1.7603 per High Tide share and $167,003.26 cash, pursuant to the acquisition agreement. The issuance of the share consideration remains subject to final approval from the TSX Venture Exchange.

Pursuant to the applicable laws, the share consideration issued is subject to a four-month-and-one-day hold.

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 (HITI) is uniquely built around the cannabis consumer, with wholly diversified and fully integrated operations across all components of cannabis, including:

• Bricks and mortar retail: Canna Cabana is the largest non-franchised cannabis retail chain in Canada, with 157 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: High Tide continues to cultivate the possibilities of consumer cannabidiol through Nuleafnaturals.com, FABCBD.com, blessedcbd.de and blessedcbd.co.uk.

• Wholesale distribution: High Tide keeps that cannabis category stocked with wholesale solutions via 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 2021, 2022 and 2023 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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