Mr. Raj Grover reports

HIGH TIDE WELCOMES DOUBLING OF ONTARIO RETAIL CANNABIS STORE CAP

High Tide Inc. is cheering today's amendment of Ontario Regulation 468/18 under the Cannabis Licence Act, 2018, that increases the number of stores that licensed retail cannabis operators and their affiliates can operate from 75 to 150.

"We welcome Ontario's move today to make good on its previously stated intent to double the provincial store cap to 150. The increase comes as some operators who have a franchise model are already approaching, or have exceeded, 75 stores in the province. The move will have a positive impact on Ontario's cannabis retail market as it brings the province closer to Alberta, Saskatchewan and Manitoba, which don't have a store cap and have demonstrated success at illicit market capture," said Raj Grover, founder and chief executive officer of High Tide.

"This change not only levels the retail playing field in Ontario, but also creates a significant growth opportunity for High Tide and others that will help Ontario's legal cannabis industry better compete with an entrenched illicit market, creating new jobs for Ontarians and increasing tax revenue for the province. As of July, 2023, the 50 Canna Cabana stores we had open in Ontario had an average annual run rate that was 3.4 times our provincial peers'. Accordingly, an additional 100 locations will help meaningfully boost our revenues and power our growth trajectory over the next couple of years, further solidifying our leadership position as the largest non-franchised cannabis retailer in the country. With this change, our long-term growth target has now shifted upwards to 300 bricks-and-mortar stores in Canada," added Mr. Grover.

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:

• Bricks and mortar retail: Canna Cabana is the largest non-franchised cannabis retail chain in Canada, with 162 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, Smokecartel, Dailyhighclub and Dankstop.
• CBD (cannabidiol): High Tide continues to cultivate the possibilities of consumer CBD through Nuleafnaturals, FABCBD, 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 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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