Mr. Raj Grover reports

HIGH TIDE TO ACQUIRE NORTHERN HELM, ADDING FOUR ESTABLISHED RETAIL CANNABIS STORES IN ONTARIO

High Tide Inc. is taking yet another step to expand its bricks-and-mortar retail cannabis operations, by entering into a definitive agreement pursuant to which High Tide will acquire 100 per cent of the equity interest of J. Supply Holdings Inc., operating as Northern Helm, resulting in High Tide's acquisition of four of the six retail cannabis stores currently operated by Northern Helm in Ontario for $7.74-million. The stores are located at 2377 Highway 2 in Bowmanville, 225 Gore Rd. in Kingston, 1414 King St. E in Courtice, and 199 Wentworth St W in Oshawa. These acquisitions will bring High Tide's total store count to 228 Canna Cabana locations across Canada and 103 in the province of Ontario.

"This acquisition highlights exactly how we intend to continue creating shareholder value: acquiring strong cash-flowing assets at reasonable multiples, integrating them into our proven operating platform and compounding earnings over time. Surpassing 100 stores in Ontario will be a significant achievement, but we view it as another step toward our long-term objective of building a 350-plus store network that remains unmatched in scale, efficiency and customer loyalty," said Raj Grover, founder and chief executive officer of High Tide.

"At the same time, the success of our medical cannabis division demonstrates that High Tide is evolving into much more than a retail company. As our retail business continues to outperform and gain market share, our medical cannabis platform is rapidly emerging as a second engine of growth. With strong momentum across both segments, multiple avenues for expansion and a proven ability to execute, I believe we are exceptionally well positioned to continue widening our competitive moat, compounding shareholder value and delivering sustainable growth for years to come. I look forward to sharing our progress with the release of financial and operational results for the second fiscal quarter at the close of markets today," added Mr. Grover.

Transaction details

The transaction, which is an arm's-length transaction, is subject to, among other things, receipt of the required approvals from the TSX Venture Exchange, and the Alcohol and Gaming Commission of Ontario (AGCO), and the satisfaction of other customary conditions of closing, and is expected to close in the coming weeks. The consideration for the 100 per cent of equity interests acquired will be approximately $3.2-million in assumed debt with a 2-per-cent interest rate, with 40 per cent of the remaining amount paid in cash (approximately $1.83-million), and the remaining 60 per cent (approximately $2.75-million) paid in common shares of High Tide on closing on the basis of a deemed price per High Tide share equal to the 10-day volume-weighted average price of the High Tide shares on the TSX-V ending on the trading day that is three business days prior to the closing date, subject to a floor price equal to the discounted market price (as defined by the TSX-V) as of the day prior to this news release. The High Tide shares will be subject to a statutory and contractual hold period of four months and one day from the date of closing. The purchase price represents 4.5 times the annualized adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of the stores for the three months ended March 31, 2026.

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. Its wholly owned subsidiary, Canna Cabana, is the second-largest cannabis retail brand globally. High Tide (HITI) is uniquely built around the cannabis consumer, with wholly diversified and fully integrated operations across all components of cannabis, including:

• Retail: Canna Cabana is the largest cannabis retail chain in Canada, with 228 domestic and one international location. The company's Canadian bricks-and-mortar operations span British Columbia, Alberta, Saskatchewan, Manitoba and Ontario, holding a growing 12-per-cent share of the market. In 2021, Canna Cabana became the first cannabis discount club retailer in the world. The company also owns and operates multiple global e-commerce platforms offering accessories and hemp-derived CBD products. In 2025, the company became the first North American cannabis operator to launch a bricks-and-mortar presence in Germany.
• Medical cannabis distribution: Remexian Pharma GmbH is a leading German pharmaceutical company, with a 14-per-cent share of the German medical cannabis market, built for the purpose of importation and wholesale of medical cannabis products at affordable prices. Among all German medical cannabis procurers, Remexian has one of the most diverse reaches across the globe and is licensed to import from 19 countries including Canada.

High Tide consistently moves ahead of the currents, having been named one of Canada's Top Growing Companies by the Globe and Mail's Report on Business in 2025 for the fifth consecutive year and was recognized as a top 50 company by the TSX Venture Exchange in 2022, 2024 and 2025. High Tide was also ranked No. 1 in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023.

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