Mr. Vahan Ajamian reports
HIGH TIDE UNVEILS NEW AND IMPROVED WEBSITE
High Tide Inc. has launched a revamped website. The company's website was overhauled, primarily aimed at making its on-line presence more inviting for current and potential investors and to better reflect where the company is today. News, articles and videos regarding the company can now all be found on the new platform in a more intuitive user-friendly interface.
The company would also like to take the opportunity to clarify the following figures that were included on a live beta version of the website without the appropriate footnotes:
$148-million in revenue (1);
Gross margin of 38 per cent (2);
$5.3-million positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) (3);
67 total cannabis retail store count.
About High Tide Inc.
High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The company is the largest Canadian retailer of recreational cannabis as measured by revenue, with 67 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan. High Tide's retail segment features the Canna Cabana, KushBar, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis banners, with additional locations under development across the country. High Tide has been serving consumers for over a decade through its numerous consumption accessory businesses, including e-commerce platforms Grasscity and CBDcity, and its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. High Tide's strategy as a parent company is to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing shareholder value. Key industry investors in High Tide include Aphria Inc. and Aurora Cannabis Inc.
(1) Annualized pro forma incorporating the acquisition of Meta Growth Corp. Estimate is based on most recent interim financial statements of High Tide and Meta Growth.
(2) Based on the year-to-date reported interim financial statements of High Tide (prior to the acquisition of Meta Growth) -- first quarter 2020 to third quarter 2020.
(3) Based on the year-to-date reported interim financial statements of High Tide (prior to the acquisition of Meta Growth) -- first quarter 2020 to third quarter 2020. Earnings before interest, taxes, depreciation and amortization and adjusted EBITDA are measures that do not have a standardized meaning prescribed by international financial reporting standards and are, therefore, unlikely to be comparable with similar measures presented by other issuers. Non-IFRS measures provide investors with a supplemental measure of the company's operating performance and, therefore, highlight trends in company's core business that may not otherwise be apparent when relying solely on IFRS measures. Management uses non-IFRS measures in measuring the financial performance of the company.
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