Like a Starbucks, but for cannabis and smoking accessories.

Imagine a chain of specialized liquor stores, but instead of alcohol, they sell cannabis.

• Cannabis Products: High Tide retails and wholesales a variety of cannabis products in licensed stores and potentially through its e-commerce platforms.
• Smoking Accessories & Cannabis Lifestyle Products: The company designs, manufactures, and distributes various smoking accessories and other products related to the cannabis lifestyle.
• Cannabis Retail Store Operations & Franchising: High Tide operates its own network of licensed retail cannabis stores and also offers franchising opportunities for its retail model.
• Data Analytics Services: The company provides data analytics services, likely related to the cannabis industry or consumer trends.
• E-commerce Platforms: High Tide operates online platforms like Grasscity.com and CBDcity.com for the sale of smoking accessories and CBD products.

High Tide Inc. primarily serves individual consumers across its retail locations and online platforms. Its major customer categories include:

1. Recreational Cannabis Consumers: Individuals who purchase various cannabis products, such as flower, edibles, vapes, and concentrates, for adult-use purposes from High Tide's numerous physical retail stores across Canada.
2. Cannabis Accessory & Lifestyle Product Buyers: Consumers who purchase smoking accessories (e.g., bongs, pipes, vaporizers, grinders) and other cannabis-related lifestyle products. These sales occur through High Tide's retail locations and its dedicated e-commerce platform, Grasscity.com.
3. CBD Product Consumers: Individuals specifically seeking and purchasing CBD-infused products. These customers are served through High Tide's retail stores and its specialized online platform, CBDcity.com.

Raj Grover, Founder, President & Chief Executive Officer

Raj Grover is the Founder, President, and Chief Executive Officer of High Tide. He has established himself as a prominent business strategist and dealmaker in Canada. Mr. Grover founded High Tide and its subsidiary companies Valiant Distribution and Canna Cabana, and also co-founded Famous Brandz. Before founding High Tide, he started his first company at the age of 22 and successfully established and sold several small businesses in Ontario. He then founded Smoker's Corner in 2009, which was the precursor to High Tide. Under his leadership, High Tide has grown significantly through organic growth and strategic acquisitions, becoming Canada's largest cannabis retailer. High Tide went public on the Canadian Securities Exchange in December 2018.

Mayank Mahajan, Chief Financial Officer

Mayank Mahajan joined High Tide as Chief Financial Officer in May 2024. He brings over 15 years of expertise from diverse sectors including financial services, technology, manufacturing, trading, and leasing. Prior to High Tide, Mr. Mahajan held positions at Everyday People Financial Corp, Metamaterial Inc., Jubilant Bhartiya Group (Canada, India and USA), Genpact, and S.P. Nagrath & Co. He is a Chartered Professional Accountant in Canada, a Certified Public Accountant in the United States, and a Chartered Accountant in India. His experience includes overseeing mergers and acquisitions, business integration, debt and equity raises, and leading corporate governance initiatives.

Aman Sood, Chief Operating Officer

Aman Sood serves as the Chief Operating Officer of High Tide. He is a seasoned leader with over two decades of experience in retail sector project management, operations, technology, and cost optimization. Mr. Sood was instrumental in leading the building and management of 25 New Leaf Cannabis retail locations. Following High Tide's acquisition of META Growth in 2020, he oversaw the operations of all High Tide stores and led a strategic shift to transform the company's information and technology systems. He previously served as Senior Director, IT & Retail Operations after the META Growth acquisition and led business development for both New Leaf Cannabis and Meta Growth.

Omar Yar Khan, Chief Communications and Public Affairs Officer

Omar Yar Khan is High Tide's Chief Communications and Public Affairs Officer, a role he was promoted to in January 2023. He initially joined High Tide in January 2021 as Senior Vice President of Corporate and Public Affairs. A seasoned cannabis industry professional, Mr. Khan previously served as the National Cannabis Sector Lead for a leading global communications firm (Hill+Knowlton Strategies). He possesses over 20 years of experience as a political and communications strategist in Canadian federal and provincial politics, including serving as Chief of Staff in various Ontario Ministries. He has actively worked with licensed cannabis producers and retailers to influence public policy changes and build corporate profiles.

Key Risks to High Tide (HITI)

1. Regulatory and Legal Risks: High Tide operates in the highly regulated cannabis industry across Canada, Europe, and the United States, making it susceptible to significant regulatory and legal changes. Alterations in the regulative landscape, particularly in emerging markets like Germany and other European countries, as well as evolving regulations concerning cannabis, hemp, and derivative products in North America, could profoundly impact the company's operations, expansion strategies, and overall business viability.
2. Underperformance of European Wholesale (Remexian) and E-commerce Segments: High Tide's "side businesses," specifically its European medical cannabis distribution through Remexian and its international e-commerce platforms, represent notable risks. Remexian has experienced "transitory weakness" and "much slower" financial performance than anticipated, while the international e-commerce launch has "trailed expectations," leading to segment losses and weighing on the company's overall earnings.
3. Macroeconomic Factors and Cannabis Sector Volatility: The company is exposed to broader macroeconomic risks such as high inflation, which can lead to margin compression, increased labor costs, and higher financing expenses. Additionally, the inherent weakness and volatility within the overall cannabis sector, coupled with potential economic downturns and fluctuations in consumer confidence, could adversely affect discretionary spending on cannabis products and accessories, impacting High Tide's revenue and profitability.

Addressable Markets for High Tide (HITI)

• Canada Cannabis Market: The Canadian adult-use cannabis sales reached C$5.5 billion in the fiscal year ending March 31, 2025. The Canada legal cannabis market size was valued at USD 3.25 billion in 2024 and is projected to grow at a CAGR of 12.0% from 2025 to 2030.
• U.S. Cannabis Market: The U.S. cannabis market size was estimated at USD 38.50 billion in 2024 and is expected to reach USD 44.30 billion in 2025. It is projected to reach USD 428.22 billion by 2032.
• Europe Medical Cannabis Market: The European medical cannabis market was valued at USD 6.06 billion in 2024 and is projected to reach USD 36.2 billion by 2033, growing at a CAGR of 21.97% from 2024 to 2033. In 2025, the Europe medical cannabis market size was valued at USD 3,060.0 million and is projected to reach USD 13,161.29 million by 2034.
• Global Smoking Accessories Market: The global smoking accessories market size was valued at USD 73.8 billion in 2025 and is estimated to reach USD 102.3 billion by 2034. Another estimate places the market size at USD 75.24 billion in 2024, projected to grow to USD 107.09 billion by 2033.
• Global Cannabidiol (CBD) Market: The global cannabidiol (CBD) market size was USD 16.52 billion in 2025 and is projected to grow from USD 24.61 billion in 2026 to USD 382.04 billion by 2034. Other reports indicate the market was valued at $14.6 billion in 2025, projected to grow to $203.4 billion by 2034.
• Global Cannabis Technology Market (including Data Analytics): The global cannabis technology market size was valued at USD 3.87 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 25.3% from 2023 to 2030.

Here are 3-5 expected drivers of future revenue growth for High Tide (symbol: HITI) over the next 2-3 years:

1. Continued Canadian Retail Expansion: High Tide is pursuing an aggressive strategy of expanding its retail footprint across Canada. The company aims to open an additional 20-30 new Canna Cabana locations annually, with a long-term goal of surpassing 350 stores nationwide. This expansion is primarily driven by organic growth, complemented by evaluations of strategic merger and acquisition opportunities.
2. International Market Penetration, particularly in Germany: High Tide has established a significant presence in the German medical cannabis market through its majority stake acquisition of Remexian Pharma GmbH, a major importer and distributor of medical cannabis. The company anticipates increased revenue contributions from its German operations and is actively exploring further international expansion into other large markets, including the United States and the United Kingdom, to diversify its revenue streams.
3. Growth of the Cabana Club Loyalty Program and ELITE Membership: The company's innovative discount club model, centered around the Cabana Club loyalty program and its paid ELITE membership tier, is a key driver of customer retention and market share growth. With rapidly increasing membership numbers, this model continues to drive high-volume sales and fosters customer loyalty, which is expected to translate into sustained revenue growth through repeat business and increased customer lifetime value.
4. Expansion of Proprietary and White Label Product Portfolio: High Tide is focused on developing and expanding its portfolio of higher-margin proprietary and white label cannabis products. While currently representing a small percentage of total cannabis sales, the company anticipates significant long-term growth in this segment, which will contribute to enhanced gross profit margins and overall revenue.
5. Strategic Initiatives in the U.S. CBD and Potential Cannabis Markets: High Tide is strategically exploring opportunities within the evolving U.S. market. This includes leveraging its existing U.S. CBD brands, NuLeaf Naturals and FAB CBD, to capitalize on anticipated federal initiatives such as a potential Medicare pilot program for CBD products. The company also has plans to enter U.S. cannabis markets, possibly utilizing its current distribution networks, in anticipation of future regulatory changes.

Share Repurchases

No significant share repurchases or authorized future share repurchase programs with specified dollar amounts were identified for High Tide (HITI) within the last 3-5 years.

Share Issuance

• In July 2022, High Tide completed a "$10 Million Bought Deal Equity Financing", including the full exercise of an over-allotment option.
• As part of the acquisition of a majority stake in Remexian Pharma GmbH in September 2025, High Tide issued 5,864,373 shares valued at approximately €11.1 million.
• In February 2021, High Tide announced a "bought deal" offering for gross proceeds of approximately $15 million, with an additional $2.25 million from an over-allotment option, intended for new retail store openings, strategic acquisitions, and general corporate purposes.

Inbound Investments

No large strategic investments by third-parties (e.g., private equity firms or strategic partners) into High Tide were identified within the last 3-5 years.

Outbound Investments

• In September 2025, High Tide acquired a 51% interest in Remexian Pharma GmbH, a German medical cannabis importer and wholesaler, for an estimated purchase price of €26.4 million (approximately CAD$42.4 million). High Tide also holds a five-year option to acquire the remaining 49% of Remexian.
• In June 2022, High Tide completed the acquisition of Bud Heaven, adding two retail cannabis stores in Ontario, for CAD$2.8 million. The consideration included 564,092 common shares of High Tide and a CAD$1 million cash payment.
• In July 2021, High Tide acquired Daily High Club, a U.S. online marijuana accessories retailer, for US$10 million. This was paid with US$6.75 million in High Tide shares and US$3.25 million in cash.
• In July 2021, High Tide acquired DankStop, another online marijuana accessories retailer, for $3.85 million in High Tide shares. Earlier in 2021, High Tide also acquired FabCBD for $20.6 million and Smoke Cartel for $8 million.

Capital Expenditures

• High Tide generated $12.0 million in free cash flow in fiscal 2025, demonstrating an ability to fund growth internally while expanding its store footprint and entering the German medical cannabis market.
• Capital expenditures in the 12 months leading up to May 2021 were -$7.20 million. More recently, capital expenditures in a recent quarter (prior to March 2026) totaled -2.9040 million CAD.
• The primary focus of capital expenditures includes organic store expansion in Canada, with 27 new Canna Cabana locations opened in calendar year 2025, reaching the higher end of its target of 20-30 new stores. The company has a long-term goal to exceed 300 locations across Canada. Capital expenditures also support strategic entry into new markets, such as Germany, with the Purecan acquisition requiring minimal capital expenditure.