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Here are 1-3 brief analogies to describe High Tide (HITI):

• The Costco of cannabis retail.
• An Amazon for cannabis and consumption accessories.
• The Best Buy for cannabis and related consumption products.

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• Retail Cannabis Sales: Provides direct sales of recreational cannabis products through its network of physical Canna Cabana retail stores across Canada.
• E-commerce Sales of Cannabis and Accessories: Offers online sales of cannabis products, consumption accessories, and related merchandise via its various e-commerce platforms like Grasscity.com and SmokeCartel.com.
• Wholesale and Manufacturing of Consumption Accessories: Engages in the design, manufacturing, and distribution of cannabis consumption accessories to other retailers globally.

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High Tide Inc. (HITI) primarily sells to individual consumers through its extensive network of retail cannabis stores (e.g., Canna Cabana) and its online retail platforms (e.g., Grasscity, Smoke Cartel).

The company serves the following categories of individual customers:

• Adult-Use Recreational Cannabis Consumers: Individuals who purchase cannabis products such as flower, pre-rolls, edibles, vapes, and concentrates for recreational purposes. These customers are primarily served through High Tide's brick-and-mortar Canna Cabana stores across Canada.
• Cannabis Accessory and Paraphernalia Enthusiasts: Individuals seeking a wide range of smoking accessories, vaporizers, grinders, and other cannabis-related paraphernalia. These customers are served through High Tide's online headshop platforms like Grasscity.com and SmokeCartel.com, as well as in their retail stores.
• CBD and Wellness Product Consumers: Individuals interested in purchasing CBD (cannabidiol) products for various wellness applications, including oils, edibles, topicals, and more. These customers are served through both the retail stores and online platforms, including High Tide's owned brand FABCBD.

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Raj Grover, Founder, President & Chief Executive Officer

Raj Grover is the Founder, President, and Chief Executive Officer of High Tide Inc., appointed to the CEO role in February 2018. He established High Tide and its subsidiaries, including Valiant Distribution and Canna Cabana, and also co-founded Famous Brandz. Prior to High Tide, Mr. Grover founded High Tide's predecessor, Smoker's Corner, in 2009. He previously lived in Toronto, Ontario, where he established and subsequently sold several successful small businesses before relocating to Calgary, Alberta. Mr. Grover has grown High Tide from a small shop with two employees into Canada's largest non-franchised cannabis retailer.

Mayank Mahajan, Chief Financial Officer

Mayank Mahajan joined High Tide Inc. as Chief Financial Officer effective May 1, 2024. He brings over 15 years of expertise across financial services, technology, manufacturing, trading, and leasing. His notable accomplishments include overseeing M&A and business integration, debt and equity raises, and leading corporate governance initiatives. Before joining High Tide, Mr. Mahajan worked with Everyday People Financial Corp, Metamaterial Inc., Jubilant Bhartiya Group, Genpact, and S.P. Nagrath & Co. He is a registered Chartered Professional Accountant in Canada, a Certified Public Accountant in the United States, and a Chartered Accountant in India.

Aman Sood, Chief Operating Officer

Aman Sood was promoted to Chief Operating Officer of High Tide Inc. effective March 15, 2021. He brings over two decades of experience in retail sector project management, operations, technology, and cost optimization. Mr. Sood previously served as Senior Director, IT & Retail Operations after transitioning to High Tide following the company's acquisition of META Growth. During his time with Meta Growth, he led the building and management of 25 New Leaf Cannabis retail locations and increased profitability by developing inventory and cash control measures.

Omar Khan, Chief Communications and Public Affairs Officer

Omar Khan is the Chief Communications and Public Affairs Officer at High Tide. He joined the company in January 2021 as Senior Vice President of Corporate and Public Affairs. Mr. Khan is a seasoned cannabis industry professional, having previously served as the National Cannabis Sector Lead for a leading global communications firm. He has over 20 years of experience as a political and communications strategist in Canadian federal and provincial politics, including serving as Chief of Staff to several Ontario Ministers. He has a diverse policy background in healthcare, economics, regulatory affairs, and labor relations.

Andy Palalas, Chief Marketing Officer

Andy Palalas serves as the Chief Marketing Officer of High Tide Inc. He is responsible for developing distribution channels, sourcing new market opportunities, and overseeing the company's revenue portfolio. Mr. Palalas is a business growth and sales professional with a decade of experience in implementing sales programs for both established corporations and startups. He has extensive experience in the loyalty marketing sector and a track record of growth in franchise sales and operations.

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High Tide Inc. (HITI), a prominent player in the cannabis retail sector, faces several key risks that could impact its business operations and financial performance. These risks primarily stem from the evolving regulatory landscape, intense market competition, and the execution challenges associated with its growth strategies, particularly acquisitions and expansion into new markets.

1. Regulatory Landscape and Government Policy: The cannabis industry is highly susceptible to changes in government regulations. High Tide operates within a dynamic regulatory environment, particularly in Canada, where changes to existing cannabis laws could directly affect its extensive network of brick-and-mortar stores. Furthermore, the potential for federal legalization in the United States, while offering new opportunities, also presents regulatory uncertainties and could reshape the competitive landscape in North America.
2. Competition and Market Dynamics: High Tide operates in a highly competitive market, especially in Canada, which has experienced challenges such as oversupply and intense price competition among licensed producers and retailers. While High Tide's discount club model has enabled it to gain market share and achieve strong revenue growth, sustained competitive pressures or shifts in consumer preferences could impact its profitability and market position. The broader industry has seen many competitors struggle with excess supply and negative financial performance, underscoring the ongoing competitive risks.
3. Execution Risks from Expansion and Acquisitions: High Tide is actively pursuing growth through the expansion of its store count and strategic acquisitions, including its entry into the German medical cannabis market. The success of these initiatives hinges on effective execution, including the ability to seamlessly integrate acquired businesses, achieve anticipated synergies, and successfully launch new programs and brands in various geographic markets. Failures in these areas could lead to financial underperformance or dilution for shareholders.

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High Tide Inc. (HITI) operates primarily in the retail cannabis sector, as well as in the manufacturing and distribution of consumption accessories and hemp-derived CBD products. The addressable markets for their main products and services are as follows:

Retail Cannabis

• Canada: The legal cannabis market in Canada was valued at USD 3.25 billion in 2024 and is projected to reach USD 5.79 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 12.00%. Canadian recreational cannabis sales specifically were worth CA$5.07 billion (approximately USD 3.8 billion) in 2023. The total cannabis market in Canada is estimated to generate up to $7 billion in sales, according to Deloitte's forecast.
• North America: The legal cannabis market in North America was valued at USD 44.83 billion in 2024 and is estimated to reach USD 354.82 billion by 2033, exhibiting a CAGR of 24.55% from 2025-2033. Another estimate places the North American legal cannabis market at USD 36.5 billion in 2024, projected to grow to USD 46.5 billion by 2030.
• Global: The global legal cannabis market size was valued at USD 42.98 billion in 2023 and is poised to grow to USD 160.87 billion by 2032, at a CAGR of 16.1% during the forecast period (2025-2032). Other projections indicate the global legal cannabis market was estimated at USD 69.78 billion in 2024 and is projected to reach USD 216.76 billion by 2033, with a CAGR of 13.49% from 2025 to 2033.

Consumption Accessories

• Canada: The smoking accessories market in Canada generated a revenue of USD 518.9 million in 2021 and is expected to reach USD 722.1 million by 2030, growing at a CAGR of 3.7% from 2022 to 2030.
• Global: The global smoking accessory market is expected to reach an estimated USD 87 billion by 2031, with a CAGR of 4.3% from 2025 to 2031. More broadly, the global personal accessories market was valued at approximately USD 575 billion in 2024 and is anticipated to exceed USD 820 billion by 2031, registering a CAGR of 5.1%. North America holds 22.24% of the global personal accessories market revenue in 2025.

Hemp-Derived CBD Products

While specific market sizes solely for "hemp-derived CBD products" were not explicitly detailed, CBD is a significant segment within the broader legal cannabis market:

• North America: The Cannabidiol (CBD) segment dominated the North America legal cannabis market in 2022, accounting for over 65.5% of total revenue due to the widespread acceptance of CBD's therapeutic uses.
• Canada: In the Canada legal cannabis market, the CBD segment held the largest market share in 2025.
• Global: Globally, the CBD segment held the largest revenue share in the legal cannabis market in 2024.

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High Tide Inc. (HITI) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Canadian Store Expansion: High Tide plans to continue expanding its Canna Cabana retail footprint across Canada. The company aims to open 20-30 new stores in 2024 and 2025, with a long-term objective of exceeding 300 locations nationwide. This organic growth in its physical store count is a direct contributor to increased sales volume.
2. Growth of the Discount Club Model and Loyalty Programs: The company's differentiated discount club model, encompassing Cabana Club and ELITE memberships, is a significant driver. This model has consistently boosted same-store sales and expanded High Tide's market share in Canada, with membership numbers continuing to grow. The sustained success and expansion of these loyalty programs are anticipated to maintain strong customer retention and attract new patrons.
3. International Market Entry (Germany): High Tide's acquisition of a majority stake in Remexian strategically positions the company within Germany's medical cannabis market. This expansion into a new international market is expected to open up a significant revenue stream.
4. Sustained Same-Store Sales Growth: High Tide has demonstrated robust same-store sales growth, indicating strong performance from its existing retail locations and effective customer engagement. This continued strength in existing stores is a fundamental driver of increasing revenue.
5. Expansion of Cabanalytics and Ancillary Revenues: The company's Cabanalytics business data and insights platform, along with advertising revenue, management fees, interest income, and rental income, have shown strong year-over-year growth. These diversified revenue streams are expected to continue their upward trajectory.

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Share Issuance

• In December 2020, High Tide issued 7,178,418 common shares at a deemed price of $0.17 per share to settle debt totaling approximately $1.22 million.
• As part of the acquisition of a 51% interest in Remexian Pharma GmbH in 2025, 42% of the estimated purchase price was satisfied by issuing 5,864,373 High Tide shares, valued at €11.1 million.

Outbound Investments

• High Tide expanded its footprint across Canada through the acquisition of competitor Meta in 2020, which increased its store count from 37 to 67.
• High Tide acquired several brands in the U.S. including Smoke Cartel, FABCBD, Daily High Club, DankStop, and NuLeaf Holdings, and later acquired BlessedCBD in the UK.
• In 2025, High Tide acquired a 51% interest in Remexian Pharma GmbH, a German medical cannabis distributor, for an estimated purchase price of €26.4 million.

Capital Expenditures

• High Tide's capital expenditures primarily focus on "sustaining CapEx," which includes leasehold improvements and maintenance spending for its existing business.
• Management plans to add 20 to 30 new stores organically in 2025, indicating ongoing capital expenditures for retail expansion.
• The strategic acquisition of a majority stake in Purecan, a German medical cannabis importer and wholesaler, announced in January 2025, was noted as requiring minimal capital expenditures.