Company Performance - High Tide Inc. (HITI) closed at $2.37, reflecting a -1.66% change from the previous day, underperforming the S&P 500's gain of 0.07% [1] - Over the past month, shares of High Tide Inc. have appreciated by 9.55%, outperforming the Medical sector's gain of 2.39% and the S&P 500's gain of 5.71% [1] Earnings Forecast - High Tide Inc. is expected to report an EPS of -$0.01, indicating a 200% decline compared to the same quarter last year [2] - The consensus estimate for revenue is $106.58 million, representing a 10.97% increase from the prior-year quarter [2] Annual Estimates - For the annual period, the Zacks Consensus Estimates predict an EPS of -$0.05 and revenue of $416.27 million, reflecting changes of -25% and +9.19% respectively from the previous year [3] - Recent revisions to analyst estimates suggest evolving short-term business trends, with positive revisions indicating a favorable business outlook [3] Zacks Rank and Industry Performance - High Tide Inc. currently holds a Zacks Rank of 2 (Buy), with the consensus EPS projection remaining stagnant over the past 30 days [5] - The Medical - Products industry, part of the Medical sector, has a Zacks Industry Rank of 186, placing it in the bottom 25% of over 250 industries [6] - Research indicates that top-rated industries outperform the bottom half by a factor of 2 to 1 [6]

Core Viewpoint - High Tide Inc. has secured a $30 million convertible debt loan from a subsidiary of Cronos Group to fund future acquisitions and expand its cannabis retail operations in Canada, aiming to grow its store network beyond 300 locations [1][2][3]. Group 1: Loan Agreement Details - The Junior Secured Loan has a principal amount of $30 million, secured by a third priority lien on certain assets of High Tide, and bears an interest rate of 4% per annum [4]. - The loan has a 5-year term and can be repaid at any time without penalty, with the option for Cronos to convert the loan into common shares at a price of $4.20 per share [4]. - Cronos also received a warrant to purchase up to 3,836,317 common shares at an exercise price of $3.91 per share, representing a 25% premium to the 30-day volume weighted average price [5]. Group 2: Company Growth and Strategy - High Tide aims to utilize the working capital from the loan to enhance its business operations and expand its retail presence, reinforcing its position as a key player in the legal cannabis ecosystem [2][3]. - The company has been recognized as one of Canada's Top Growing Companies and ranked number one in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023 [11]. - High Tide operates the largest cannabis retail chain in Canada, Canna Cabana, with 202 locations and continues to innovate in retail technology and consumer products [7][8]. Group 3: Industry Context - The investment from Cronos reflects a belief in the importance of a competitive retail environment that benefits producers, retailers, and consumers alike [3]. - High Tide's integrated operations across various components of cannabis, including retail, consumption accessories, and CBD, position it well within the growing cannabis market [7][10].

Industry Overview - The cannabis industry is experiencing a turbulent period characterized by intense pullbacks and ongoing federal uncertainty, but solid long-term trends may drive major returns for patient investors [1] - Ancillary industries such as cannabis real estate, biotech, and consumer wellness are expected to benefit from the broader ecosystem expansion, making marijuana stock investing appealing as it offers exposure to an emerging, recession-resistant industry with high growth potential [2] Investment Opportunities - Multistate operators (MSOs), cannabis ETFs, REITs, and ancillary marijuana companies are positioned to see significant upside despite the volatility expected in 2025 [3] - The long-term investment case for marijuana stocks remains strong, and investors are encouraged to plan and strategize while weighing risks and rewards [3] Company Highlights - **Village Farms International, Inc. (NASDAQ: VFF)**: Recently regained compliance with Nasdaq's minimum closing bid price requirement of US$1.00 per share [6] - **SNDL Inc. (NASDAQ: SNDL)**: Reported Q1 2025 earnings with net revenue of US$204.914 million, a 3.6% increase from 2024, and gross profit of US$56.641 million, a 12.4% increase [11] - **High Tide Inc. (NASDAQ: HITI)**: Expanded its retail presence with the opening of two new Canna Cabana locations, bringing its total to 202 locations across Canada [13]

Core Insights - High Tide Inc. is expanding its Canna Cabana retail cannabis stores, with new locations opening in Winnipeg and Toronto, increasing its total store count to 202 across Canada [1][4]. Group 1: Store Openings - The Canna Cabana store in Winnipeg will start selling recreational cannabis products on June 27, 2025, while the Toronto location will open on July 1, 2025 [1]. - The Winnipeg store is strategically located in a grocery-anchored plaza with a local population of approximately 10,000 within a 1-kilometer radius, providing access to a new customer base [2]. - The Toronto store is situated in The Well, a mixed-use shopping mall that attracts significant foot traffic, enhancing visibility and accessibility for customers [3]. Group 2: Market Performance - High Tide's stores in Manitoba and Ontario have shown strong performance, with annualized revenue run rates significantly above the national average [4]. - The company emphasizes its differentiated discount club model and loyalty ecosystem as key drivers of its success in these markets [4]. Group 3: Company Overview - High Tide is recognized as the second-largest cannabis retailer globally by store count, with a fully integrated operation across all components of cannabis [5]. - The company operates a suite of leading accessory e-commerce platforms and has a diverse brand roster, including Queen of Bud™ and Cabana Cannabis Co™ [6][7]. - High Tide has been acknowledged as one of Canada's Top Growing Companies for four consecutive years and ranked number one in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023 [9].

Group 1 - High Tide Inc. reported strong fiscal Q2 results for the February-April period, indicating continued momentum in the Canna Cabana chain [1] - The company is recognized for its focus on small cap investments and aims to identify mispriced securities through understanding financial drivers and DCF model valuation [1] Group 2 - The performance of High Tide Inc. reflects the overall strength of the Canadian cannabis retail market [1]

Group 1 - High Tide Inc. held its Q2 2025 earnings conference call on June 17, 2025, discussing unaudited financial and operational results for the fiscal quarter ending April 30, 2025 [3][4] - The call featured key participants including the CEO, President, and CFO, indicating a focus on leadership insights regarding the company's performance [3][4] - The company emphasized that all earnings discussed are presented on an unaudited basis, highlighting the preliminary nature of the financial results [3][4] Group 2 - The conference call included forward-looking statements regarding management's expectations for future performance, which are based on various assumptions and estimates [4][5] - Specific forward-looking statements covered anticipated results of operations and economic conditions, indicating the company's strategic outlook [5]

Company Performance - High Tide Inc. reported a quarterly loss of $0.03 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.02, marking an earnings surprise of -50% [1] - The company posted revenues of $96.94 million for the quarter ended April 2025, surpassing the Zacks Consensus Estimate by 0.22% and showing an increase from year-ago revenues of $91.6 million [2] - Over the last four quarters, High Tide has surpassed consensus revenue estimates four times, but has only exceeded consensus EPS estimates once [2] Stock Performance - High Tide shares have declined approximately 26.2% since the beginning of the year, contrasting with the S&P 500's gain of 1.6% [3] - The current Zacks Rank for High Tide is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.02 on revenues of $102.27 million, and for the current fiscal year, it is -$0.07 on revenues of $404.52 million [7] - The estimate revisions trend for High Tide is mixed, and changes in estimates for the coming quarters and current fiscal year are anticipated following the recent earnings report [6][7] Industry Context - High Tide operates within the Zacks Medical - Products industry, which is currently ranked in the bottom 37% of over 250 Zacks industries [8] - The performance of stocks in this industry can be significantly influenced by the overall industry outlook, with research indicating that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

[Condensed Interim Consolidated Financial Statements](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Financial%20Statements) [Condensed Interim Consolidated Statements of Financial Position](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) High Tide Inc.'s financial position as of **April 30, 2025**, shows a decrease in total assets and liabilities compared to **October 31, 2024**, resulting in a slight reduction in total shareholders' equity. The decline in current assets, particularly cash and cash equivalents, was a notable factor Condensed Interim Consolidated Statements of Financial Position Summary | Metric | April 30, 2025 ($) | October 31, 2024 ($) | Change ($) | Change (%) | | :-------------------------- | :------------------- | :------------------- | :--------- | :--------- | | Total Assets | 231,980 | 246,208 | (14,228) | -5.78% | | Total Liabilities | 90,067 | 100,696 | (10,629) | -10.56% | | Total Shareholders' Equity | 141,913 | 145,512 | (3,599) | -2.47% | | Cash and cash equivalents | 34,692 | 47,267 | (12,575) | -26.61% | [Condensed Interim Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income](index=6&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20%28Loss%29%20Income%20and%20Comprehensive%20%28Loss%29%20Income) For the six months ended **April 30, 2025**, High Tide Inc. reported a **net loss of \$5,525 thousand**, a significant decline from a net income of **\$166 thousand** in the prior year, despite an increase in total revenue. This was primarily driven by higher expenses and finance costs Key Financial Performance Indicators (Six Months Ended April 30) | Metric | 2025 ($) | 2024 ($) | Change ($) | Change (%) | | :---------------------------------- | :--------- | :--------- | :--------- | :--------- | | Revenue | 280,265 | 252,327 | 27,938 | 11.07% | | Cost of sales | (209,354) | (181,034) | (28,320) | 15.64% | | Gross profit | 70,911 | 71,293 | (382) | -0.54% | | Total expenses | (69,912) | (66,514) | (3,398) | 5.11% | | Income from operations | 999 | 4,779 | (3,780) | -79.09% | | Net (loss) income | (5,525) | 166 | (5,691) | -3428.31% | | Basic and diluted (Loss) income per share | (0.07) | — | (0.07) | - | | Total comprehensive (loss) income | (5,688) | 598 | (6,286) | -1051.17% | [Condensed Interim Consolidated Statements of Changes in Equity](index=8&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total shareholders' equity decreased from **\$145,512 thousand** as of **October 31, 2024**, to **\$141,913 thousand** as of **April 30, 2025**. This decline was primarily driven by the net loss for the period and **partner distributions**, partially offset by share-based compensation and share issuances Changes in Shareholders' Equity (Six Months Ended April 30, 2025) | Item | Amount ($) | | :---------------------------------- | :--------- | | Opening balance, November 1, 2024 | 145,512 | | Issuance of shares through ATM | 52 | | Share-based compensation | 2,425 | | Share issuance costs | (95) | | RSUs vested | 0 | | Warrants exercised | 62 | | Options exercised | 212 | | Cumulative translation adjustment | (163) | | Partner distributions | (567) | | Net loss for the period | (5,525) | | **Balance, April 30, 2025** | **141,913** | [Condensed Interim Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended **April 30, 2025**, net cash provided by operating activities significantly decreased to **\$8,938 thousand** from **\$19,681 thousand** in the prior year. The Company experienced a net decrease in cash of **\$12,575 thousand**, ending the period with **\$34,692 thousand** in cash and cash equivalents Cash Flow Summary (Six Months Ended April 30) | Activity | 2025 ($) | 2024 ($) | Change ($) | Change (%) | | :---------------------------------- | :--------- | :--------- | :--------- | :--------- | | Net cash provided by operating activities | 8,938 | 19,681 | (10,743) | -54.58% | | Net cash used in investing activities | (4,893) | (4,331) | (562) | 12.98% | | Net cash used in financing activities | (16,491) | (10,133) | (6,358) | 62.75% | | Effect of foreign exchange on cash | (129) | (798) | 669 | -83.83% | | Net (decrease) increase in cash | (12,575) | 4,419 | (16,994) | -3845.90% | | Cash and cash equivalents, end of period | 34,692 | 34,540 | 152 | 0.44% | [Notes to the Condensed Interim Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Condensed%20Interim%20Consolidated%20Financial%20Statements) [1. Nature of operations](index=12&type=section&id=1.%20Nature%20of%20operations) High Tide Inc. is a **retail-focused cannabis company** with both brick-and-mortar stores and global e-commerce assets. The Company's shares are listed on Nasdaq, TSX Venture Exchange, and the Frankfurt Stock Exchange, and it explicitly states that it does not engage in **U.S. cannabis-related activities** as defined by Canadian regulators - High Tide Inc. operates as a **retail-focused cannabis company** with brick-and-mortar stores and global e-commerce assets[12](index=12&type=chunk) - The Company's shares are listed on the **Nasdaq Capital Market (HITI)**, **TSX Venture Exchange (HITI)**, and the **Frankfurt Stock Exchange (2LYA)**[12](index=12&type=chunk) - High Tide does not engage in any **U.S. cannabis-related activities** as defined by the Canadian Securities Administrators Staff Notice 51-352[13](index=13&type=chunk) [2. Basis of preparation](index=12&type=section&id=2.%20Basis%20of%20preparation) These condensed interim consolidated financial statements are prepared in accordance with **IAS 34 Interim Financial Reporting**, approved by the **Board of Directors on June 16, 2025**. They are based on a **historical cost basis**, with certain financial instruments measured at **fair value**, and presented in **Canadian dollars**, which is the functional currency for Canadian operations - The condensed interim consolidated financial statements have been prepared in accordance with **International Accounting Standard (IAS) 34 Interim Financial Reporting**[14](index=14&type=chunk) - The statements were approved and authorized for issue by the **Board of Directors on June 16, 2025**[15](index=15&type=chunk) - The Company's condensed interim consolidated financial statements are presented in **Canadian dollars**, which is the functional and presentation currency of the Company and its Canadian subsidiaries[17](index=17&type=chunk) [A. Statement of compliance](index=12&type=section&id=A.%20Statement%20of%20compliance) - These condensed interim consolidated financial statements comply with **IAS 34 Interim Financial Reporting**[14](index=14&type=chunk) - They should be read in conjunction with the audited annual consolidated financial statements for the year ended **October 31, 2024**[14](index=14&type=chunk) [B. Basis of measurement](index=12&type=section&id=B.%20Basis%20of%20measurement) - The financial statements are prepared on a **historical cost basis**[16](index=16&type=chunk) - Certain financial instruments are measured at **fair value**[16](index=16&type=chunk) - Accounting policies have been applied consistently for the periods presented[16](index=16&type=chunk) [C. Currencies and foreign exchange](index=12&type=section&id=C.%20Currencies%20and%20foreign%20exchange) - The Company's financial statements are presented in **Canadian dollars**, which is also the functional currency for its Canadian subsidiaries[17](index=17&type=chunk) - Functional currencies for foreign subsidiaries include **U.S. dollar (U.S.)**, **Euro (European)**, and **British Pound Sterling (U.K.)**[17](index=17&type=chunk) - Translation gains and losses from foreign subsidiaries are recognized in **other comprehensive income**[18](index=18&type=chunk) [D. Basis of consolidation](index=13&type=section&id=D.%20Basis%20of%20consolidation) - Subsidiaries are consolidated when High Tide Inc. has the power to govern their financial and operating policies to obtain benefits[19](index=19&type=chunk) - Intra-group balances and transactions are eliminated during consolidation[19](index=19&type=chunk) Selected Subsidiaries and Functional Currencies | Subsidiaries | Percentage Ownership | Functional Currency | | :------------------------- | :------------------- | :------------------ | | Canna Cabana Inc. | 100 % | Canadian Dollar | | Valiant Distribution Inc. | 100 % | U.S. Dollar | | Enigmaa Ltd. (Blessed CBD) | 80 % | British Pound Sterling | [3. Accounting policies](index=13&type=section&id=3.%20Accounting%20policies) The accounting policies applied in these interim financial statements are consistent with those in the Company's annual consolidated financial statements for the year ended **October 31, 2024**. Recent amendments to **IFRS 16 (Leases)** and **IAS 1 (Classification of Liabilities)**, effective **November 1, 2024**, did not have a **material impact** - Material accounting policies are consistent with those disclosed in Note 3 of the Company's annual consolidated financial statements for the year ended **October 31, 2024**[21](index=21&type=chunk) - Amendments to **IFRS 16, Leases**, effective **November 1, 2024**, did not have a **material impact** on the financial statements[22](index=22&type=chunk) - Amendments to **IAS 1**, effective **November 1, 2024**, clarifying liability classification, also did not have a **material impact**[23](index=23&type=chunk) [4. Significant accounting judgement, estimates and assumptions](index=15&type=section&id=4.%20Significant%20accounting%20judgement%2C%20estimates%20and%20assumptions) The significant accounting judgments, estimates, and assumptions used in these condensed interim consolidated financial statements are consistent with those applied and presented in the annual consolidated financial statements for the period ended **October 31, 2024**. Estimates are reviewed continuously, with revisions recognized in the current and/or future years - Significant judgments, estimates, and assumptions are consistent with those applied in the annual consolidated financial statements for the period ended **October 31, 2024**[25](index=25&type=chunk) - Estimates and assumptions are reviewed on an ongoing basis, with revisions recognized in the year of revision or in current and future years[25](index=25&type=chunk) [5. Business combinations](index=15&type=section&id=5.%20Business%20combinations) Business combinations are accounted for under **IFRS 3**, with acquired assets and assumed liabilities recorded at their estimated **fair values**. **Goodwill** recognized in these transactions is primarily attributed to opportunities for business growth, expanded access to capital, and greater financial flexibility - Business combinations are accounted for in accordance with **IFRS 3, Business Combinations**[26](index=26&type=chunk) - Assets acquired and liabilities assumed are recorded at their respective estimated **fair values** as of the acquisition date[26](index=26&type=chunk) - **Goodwill** is primarily related to opportunities to grow the business, expanded access to capital, and greater financial flexibility[28](index=28&type=chunk) [A. Cantopia (Millcreek) acquisition (Prior year)](index=15&type=section&id=A.%20Cantopia%20%28Millcreek%29%20acquisition%20%28Prior%20year%29) - On **June 25, 2024**, the Company acquired **100%** of one retail cannabis store from Cantopia for **\$600 thousand** in cash[27](index=27&type=chunk) Cantopia Acquisition Purchase Price Allocation | Item | Amount ($) | | :-------------------------- | :--------- | | Cash | 600 | | Leasehold improvements | 50 | | Office equipment and computers | 6 | | Right of use asset | 292 | | Inventory | 41 | | License | 4 | | Goodwill | 499 | | Lease liability | (292) | | **Total** | **600** | - For the year ended **October 31, 2024**, Cantopia contributed **\$450 thousand** in revenues and a **\$70 thousand net loss**[28](index=28&type=chunk) [6. Revenue from contracts with customers](index=16&type=section&id=6.%20Revenue%20from%20contracts%20with%20customers) For the six months ended **April 30, 2025**, total revenue increased to **\$280,265 thousand**, up **11.07%** from the prior year. The majority of revenue was generated from **Bricks and Mortar** operations in Canada, primarily through Cannabis and CBD products, while **E-commerce** revenue, mainly from the USA, experienced a significant decline Total Revenue by Segment and Geography (Six Months Ended April 30) | Category | 2025 ($) | 2024 ($) | Change (%) | | :-------------------------- | :--------- | :--------- | :--------- | | **Total Revenue** | **280,265** | **252,327** | **11.07%** | | **By Geographical Markets:** | | | | | Canada | 268,805 | 230,831 | 16.45% | | USA | 11,000 | 20,531 | -46.43% | | International | 460 | 965 | -52.33% | | **By Major Products and Services:** | | | | | Cannabis and CBD products | 243,670 | 216,867 | 12.36% | | Consumption accessories | 13,959 | 18,701 | -25.36% | | Data analytics, advertising and other revenue | 22,636 | 16,759 | 35.07% | - **Bricks and Mortar** revenue for the six months ended **April 30, 2025**, was **\$268,805 thousand**, while **E-commerce** revenue was **\$11,460 thousand**[30](index=30&type=chunk) - All revenue is recognized at a **point in time**[30](index=30&type=chunk) [7. Property and equipment](index=18&type=section&id=7.%20Property%20and%20equipment) The net book value of property and equipment increased slightly to **\$28,496 thousand** as of **April 30, 2025**, from **\$27,471 thousand** as of **October 31, 2024**. Additions for the six months ended **April 30, 2025**, totaled **\$4,988 thousand**, primarily in leasehold improvements, with **\$859 thousand** in assets under construction for new retail locations Property and Equipment Net Book Value | Category | April 30, 2025 ($) | October 31, 2024 ($) | | :-------------------------- | :------------------- | :------------------- | | Office equipment and computers | 2,652 | 2,659 | | Production equipment | 1,389 | 1,646 | | Leasehold improvements | 21,487 | 20,143 | | Vehicles | 23 | 25 | | Buildings | 2,945 | 2,998 | | **Total Net Book Value** | **28,496** | **27,471** | - Additions to property and equipment for the six months ended **April 30, 2025**, amounted to **\$4,988 thousand**, with **\$4,596 thousand** in leasehold improvements[32](index=32&type=chunk) - As of **April 30, 2025**, **\$859 thousand** in assets under construction related to Canadian retail locations not yet in operation[32](index=32&type=chunk) [8. Intangible assets and goodwill](index=19&type=section&id=8.%20Intangible%20assets%20and%20goodwill) The net book value of intangible assets and goodwill decreased to **\$90,559 thousand** as of **April 30, 2025**, from **\$92,816 thousand** as of **October 31, 2024**. This reduction is primarily due to **Amortization expense**, with **no indicators of impairment** identified during the period Intangible Assets and Goodwill Net Book Value | Category | April 30, 2025 ($) | October 31, 2024 ($) | | :-------------------------- | :------------------- | :------------------- | | Software | 2,619 | 3,511 | | Licenses | 6,339 | 7,489 | | Brand name | 8,310 | 8,443 | | Goodwill | 73,291 | 73,373 | | **Total Net Book Value** | **90,559** | **92,816** | - **Amortization expense** for the six months ended **April 30, 2025**, totaled **\$2,293 thousand**[33](index=33&type=chunk) - **No indicators of impairment** were present during the three and six months ended **April 30, 2025**[33](index=33&type=chunk) [9. Prepaid expenses and deposits](index=19&type=section&id=9.%20Prepaid%20expenses%20and%20deposits) Total prepaid expenses and deposits increased to **\$11,387 thousand** as of **April 30, 2025**, from **\$8,771 thousand** as of **October 31, 2024**. This increase was primarily driven by higher prepayments on inventory and prepaid insurance Prepaid Expenses and Deposits | Item | April 30, 2025 ($) | October 31, 2024 ($) | | :-------------------------- | :------------------- | :------------------- | | Deposits on cannabis retail outlets | 2,459 | 3,026 | | Prepaid insurance and other | 3,312 | 2,384 | | Prepayment on inventory | 5,616 | 3,361 | | **Total** | **11,387** | **8,771** | | Less current portion | (8,062) | (5,164) | | **Long-term** | **3,325** | **3,607** | [10. Inventory](index=19&type=section&id=10.%20Inventory) Total inventory decreased slightly to **\$28,226 thousand** as of **April 30, 2025**, from **\$29,338 thousand** as of **October 31, 2024**. This reduction was mainly due to a decrease in finished goods Inventory Composition | Item | April 30, 2025 ($) | October 31, 2024 ($) | | :-------------------------- | :------------------- | :------------------- | | Finished goods | 27,619 | 28,871 | | Work in process | 132 | 25 | | Raw material | 834 | 775 | | Provision for obsolescence | (359) | (333) | | **Total** | **28,226** | **29,338** | [11. Trade and other receivables](index=21&type=section&id=11.%20Trade%20and%20other%20receivables) Trade and other receivables decreased to **\$2,752 thousand** as of **April 30, 2025**, from **\$3,308 thousand** as of **October 31, 2024**. This reduction was accompanied by a slight decrease in the allowance for doubtful accounts Trade and Other Receivables | Item | April 30, 2025 ($) | October 31, 2024 ($) | | :-------------------------- | :------------------- | :------------------- | | Trade account receivable | 3,240 | 3,833 | | Allowance for doubtful accounts | (488) | (525) | | **Total** | **2,752** | **3,308** | [12. Accounts payables and accrued liabilities](index=21&type=section&id=12.%20Accounts%20payables%20and%20accrued%20liabilities) Accounts payables and accrued liabilities remained stable at **\$22,112 thousand** as of **April 30, 2025**, compared to **\$22,150 thousand** as of **October 31, 2024** Accounts Payables and Accrued Liabilities | Item | April 30, 2025 ($) | October 31, 2024 ($) | | :-------------------------- | :------------------- | :------------------- | | Accounts payable | 8,098 | 8,055 | | Accrued liabilities | 9,744 | 9,752 | | Sales tax payable | 4,270 | 4,343 | | **Total** | **22,112** | **22,150** | [13. Notes payable](index=21&type=section&id=13.%20Notes%20payable) Total notes payable significantly decreased to **\$345 thousand** as of **April 30, 2025**, from **\$14,039 thousand** as of **October 31, 2024**. This substantial reduction was primarily due to the **full repayment** of the **\$13,000 thousand loan** to **Opaskwayak Cree Nation (OCN)** on **December 31, 2024** Notes Payable | Item | April 30, 2025 ($) | October 31, 2024 ($) | | :-------------------------- | :------------------- | :------------------- | | Notes payable | 279 | 13,974 | | Other | 66 | 65 | | **Total** | **345** | **14,039** | | Less current portion | (279) | (13,974) | | **Long-term obligation** | **66** | **65** | - The **\$13,000 thousand loan** to **Opaskwayak Cree Nation (OCN)** was **paid in full** on **December 31, 2024**[42](index=42&type=chunk) - A **non-interest bearing note payable** of **\$1,878 thousand** was entered into on **April 2, 2024**, with former minority owners of Nuleaf to settle a put option[42](index=42&type=chunk) [14. Interest bearing loans and borrowings](index=21&type=section&id=14.%20Interest%20bearing%20loans%20and%20borrowings) Interest bearing loans and borrowings decreased to **\$11,052 thousand** as of **April 30, 2025**, from **\$12,891 thousand** as of **October 31, 2024**. The Company incurred **\$490 thousand** in interest and paid **\$1,839 thousand** in principal for the six months ended **April 30, 2025**, and remains in **compliance with all loan covenants** Interest Bearing Loans and Borrowings | Item | April 30, 2025 ($) | October 31, 2024 ($) | | :-------------------------- | :------------------- | :------------------- | | Connect First loan | 11,052 | 12,891 | | **Total** | **11,052** | **12,891** | - For the six months ended **April 30, 2025**, the Company incurred interest of **\$490 thousand** and paid **\$1,839 thousand** as principal[40](index=40&type=chunk) - As at **April 30, 2025**, the Company has **met all the covenants** attached to the loan[41](index=41&type=chunk) [15. Secured Debentures](index=23&type=section&id=15.%20Secured%20Debentures) The Company's **secured debentures** increased to **\$12,214 thousand** as of **April 30, 2025**, from **\$7,476 thousand** as of **October 31, 2024**, following the issuance of an additional **\$5,000 thousand** in debentures on **November 30, 2024**. These debentures carry a **12% coupon rate** and a **5-year maturity**, and the Company remains in **full compliance with associated covenants** Secured Debentures | Item | April 30, 2025 ($) | October 31, 2024 ($) | | :-------------------------- | :------------------- | :------------------- | | Face value of secured debentures | 15,000 | 10,000 | | Unamortized discount | (1,313) | (951) | | Unamortized issuance fees | (1,473) | (1,573) | | **Total** | **12,214** | **7,476** | - On **November 30, 2024**, the Company issued an additional **\$5,000 thousand** of debentures at a **10% discount**, receiving net cash proceeds of **\$4,449 thousand**[43](index=43&type=chunk) - The **secured debenture facility** has a **12% coupon rate** and a **5-year maturity**, and the Company remains in **full compliance with its covenants**[43](index=43&type=chunk)[45](index=45&type=chunk) [16. Finance and other costs](index=24&type=section&id=16.%20Finance%20and%20other%20costs) Total finance and other costs increased to **\$6,297 thousand** for the six months ended **April 30, 2025**, from **\$5,284 thousand** in the prior year. This increase was primarily driven by higher **accretion on lease liabilities**, **interest on debentures**, and **transaction costs** Finance and Other Costs (Six Months Ended April 30) | Item | 2025 ($) | 2024 ($) | | :---------------------------------- | :--------- | :--------- | | Accretion on Convertible Debt | - | 161 | | Accretion on Notes payable | 165 | 282 | | Accretion on Debentures | 139 | - | | Accretion on lease liabilities | 1,881 | 1,582 | | Amortization of issuance fees on Secured debentures | 172 | - | | Interest on notes payable | 218 | 676 | | Interest on Debentures | 986 | - | | Interest on interest bearing borrowings | 490 | 754 | | Transaction and other costs for the period | 2,246 | 1,829 | | **Total** | **6,297** | **5,284** | [17. Share capital](index=24&type=section&id=17.%20Share%20capital) The total share capital increased to **\$301,362 thousand** as of **April 30, 2025**, from **\$300,643 thousand** as of **October 31, 2024**. This increase was mainly due to vested restricted share units, options exercised, and shares issued through the ATM program, partially offset by share issuance costs Share Capital Activity (Six Months Ended April 30, 2025) | Activity | Number of shares | Amount ($) | | :---------------------------------- | :--------------- | :--------- | | Opening balance, November 1, 2024 | 80,787,017 | 300,643 | | Issuance of shares through ATM | 11,600 | 52 | | Vested restricted share units (RSU) | 95,976 | 227 | | Share issuance cost | — | (95) | | Options exercised | 118,324 | 451 | | Warrants exercised | 22,800 | 84 | | **Balance, April 30, 2025** | **81,035,717** | **301,362** | - The Company has an **at-the-market (ATM) equity offering program** allowing it to issue up to **\$30,000 thousand** in common shares, with **\$52 thousand** raised for the six months ended **April 30, 2025**[48](index=48&type=chunk) [18. Share-based compensation](index=26&type=section&id=18.%20Share-based%20compensation) For the six months ended **April 30, 2025**, total **share-based compensation** increased to **\$2,425 thousand** from **\$1,344 thousand** in the prior year, primarily driven by a significant increase in **RSU-related compensation**, while **stock option compensation** decreased Share-based Compensation (Six Months Ended April 30) | Item | 2025 ($) | 2024 ($) | | :-------------------------- | :--------- | :--------- | | Share-based compensation (Total) | 2,425 | 1,344 | | Stock option related compensation | 385 | 1,112 | | RSU related compensation | 2,040 | 232 | [a) Stock option plan](index=26&type=section&id=%28a%29%20Stock%20option%20plan) - The **Omnibus Plan** allows for the issuance of up to **20%** of issued and outstanding common shares, with a maximum of **12,617,734 stock options**[50](index=50&type=chunk) - **Stock options** generally vest **one-fourth** on each of the first, second, third, and fourth six-month anniversaries of the grant date[51](index=51&type=chunk) Stock Option Activity (Six Months Ended April 30, 2025) | Activity | Number of options | Weighted average exercise price ($) | | :-------------------------- | :---------------- | :-------------------------------- | | Opening balance | 3,080,452 | 2.97 | | Granted | 161,000 | 3.33 | | Exercised | (221,000) | 2.74 | | Forfeited or expired | (292,247) | 5.66 | | **Balance, end of period** | **2,728,205** | **2.72** | [b) Restricted share units ("RSUs") plan](index=26&type=section&id=%28b%29%20Restricted%20share%20units%20%28%22RSUs%22%29%20plan) - For the six months ended **April 30, 2025**, **share-based compensation** related to **RSUs** was **\$2,040 thousand**, a significant increase from **\$232 thousand** in the prior year[54](index=54&type=chunk) Restricted Share Units (RSUs) Activity | Activity | Number of shares (April 30, 2025) | Number of shares (October 31, 2024) | | :-------------------------- | :-------------------------------- | :-------------------------------- | | Opening balance | 687,747 | 486,335 | | Granted | 918,688 | 687,747 | | Vested and issued | (95,976) | 0 | | **Balance, end of period** | **1,510,459** | **687,747** | [c) Escrow shares](index=27&type=section&id=%28c%29%20Escrow%20shares) - As of **April 30, 2025**, there were **no escrow shares outstanding**, as all shares were either forfeited, expired, or released by **October 31, 2024**[56](index=56&type=chunk) [19. Warrants](index=27&type=section&id=19.%20Warrants) The number of warrants outstanding decreased slightly to **4,829,566** as of **April 30, 2025**, due to warrants exercised. The remaining warrants have a **weighted average exercise price** of **\$2.73** and a **weighted average remaining life of 2.23 years**, expiring on **July 22, 2027** Warrants Activity | Activity | Number of warrants (April 30, 2025) | Warrants amount ($) | | :-------------------------- | :-------------------------------- | :------------------ | | Opening balance, November 1, 2024 | 4,852,366 | 4,632 | | Warrants exercised | (22,800) | (22) | | **Balance, April 30, 2025** | **4,829,566** | **4,610** | - As of **April 30, 2025**, the **weighted average exercise price** of outstanding warrants is **\$2.73**, with a **weighted average remaining life of 2.23 years**[57](index=57&type=chunk) - The warrants expire on **July 22, 2027**[57](index=57&type=chunk) [20. Loss per share](index=27&type=section&id=20.%20Loss%20per%20share) For the six months ended **April 30, 2025**, the Company reported a **basic and diluted loss per share** of **\$(0.07)**, compared to a negligible loss in the prior year. **Common share equivalents** were not considered in the diluted loss per share calculation as their inclusion would be **anti-dilutive** due to the **net loss** Loss Per Share (Six Months Ended April 30) | Item | 2025 ($) | 2024 ($) | | :---------------------------------- | :--------- | :--------- | | Net loss attributable to the owners of the Company | (5,706) | (365) | | Weighted average number of common shares - basic | 80,904,690 | 78,562,929 | | **Basic and diluted income (loss) per share** | **(0.07)** | **—** | - **Common share equivalents** were not considered in the computation of diluted loss per share because their inclusion would be **anti-dilutive** due to the **net loss**[59](index=59&type=chunk) [21. Financial Instruments and risk management](index=29&type=section&id=21.%20Financial%20Instruments%20and%20risk%20management) High Tide Inc. is exposed to various financial risks, including **credit, liquidity, interest rate, and foreign currency risk**. The Company's **risk management program** aims to minimize potential adverse effects on financial performance through ongoing assessment of creditworthiness, maintaining sufficient liquidity, and monitoring market fluctuations - The Company's activities expose it to **credit, liquidity, interest, and market risk** due to holding certain financial instruments[61](index=61&type=chunk) - The overall **risk management program** focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on financial performance[61](index=61&type=chunk) [a) Fair value](index=29&type=section&id=%28a%29%20Fair%20value) - The Company classifies fair value measurements using a three-level hierarchy: **Level 1 (quoted prices in active markets)**, **Level 2 (observable inputs other than quoted prices)**, and **Level 3 (unobservable inputs)**[65](index=65&type=chunk) - **Cash and cash equivalents**, **trade and other receivables**, **accounts payable**, and **current liabilities** approximate their carrying amounts due to their short-term nature[62](index=62&type=chunk) - **Marketable securities** are determined based on **Level 1 inputs**, while **Secured Debentures** are evaluated using **Level 2 inputs**[65](index=65&type=chunk) [b) Credit risk](index=29&type=section&id=%28b%29%20Credit%20risk) - **Credit risk** arises from the possibility of counterparties failing to fulfill their financial obligations[63](index=63&type=chunk) - **Credit risk** associated with cash is minimized by holding funds in **highly rated financial institutions**[63](index=63&type=chunk) Aging Profile of Accounts Receivable (April 30, 2025) | Aging Category | Amount ($) | | :------------------------ | :--------- | | Current (for less than 30 days) | 1,123 | | 31 – 60 days | 151 | | 61 – 90 days | 652 | | Greater than 90 days | 1,314 | | Less allowance | (488) | | **Total** | **2,752** | [c) Liquidity risk](index=31&type=section&id=%28c%29%20Liquidity%20risk) - **Liquidity risk** is the risk that the Company will not be able to meet its financial obligations as they fall due[69](index=69&type=chunk) - The Company relies on **funds from operations, equity, and debt financing** to meet liquidity requirements and expand operations[69](index=69&type=chunk) Maturities of Financial Liabilities (April 30, 2025) | Liability | Contractual Cash Flows ($) | 2025 ($) | 2026-2027 ($) | 2028-2029 ($) | 2030 and beyond ($) | | :-------------------------------- | :------------------------- | :--------- | :-------------- | :-------------- | :-------------------- | | Accounts payable and accrued liabilities | 22,112 | 22,112 | – | – | – | | Notes payable | 628 | 300 | 27 | 27 | 274 | | Interest bearing loans and borrowings | 12,390 | 2,329 | 10,061 | – | – | | Secured Debentures | 22,800 | 900 | 3,600 | 18,300 | – | | Undiscounted lease obligations | 47,607 | 6,579 | 11,582 | 10,117 | 19,329 | | **Balance, April 30, 2025** | **107,228** | **33,911** | **25,270** | **28,444** | **19,603** | [d) Interest rate risk](index=31&type=section&id=%28d%29%20Interest%20rate%20risk) - The Company's exposure to **interest rate risk** primarily relates to its current credit facility with a **variable interest rate**[71](index=71&type=chunk) - As of **April 30, 2025**, approximately **58%** of the Company's borrowings are at a **fixed rate of interest**[72](index=72&type=chunk) - A **+/- 1.0 percent fluctuation** in the interest rate would impact the annual interest payment by approximately **+/- \$111 thousand**[72](index=72&type=chunk) [e) Foreign currency risk](index=31&type=section&id=%28e%29%20Foreign%20currency%20risk) - **Foreign currency risk** arises from cash balances and transactions denominated in foreign currencies (**USD, EUR, GBP**)[73](index=73&type=chunk) Net Monetary Assets by Foreign Currency (April 30, 2025) | Currency | Amount ($) | | :------- | :--------- | | GBP | 465 | | EUR | 60 | | USD | 409 | | **Total** | **934** | - A **+/- 5.0 percent fluctuation** in exchange rates for USD, EUR, or GBP would impact net monetary assets by approximately **+/- \$20**, **+/- \$3**, and **+/- \$23 thousand**, respectively[74](index=74&type=chunk) [22. Segmented information](index=32&type=section&id=22.%20Segmented%20information) The Company provides segmented information based on **operational segments (Bricks and Mortar, E-commerce)** and **geographical markets (Canada, USA, International)**. The accounting policies for segment reporting are consistent with the annual audited consolidated financial statements, with no changes to comparative data presentation - Segment reporting is consistent with the accounting policies used for the preparation of the Company's annual audited consolidated financial statements[75](index=75&type=chunk) - No changes have been made to the underlying data used to prepare the comparative reporting segments for the prior year[75](index=75&type=chunk) [a) Performance by operational segment](index=34&type=section&id=%28a%29%20Performance%20by%20operational%20segment) Revenue by Operational Segment (Six Months Ended April 30) | Segment | 2025 ($) | 2024 ($) | Change (%) | | :---------------- | :--------- | :--------- | :--------- | | Bricks and Mortar | 268,805 | 230,831 | 16.45% | | E-commerce | 11,460 | 21,496 | -46.69% | | **Total Revenue** | **280,265** | **252,327** | **11.07%** | Income (Loss) from Operations by Operational Segment (Six Months Ended April 30) | Segment | 2025 ($) | 2024 ($) | | :---------------- | :--------- | :--------- | | Bricks and Mortar | 6,045 | 4,672 | | E-commerce | (5,046) | 107 | | **Total** | **999** | **4,779** | - **Corporate overhead** for the six months ended **April 30, 2025**, was allocated **96%** to bricks-and-mortar and **4%** to e-commerce[76](index=76&type=chunk) [b) Performance by geographical market](index=35&type=section&id=%28b%29%20Performance%20by%20geographical%20market) Revenue by Geographical Market (Six Months Ended April 30) | Market | 2025 ($) | 2024 ($) | Change (%) | | :------------ | :--------- | :--------- | :--------- | | Canada | 268,805 | 230,831 | 16.45% | | USA | 11,000 | 20,531 | -46.43% | | International | 460 | 965 | -52.33% | | **Total Revenue** | **280,265** | **252,327** | **11.07%** | Income (Loss) from Operations by Geographical Market (Six Months Ended April 30) | Market | 2025 ($) | 2024 ($) | | :------------ | :--------- | :--------- | | Canada | 7,366 | 3,770 | | USA | (5,847) | 286 | | International | (520) | 723 | | **Total** | **999** | **4,779** | - **Corporate overhead** is included in the geographical market in which it was incurred[77](index=77&type=chunk) [23. Related party transactions](index=35&type=section&id=23.%20Related%20party%20transactions) The Company engages in operational and financing transactions with **related parties**. This includes leasing an office and warehouse from **Grover Properties Inc.**, a company related through a common controlling shareholder and CEO, at market rates. Additionally, the President and CEO provided a **limited recourse guarantee** for the Company's **\$19,000 thousand credit facility** - The Company leases an office and warehouse unit from **Grover Properties Inc.**, a company related through a common controlling shareholder and the President & CEO[79](index=79&type=chunk) - The lease was established at prevailing market rates by an independent real estate valuation services company, with annual lease payments totaling **\$386 thousand**[79](index=79&type=chunk) - The President and CEO provided a **limited recourse guarantee** against **\$5,000 thousand** worth of High Tide Inc. shares for the **\$19,000 thousand demand term loan** with **Connect First credit union**[80](index=80&type=chunk) [a) Operational transactions](index=35&type=section&id=%28a%29%20Operational%20transactions) - An office and warehouse unit is leased from **Grover Properties Inc.**, a related company, at prevailing market rates[79](index=79&type=chunk) - Annual lease payments total **\$386 thousand**, with a current term of **5 years** ending **December 31, 2028**, and one additional **5-year extension option**[79](index=79&type=chunk) [b) Financing transactions](index=35&type=section&id=%28b%29%20Financing%20transactions) - The President and CEO provided a **limited recourse guarantee** against **\$5,000 thousand** of High Tide Inc. shares for the **\$19,000 thousand demand term loan** with **Connect First credit union**[80](index=80&type=chunk) - This personal guarantee is only available after all collection efforts against High Tide Inc. have been exhausted[81](index=81&type=chunk) [24. Right-of-use assets and lease liabilities](index=37&type=section&id=24.%20Right-of-use%20assets%20and%20lease%20liabilities) The net book value of **right-of-use assets** decreased slightly to **\$35,565 thousand** as of **April 30, 2025**, due to **depreciation and terminations**, partially offset by additions. **Lease liabilities** also decreased to **\$39,809 thousand**, with **\$2,725 thousand** in **variable operating costs** paid during the six-month period Right-of-Use Assets and Lease Liabilities | Item | April 30, 2025 ($) | November 1, 2024 ($) | | :-------------------------- | :------------------- | :------------------- | | Right of use assets (Net Book Value) | 35,565 | 36,525 | | Lease Liabilities (Total) | 39,809 | 40,207 | | Current portion of lease liabilities | 9,502 | 8,816 | | Non-current lease liabilities | 30,307 | 31,391 | - For the six months ended **April 30, 2025**, net additions to **right-of-use assets** were **\$6,496 thousand**, **depreciation expense** was **\$5,446 thousand**, and **lease liability payments** totaled **\$4,889 thousand**[83](index=83&type=chunk) - The Company paid **\$2,725 thousand** in **variable operating costs** associated with leases for the six months ended **April 30, 2025**, expensed under general and administrative expenses[83](index=83&type=chunk) [25. Capital management](index=37&type=section&id=25.%20Capital%20management) The Company's **capital management objectives** include exploring **profitable growth opportunities**, providing appropriate **shareholder returns**, maintaining **financial flexibility**, and executing **strategic opportunities**. Its **capital structure** consists of **equity and working capital**, and it anticipates **adequate liquidity** through a combination of cash flow, cash-on-hand, and necessary financings - The Company's objectives for **capital management** are to explore **profitable growth opportunities**, deploy capital for appropriate **shareholder returns**, maintain **financial flexibility**, and execute **strategic opportunities**[86](index=86&type=chunk) - The **capital structure** consists of **equity and working capital**[84](index=84&type=chunk) - The Company anticipates **adequate liquidity** to fund future working capital, commitments, and capital expenditures through cash flow, cash-on-hand, and financings[84](index=84&type=chunk) [26. Contingent liability](index=37&type=section&id=26.%20Contingent%20liability) The Company is subject to **routine litigation and employment claims** in the normal course of business. While liabilities are recorded when a loss is **probable** and **estimable**, the Company currently believes no such proceedings will have a **material adverse effect** on its business, financial condition, or results of operations - The Company and its subsidiaries may become defendants in certain **employment claims** and other **routine litigation**[85](index=85&type=chunk) - A liability is recorded when a loss is **probable** and the amount can be **reasonably estimated**[85](index=85&type=chunk) - The Company believes no current legal proceedings will have a **material adverse effect** on its business, financial condition, or results of operations[85](index=85&type=chunk) [27. Non-controlling interest](index=39&type=section&id=27.%20Non-controlling%20interest) The **non-controlling interest** in the Company's subsidiaries decreased to **\$1,854 thousand** as of **April 30, 2025**, from **\$2,240 thousand** at the beginning of the period. For the six months ended **April 30, 2025**, the **net income attributable to non-controlling interests** was **\$181 thousand**, but **partner distributions** led to the overall decrease Non-controlling Interest Balance and Activity | Item | April 30, 2025 ($) | November 1, 2024 ($) | | :-------------------------- | :------------------- | :------------------- | | Opening balance, beginning of the period | 2,240 | 2,110 | | Net income (loss) attributed to NCI (6 months) | 181 | 531 | | Partner distributions | (567) | - | | **Balance, end of period** | **1,854** | **2,240** | Summarized Financial Information for Subsidiaries with NCI (April 30, 2025) | Item | Amount ($) | | :-------------------------- | :--------- | | Total current assets | 5,106 | | Total non-current assets | 5,699 | | Total current liabilities | (1,947) | | Total non-current liabilities | (389) | | Revenues (6 months) | 8,537 | | Net income (6 months) | 54 | | Total Comprehensive income (loss) (6 months) | 106 |

Financial Performance - The company generated $137.8 million in revenue for the second fiscal quarter of 2025, an increase of 11% year over year, and 12% when accounting for one fewer day in the quarter [7][11][13] - Gross profit was $35.5 million, consistent year over year, with a gross profit margin of 26%, down from 28% the previous year [11][13] - Adjusted EBITDA was $8.1 million, marking the 21st consecutive positive quarter, although it decreased from $10.0 million in the previous year [11][13] - The company reported a net loss of $2.8 million, compared to net income of $0.2 million in the prior year [11][13] Operational Highlights - The company operates 200 Canna Cabana locations across Canada, maintaining its position as the largest cannabis retail brand in the country [6][11] - Daily same-store sales increased by 6.2% year over year, the fastest growth rate in five quarters [11][12] - Canna Cabana achieved a 12% market share in the cannabis retail market, up from 11% the previous year [11][12] Membership Growth - Cabana Club membership reached 1.9 million, a 33% increase year over year, with ELITE memberships surpassing 97,000, a 120% increase year over year [11][12][17] - Global Cabana Club membership exceeded 5.87 million, including 104,700 ELITE members [11][12][17] Strategic Initiatives - The company is in exclusive discussions regarding a transaction with a leading German medical cannabis importer and wholesaler, with due diligence in the final stages [5][22] - The company submitted a model project proposal to the German Federal Office for Agriculture and Food related to the study of commercial cannabis use by adults [7][22] Product Offerings - The company currently sells 67 cannabis and accessory SKUs across its brands, with plans for new product launches expected this summer [8][20] - The company continues to expand its white label product offerings under the Queen of Bud and Cabana Cannabis Co. brands [20]

Core Viewpoint - High Tide Inc. is set to announce its financial and operational results for the second fiscal quarter of 2025 on June 16, 2025, after market close, with a subsequent webcast scheduled for June 17, 2025, to discuss these results and future expectations [1][2]. Company Overview - High Tide Inc. is recognized as the second-largest cannabis retailer globally by store count, with a focus on delivering value across all components of the cannabis industry [3][7]. - The company operates Canna Cabana™, the largest cannabis retail chain in Canada, with 200 locations across various provinces [3][4]. Retail Innovations and Offerings - High Tide has developed Fastendr™, an automated technology that enhances the retail experience through kiosks for browsing, ordering, and pickup [4]. - The company manages several leading e-commerce platforms for cannabis accessories, including Grasscity.com and Smokecartel.com [4]. Brand Portfolio - High Tide boasts a diverse brand roster, including Queen of Bud™, Cabana Cannabis Co™, and Daily High Club™, among others [5]. - The company is also involved in the CBD market through platforms like Nuleafnaturals.com and FABCBD.com [5][6]. Wholesale and Licensing - High Tide provides wholesale solutions via Valiant™ and engages in licensing agreements under the Famous Brandz™ name to promote cannabis culture [6]. Recognition and Growth - High Tide has been acknowledged as one of Canada's Top Growing Companies for four consecutive years and ranked number one in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023 [7][8].