High Tide to Acquire Crossroads Cannabis, Adding Four Established Cannabis Retail Stores in Ontario

This news launch constitutes a “specified information release” for the functions of the Company’s prospectus complement dated December 3, 2021 to its brief shape base shelf prospectus dated April 22, 2021.

High Tide Inc. (“High Tide” or the “Company”) (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a leading retail-centered cannabis employer with bricks-and-mortar as well as global e-trade property, is thrilled to announce that it is taking yet another step to expand its bricks-and-mortar retail cannabis operations, by means of entering into a definitive settlement (the “Acquisition Agreement”) pursuant to which High Tide will gather 4 working retail cannabis stores in Ontario (the “Stores”) underneath the call Crossroads Cannabis (“Crossroads”), for CAD$2.Five Million (the “Transaction”). The Stores are positioned in Stratford, Woodstock, Hanover and Markdale. The Stratford shop is located in a retail plaza anchored via a country wide discount grocery chain. The Woodstock shop is placed in a shopping centre anchored by means of a massive country wide home improvement shop. The Hanover keep is positioned in a strength centre with numerous anchors along with country wide grocery and huge field retail chains. The Markdale keep is well-positioned right now beside the provincial liquor store. For the 3 months ended December 31, 2021, Crossroads generated annualized sales of CAD$7.6 Million and annualized Adjusted EBITDA1 of CAD$zero.7 Million. The purchase fee represents three.5x annualized Adjusted EBITDA for the 3 months ended December 31, 2021.

The Stratford Crossroads place turned into the first to open in the metropolis and has significant tiers of goodwill from early customers within the network,” stated Raj Grover, President and Chief Executive Officer of High Tide. “As consolidation inside the Canadian retail cannabis area has picked up steam, we’ve turn out to be the acquirer of preference. This has allowed us to be strategic in figuring out where to expand inside Ontario, bringing our progressive discount membership version to groups which we’ve got not but been capable of serve at once. The pandemic has ended in longer lead times to open stores organically, and by consolidating the retail landscape via accretive acquisitions, we’re retaining up the momentum of universal keep enlargement. We anticipate to announce extra retail keep acquisitions in the close to time period as we move toward our purpose of reaching a hundred and fifty stores via the cease of calendar 2022. I would like to offer a heat welcome to the Crossroads group as they join the High Tide own family,” brought Mr. Grover.