High Tide Recaps Milestones of 2021

High Tide Inc. (“High Tide” or the “Company”) (TSXV: HITI) (Nasdaq: HITI) (FSE: 2LYA), a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, is pleased to reflect on its key milestones of 2021 and their strategic significance for the Company moving forward. From the acquisition of six new e-commerce platforms in the hemp-derived CBD and consumption accessories sectors, making High Tide a major global online player with over 2.92 million customers in its international database, to the launch of an innovative discount club model, the Cabana Club, which has led to a dramatic increase in membership that now stands at over 320,000 nationally, to the organic construction and opening of 48 new bricks-and-mortar cannabis retail stores in Canada, bringing the Company’s total to 105 stores across the country.

High Tide's 2021 Highlights:

• Total revenue for the nine months ended July 31, 2021 increased to CAD$127 million from CAD$58 million for the nine months ended July 31, 2020. Annualizing the revenue generated in the quarter ended July 31, 2021, and adding the disclosed annual contributions of Blessed CBD and NuLeaf Naturals, results in a current revenue run rate of approximately CAD$226 million.
• Adjusted EBITDA for the nine months ended July 31, 2021 increased to CAD$10.9 million from CAD$4.3 million for the nine months ended July 31, 2020.
• Improved the Company's balance sheet through several transactions, reducing debt from CAD$72 million as of December 31, 2020, to CAD$31 million today, with only $1.6 million maturing over the next 12 months.
• Acquired six new e-commerce platforms outside of Canada in the hemp-derived CBD and consumption accessories sectors, leading to an increase in international revenue run rate from approximately CAD$11 million on January 1, 2021 to approximately CAD$80 million today.
• Grew international customer database to over 2.92 million customers outside of Canada.
• Launched an innovative discount club concept, the Cabana Club, which has led to a dramatic increase in membership from approximately 75,700 on January 1, 2021, to over 320,000 across Canada today, with a rise in average daily transactions conducted by Cabana Club members from approximately 55% prior to the launch to over 85% today.
• Organically built and opened 48 new bricks-and-mortar cannabis retail stores in Canada, bringing the total retail store count to 105.
• Became the first major cannabis retailer to trade on the Nasdaq, resulting in more institutional participation in the Company’s stock as well as an increase in analysts covering the Company’s shares from two at the beginning of 2021 to six today.
• High Tide was named as one of Canada’s Top Growing Companies of 2021 by The Globe and Mail’s Report on Business magazine, with a three-year audited growth rate of 733%.
• High Tide was awarded the Best Canadian Cannabis Company of the Year at the 2021 KIND Awards.

"On behalf of the executive team and the board of directors, I would like to thank our customers, and shareholders for their continued support despite all the challenges the world faced in 2021. With their support, High Tide has emerged as a major player in cannabis bricks-and-mortar retail, with a rapidly growing global e-commerce presence. High Tide was also named the Best Canadian Cannabis Company of the Year at the KIND Awards, and this recognition is a direct result of our team’s tireless efforts and execution throughout the year," said Raj Grover, President & Chief Executive Officer of High Tide. "We are going to be ending the year with 105 retail stores across Canada, just shy of our original goal of 110, due to ongoing delays in securing building permits. However, we remain confident that we will end 2022 with over 150 retail stores in Canada, including in the British Columbia market, and will continue attracting legacy market consumers through our innovative discount club model. We have some very exciting initiatives lined up for 2022, and I look forward to sharing those details in the new year. We remain excited about our path ahead and look forward to delivering another banner year for our customers and shareholders," added Mr. Grover.