Slide 1: The Rising Tide of Cannabis
THE RISING TIDE OF CANNABIS Meet The Real-World Unbeatable Track Record Unmatchable Scale Wavemaker Relentless Growth Investor Presentation Real-World Results September 2026 1
Slide 2: Value Proposition
VALUE PROPOSITION • Leading specialty retailer (cannabis) and key innovator • Canna Cabana has the widest footprint by national store count (232 locations) of any brand • Average unit generates 1.8x in revenue vs peers1 • Same-store sales have increased by 171% since October 20212, while the average
Slide 3: Leveraging the Full-Force of Cannabis for Incredible Impact
LEVERAGING THE FULL-FORCE OF CANNABIS FOR INCREDIBLE IMPACT STOCK SYMBOLS TSXV:HITI High Tide is the proven community-grown, retail-forward NASDAQ:HITI FRA:2LYA cannabis enterprise purposefully structured to unleash the full value of the world’s most powerful plant. SHARE PRICE1 $3.98 AVERAGE DAILY
Slide 4: Canada – Adult Use Retail Cannabis: Canna Cabana Is the Clear Leader
CANADA – ADULT USE RETAIL CANNABIS CANNA CABANA IS THE CLEAR LEADER 4
Slide 5: Canadians Are Turning Away from Alcohol
CANADIANS ARE TURNING AWAY FROM ALCOHOL % OF CANADIANS AGED 18-34 WHO HAVE USED % OF CANADIANS AGED 35-64 WHO HAVE USED 90% ALCOHOL - PAST 12 MONTHS 90% ALCOHOL - PAST 12 MONTHS 85% 85% 80% 80% 75% 75% 70% 70% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 2016 2017 2018 2019 2020 2021 2022
Slide 6: Changing Consumer Preferences Away from Alcohol & Towards Cannabis
CHANGING CONSUMER PREFERENCES AWAY FROM ALCOHOL & TOWARDS CANNABIS • Canadian consumers have continued the broader CANNABIS SALES / CANNABIS + ALCOHOL SALES trend of consuming more cannabis and drinking less ACROSS CANADA 20% • Change in total sales for the year ended March 2025: 19% 18% • Alcohol:
Slide 7: Canadian Cannabis Market Keeps Growing & Canna Cabana Is Outpacing Peers
CANADIAN CANNABIS MARKET KEEPS GROWING & CANNA CABANA IS OUTPACING ITS PEERS 5 PROVINCES CANNABIS RETAIL SALES, LTM, $B • Adult use cannabis was legalized federally in $5.0 October 2018, and has grown to a $5.8B industry nationally. $4.5 • The five provinces where Canna Cabana $4.0 operates posted a
Slide 8: Canadian Cannabis – Consumer Preferences
CANADIAN CANNABIS – CONSUMER PREFERENCES Source: Altogether digital magazine published by Canna Cabana. 8
Slide 9: Canna Cabana – Largest Retailer of Cannabis in Canada
CANNA CABANA – LARGEST RETAILER OF CANNABIS IN CANADA • Large selection and shoppable layout are built on our 15+ years of experience catering to the cannabis consumer. • Stores laid out in an open, retail-friendly environment, allowing customers to view products. • An average store features ~500 SK
Slide 10: A Retail First: Stoking Community Through Our Discount Club
RETAIL A RETAIL FIRST: STOKING COMMUNITY THROUGH OUR DISCOUNT CLUB. • In October 2021, Canna Cabana launched the first of its kind cannabis discount club model globally. • Our discount club model, through our rapidly growing Cabana Club loyalty program (2.73MM members1), offers an unbeatable selecti
Slide 11: Largest Discount Club in the Industry
RETAIL LARGEST DISCOUNT CLUB IN THE INDUSTRY • Membership of the Cabana Club in CABANA CLUB MEMBERSHIP OVER TIME Canada has now reached 2.73MM1. 2,800,000 2,600,000 • Still growing – up 27% y/y1 in the last 2,400,000 2,200,000 12 months. 2,000,000 1,800,000 1,600,000 1,400,000 1,200,000 1,000,000 80
Slide 12: Canna Cabana Launches ELITE: Canada's First Paid Cannabis Subscription Program
CANNA CABANA LAUNCHES ELITE: CANADA’S FIRST PAID CANNABIS SUBCRIPTION PROGRAM. • In November 2022, Canna Cabana launched ELITE, the next evolution in our innovative discount club model1, further solidifying the loyalty loop with our Cabana Club members and providing a recurring high- margin revenue
Slide 13: ELITE Membership Continues to Grow
RETAIL ELITE MEMBERSHIP CONTINUES TO GROW • ELITE membership in Canada has now risen ELITE MEMBERSHIP SINCE LAUNCH to 186,0001. 200,000 • ELITE membership is up 62% y/y1. 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 01-Nov-22 01-Mar-23 01-May-23 01-Sep-23 01-Nov-23 01-May-24
Slide 14: Canna Cabana – Widening Lead in Consumer Awareness
RETAIL CANNA CABANA – WIDENING LEAD IN CONSUMER AWARENESS Canna Cabana is the brand RETAIL BANNER - NATIONAL CONSUMER AWARENESS most consumers are aware of 40% across the country, and ranked 35% # 1 across every jurisdiction measured. 30% 25% Lead vs competitors continues to 20% widen 15% * Tokyo Sm
Slide 15: Strong Customer Loyalty Across the Board
RETAIL STRONG CUSTOMER LOYALTY – ACROSS THE BOARD… WHERE DO YOU SHOP MOST OFTEN? - ALL USERS RETAIL BANNER - SHOP MOST OFTEN 25% 25% 20% 20% 15% 15% 10% 10% 5% 5% 0% 0% Canna Fire & Value Buds Tokyo Ontario Spiritleaf Plantlife The Hunny Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Cabana Flower
Slide 16: Canna Cabana Same-Store Sales Significantly Outpacing National Retail Trends
RETAIL CANNA CABANA SAME-STORE SALES SIGNIFICANTLY OUTPACING NATIONAL RETAIL TRENDS • Canna Cabana same-store sales have CANNA CABANA CUMULATIVE SSS CHANGE VS increased 171% between October 2021 CUMULATIVE TOTAL SALES INCREASE (5 PROVINCES) and June 2026 as consumers have come 180% 170% to appreciat
Slide 17: Outperforming Store Economics
RETAIL OUTPERFORMING STORE ECONOMICS • The average Canna Cabana store in Alberta1 ANNUALIZED REVENUE PER STORE (MM) generates 1.9x the revenue vs. peers in the $3.5 province. $3.0 • Excluding stores open less than six months (which are still ramping up), the average $2.5 Canna Cabana store in Ontari
Slide 18: Rising Market Share
RETAIL RISING MARKET SHARE • Since launching our innovative discount Canna Cabana Market Share - ON, MB, SK & AB club concept, market share has increased 16% meaningfully over the past several 14% quarters. • Excluding British Columbia, where all 12% cannabis retailers are capped at eight 10% stores
Slide 19: Market Leading Sales Per Sq. Ft.
RETAIL MARKET LEADING SALES PER SQ. FT. Annualized Sales Per Sq. Ft. Retailer $/Sq Ft Description Costco1 $2,795 Global membership based retailer Yorkdale Shopping Centre2 $2,368 Canada's #1 mall by $/sq ft. Canna Cabana3 $1,721 Canada's leading cannabis retailer CF Toronto Eaton Centre2 $1,642 Cana
Slide 20: Impressive Retail Metrics
RETAIL IMPRESSIVE RETAIL METRICS • Canna Cabana had a shrink rate of just 0.2% during the three months ended July 2026. • G&A as a percentage of revenue of just 3.9% for the four quarters ending July 2026. • Prudent inventory management – Typically 18-21 days of cannabis inventory on hand. • Google
Slide 21: Real Estate Prowess
RETAIL REAL ESTATE PROWESS • Grocery & LCBO anchored plazas with additional interest in QSR, pharmacy, housewares & pet store co-tenants. • Strong existing relationships with key landlords position us to be their first call when new Tier 1 locations emerge. Ultimately, Canna Cabana’s outperformance
Slide 22: Cannabis White Label – Enhancing Margins & Building Owned Brands
CANNABIS WHITE LABEL1 - ENHANCING MARGINS & BUILDING OWNED BRANDS • As the leading retailer in the country with the most size and scale, white label presents an exciting opportunity to enhance margins and build our own brands in the market. • Primary brands are Queen of Bud and Cabana Cannabis Co. •
Slide 23: Free Cash Flow – A Rarity in Cannabis
FREE CASH FLOW – A RARITY IN CANNABIS • Prior to 2023, High Tide historically added 30-40 new stores a year. HITI STORE COUNT 250 • In 2023, we proactively slowed down new 225 store growth to reach our goal of becoming 200 175 free cash flow positive by December 2023. 150 Added 13 stores in 2023. 12
Slide 24: Long-Term Track Record of Results
LONG-TERM TRACK RECORD OF RESULTS Quarterly Financial Performance $200 $18 $180 $16 $14 $160 Adjusted EBITDA (MM) $12 $140 Revenue (MM) $10 $120 $8 $100 $6 $80 $4 $60 $2 $40 $0 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/24 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Revenue (
Slide 25: Meaningful Potential Growth in Hand in Canadian Bricks-and-Mortar Business
RETAIL MEANINGFUL POTENTIAL GROWTH IN HAND IN CANADIAN BRICKS-AND-MORTAR BUSINESS Current State1 Future State2 Change Bricks-and-mortar # of stores 232 350 51% Average revenue / store (MM)3 $2.8 $3.0 7% Revenue (MM) $650 $1,050 62% Adjusted EBITDA Margin % 7.5% 12.0% 60% Adjusted EBITDA (MM) $49 $12
Slide 26: Germany – Medical Cannabis: Remexian – Leading Importer & Wholesaler
GERMANY – MEDICAL CANNABIS REMEXIAN – LEADING IMPORTER & WHOLESALER 26
Slide 27: German Cannabis Market Is Showing Exponential Growth
GERMAN CANNABIS MARKET IS SHOWING EXPONENTIAL GROWTH GERMAN IMPORTS OF CANNABIS FLOWER,KG (3 MONTHS ENDING) • In April 2024, medical cannabis was 70,000 reclassified from a narcotic to a regulated 60,000 medicine in Germany. Prescriptions can now 50,000 40,000 be given by any physician, making acces
Slide 28: Canadian Cannabis Exports to Germany Setting New Highs
CANADIAN CANNABIS EXPORTS TO GERMANY SETTING NEW HIGHS • Canada exported $129MM of cannabis CANADIAN CANNABIS EXPORTS TO GERMANY, LAST to Germany during the three months THREE MONTHS ANNUALIZED, C$MM ended July 2026 ($517MM annual rate). $550 This was up 62% y/y, and almost 8x the $500 July 2024 lev
Slide 29: Remexian – High Tide's Entry into the German Cannabis Market
REMEXIAN – HIGH TIDE’S ENTRY INTO THE GERMAN CANNABIS MARKET • On September 2, 2025, High Tide acquired 51% of Remexian Pharma GmbH, for a purchase price of €26.4 million. • Remexian is a leading German medical cannabis importer and wholesaler and has a fully certified EU GDP warehouse. • Remexian g
Slide 30: Strategy Has Shown Tremendous Results Quickly
STRATEGY HAS SHOWN TREMENDOUS RESULTS QUICKLY • Since acquiring 51% of Remexian in September 2025: • Tonnage is up 165% to 10.2 tonnes distributed to the three months ended July 2026 • Market share of total German imports has increased from 6.5% to 10.5% to the three months ended March 2026 (based o
Slide 31: Strategy Has Shown Tremendous Results Quickly
STRATEGY HAS SHOWN TREMENDOUS RESULTS QUICKLY • Since acquiring 51% of Remexian in September 2025 to July 2026: • Monthly average revenue is up 160% to $12.7MM • Gross margin percentage has doubled to 26% • Adjusted EBITDA has gone from approximately breakeven to $17.6MM annualized Source: BfArM 31
Slide 32: Other Businesses: Consumption Accessories
OTHER BUSINESSES CONSUMPTION ACCESSORIES Brand Primary Markets Model U.S., U.K., Canada, Europe E-commerce (headquartered in Amsterdam) U.S. & international E-commerce Subscription box + U.S. e-commerce U.S. E-commerce Combined platform represented 1% of Q3/FY26 revenue. 32
Slide 33: Other Businesses: Owned CBD Brands
OTHER BUSINESSES OWNED CBD BRANDS Brand Primary Markets Go To Market Strategy Ownership U.S. – Based in Denver, CO, 90+% DTC 100% in a cGMP-certified facility U.S. – Consolidated into 100% DTC 100% NuLeaf’s facility U.K. DTC + Amazon.co.uk 80% Combined platform represented <1% of Q3/FY26 revenue. 33
Slide 34: Other Businesses: Valiant Distribution
OTHER BUSINESSES VALIANT DISTRIBUTION – HIGH TIDE’S NORTH AMERICAN DISTRIBUTION ARM Distribution network Manufacturing contracts 15+ YEARS >5,000 SKUs extends from our network with industry leading Experience in the design Extensive product catalog of facilities in Calgary, Las factories across the
Slide 35: Perpetually Pushing Forward for Continued Success
PERPETUALLY PUSHING FORWARD FOR CONTINUED SUCCESS • FUTURE ACQUISITIONS – TYPICAL TARGET CRITERIA • Complementary to our existing ecosystem • Immediately accretive to earnings (vs turnaround stories) • Increased store count in Canada, particularly Ontario (long-term target of 350+ stores) • Benefitt
Slide 36: A Relentless Team, Resolute in Purpose and Passion
A RELENTLESS TEAM, RESOLUTE IN PURPOSE AND PASSION MANAGEMENT TEAM BOARD OF DIRECTORS Raj Grover Sandy Sharma Raj Grover Founder, President & Chief Vice President, Executive Chairman Executive Officer Human Resources Chief Christian Sinclair Joy Avzar Mayank Mahajan Co-chair of Manitoba’s Northern C
Slide 37: Capital Structure
CAPITAL STRUCTURE “HITI” “HITI” “2LYA” LISTED ON LISTED ON LISTED ON SHARE CAPITALIZATION TABLE AS AT SEPTEMBER 28, 2026 COMMON SHARES - ISSUED AND OUTSTANDING 89,142,614 POTENTIAL SHARES FROM EXERCISE OF 8,598,877 WARRANTS1 POTENTIAL SHARES FROM STOCK OPTIONS2 1,894,580 POTENTIAL SHARES FROM RSUs 1
Slide 38: Disclaimer
DISCLAIMER NOT AN OFFERING MEMORANDUM targets, the ability of the Company to double its Adjusted contained in these materials and do not guarantee the EBITDA from the current state, the ability to finance growth over accuracy, completeness or timeliness of the information This presentation does not
Slide 39: Thank You
THE RISING TIDE OF CANNABIS THANK YOU Raj Grover High Tide Inc. Founder, President, 11127 15th St. NE CEO & Executive Chairman Unit #112 raj@hightideinc.com Calgary, AB T3K 2M4 T (403) 265.4207 TF 1.888.9.420.420 hightideinc.com 39