High Tide, Inc. · TSXV:HITI
High Tide — Investor Presentation (May 2026)
42 slides from High Tide's investor presentation, May 2026
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 May 2026 1
Slide 2: 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 $3.33 AVERAGE DAILY
Slide 3: Value Proposition
VALUE PROPOSITION • Leading specialty retailer (cannabis) and key innovator • Widest footprint by national store count for any brand • Average unit generates 1.9x in revenue vs peers1 • Same-store sales have increased by 161% since October 20212, while the average operator has experienced a 4% decli
Slide 4: Canada – Adult Use Retail Cannabis
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 Its Peers
CANADIAN CANNABIS MARKET KEEPS GROWING & CANNA CABANA IS OUTPACING ITS PEERS • Adult use cannabis was legalized federally in 5 PROVINCES CANNABIS RETAIL SALES, LTM, October 2018, and has grown to a $5.7B $B industry nationally. $5.0 • The five provinces where Canna Cabana $4.5 operates posted a reco
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 (2.58MM 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 2.58MM1. 2,600,000 2,400,000 • Still growing – up 47% y/y1 – fastest 2,200,000 2,000,000 growth rate in 10 quarters. 1,800,000 1,600,000 1,400,000 1,200,000 1,000,0
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 SINCE LAUNCH • ELITE membership in Canada has now risen 180,000 to 162,0001. 160,000 • ELITE membership is up 100% y/y1. 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 1 As at March 17, 2026.. 13
Slide 14: Canna Cabana – Widening Lead in Consumer Awareness
RETAIL CANNA CABANA – WIDENING LEAD IN CONSUMER AWARENESS CANNA CABANA RETAIL BANNER - NATIONAL CONSUMER AWARENESS GEOGRAPHICAL RANK 30% • National - #1 • Manitoba / Saskatchewan - #1 • Ontario - #1 25% • BC - #1 • Quebec - #1 20% • Alberta - #2 15% * Tokyo Smoke filed for creditor protection – Augu
Slide 15: Strong Customer Loyalty…
RETAIL STRONG CUSTOMER LOYALTY… WHERE DO YOU SHOP MOST OFTEN? - ALL USERS 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Canna Cabana Fire & Flower Spiritleaf Tokyo Smoke Plantlife The Hunny Pot Value Buds True North Cannabis Co. Source: Rebel & Thorn Cannatrack Retailer Insights Q3 15
Slide 16: …Particularly Among Coveted Daily Users
RETAIL … PARTICULARLY AMONG COVETED DAILY USERS WHERE DO YOU SHOP MOST OFTEN? - DAILY USERS 60% 50% 40% 30% 20% 10% 0% Canna Cabana Spiritleaf National Average Fire & Flower Tokyo Smoke Daily users move the market and are about 2x more likely to shop most often at Canna Cabana than our closest peer.
Slide 17: 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 161% between October 2021 CUMULATIVE TOTAL SALES INCREASE (5 PROVINCES) and January 2026 as consumers have 170% 160% 150% come to a
Slide 18: 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. • Excluding stores open less than six months $3.0 (which are still ramping up), the average $2.5 Canna Cabana store in Ontari
Slide 19: Rising Market Share
RETAIL RISING MARKET SHARE Since launching our innovative discount club CANNA CABANA NATIONAL MARKET SHARE concept, market share in the five provinces 14% (5 PROVINCES) we operate has experienced an upward 13% trend over the past several quarters. We 12% 11% reported an average market share of 12% f
Slide 20: 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 $2,301 Canada's #1 mall by $/sq ft. Canna Cabana3 $1,728 Canada's leading cannabis retailer CF Toronto Eaton Centre2 $1,500 Cana
Slide 21: Impressive Retail Metrics
RETAIL IMPRESSIVE RETAIL METRICS • Canna Cabana had a shrink rate of just 0.3% during the three months ended January 2025. • G&A as a percentage of revenue of just 4.3% for the four quarters ending January 2026. • Prudent inventory management – Typically 18-21 days of cannabis inventory on hand. • G
Slide 22: 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 23: Free Cash Flow – A Rarity in Cannabis
FREE CASH FLOW – A RARITY IN CANNABIS • Prior to 2023, High Tide historically added HITI STORE COUNT 250 30-40 new stores a year. 225 200 • In 2023, we proactively slowed down new 175 store growth to reach our goal of becoming 150 125 free cash flow positive by December 2023. 100 Added 13 stores in
Slide 24: Long-Term Track Record of Results
LONG-TERM TRACK RECORD OF RESULTS Quarterly Financial Performance $200 $14 $180 $12 $160 $10 Adjusted EBITDA (MM) $140 Revenue (MM) $8 $120 $6 $100 $4 $80 $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 Revenue (MM) Adjusted EBITDA
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 221 350 58% Average revenue / store (MM)3 $2.8 $3.0 7% Revenue (MM) $619 $1,050 70% Adjusted EBITDA Margin % 8.0% 12.0% 50% Adjusted EBITDA (MM) $50 $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 • 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 be given by any physician, making access far 40,000 easier. 30,
Slide 28: 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 an estimated purchase price of €26.4 million. • Remexian is a leading German medical cannabis importer and wholesaler and has a fully certified EU GDP warehouse. •
Slide 29: Canadian Cannabis Exports to Germany Setting New Highs
CANADIAN CANNABIS EXPORTS TO GERMANY SETTING NEW HIGHS • Canada exported $72MM of cannabis to CANADIAN CANNABIS EXPORTS TO Germany during the three months ended GERMANY, LAST THREE MONTHS February 2026 ($290MM annual rate) – ANNUALIZED, C$MM up 74% y/y. $400 • We believe High Tide’s relationships wi
Slide 30: Fastendr Technology – Enhanced Customer Experience
RETAIL FASTENDR TECHNOLOGY - ENHANCED CUSTOMER EXPERIENCE FOR THOSE WHO KNOW WHAT THEY WANT • Acquired by High Tide in February 2022, Fastendr is a unique and fully automated technology that integrates retail kiosks to facilitate a better buying experience through browsing, ordering and pickup. • Th
Slide 31: 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 32: Changes to Legislative & Regulatory Landscape in Canadian Jurisdictions
CHANGES TO LEGISLATIVE & REGULATORY LANDSCAPE IN CANADIAN JURISDICTIONS CANADA December 2022: Increased the public possession limit for cannabis beverages, resulting in the legal sale of 6 packs of cannabis drinks. June 2024: Simplified packaging rules, allowing for color differentiation, cut-out wi
Slide 33: Changes to Legislative & Regulatory Landscape in Canadian Jurisdictions
CHANGES TO LEGISLATIVE & REGULATORY LANDSCAPE IN CANADIAN JURISDICTIONS ALBERTA March 2022: Closed government e-commerce site and allowed private retailers to take over e-commerce and home delivery. August 2022: Lifted the prohibition on street visibility of cannabis products, removing the requireme
Slide 34: Changes to Legislative & Regulatory Landscape in Canadian Jurisdictions
CHANGES TO LEGISLATIVE & REGULATORY LANDSCAPE IN CANADIAN JURISDICTIONS MANITOBA May 2023: Eliminated the 6% Social Responsibility fee for retailers retroactively from January 1, 2022. April 2024: Announces a 6-month moratorium for controlled-access licenses in all cities in the province to review t
Slide 35: 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 Q1/FY26 revenue. 35
Slide 36: 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 Q1/FY26 revenue. 36
Slide 37: 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 38: 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 39: 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 40: Capital Structure
CAPITAL STRUCTURE “HITI” “HITI” “2LYA” LISTED ON LISTED ON LISTED ON SHARE CAPITALIZATION TABLE AS AT MAY 11, 2026 COMMON SHARES - ISSUED AND OUTSTANDING 87,897,858 POTENTIAL SHARES FROM EXERCISE OF 8,598,877 WARRANTS1 POTENTIAL SHARES FROM STOCK OPTIONS2 2,467,582 POTENTIAL SHARES FROM RSUs 1,907,1
Slide 41: 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 42: 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 42