High Tide, Inc. · TSXV:HITI
High Tide — Investor Presentation (September 2025)
35 slides from High Tide's investor presentation, Sep 17, 2025
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 2025 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 cannabis enterprise purposefully structured to unleash the FRA:2LYA full value of the world’s most powerful plant. SHARE PRICE1 $5.12 Through its wh
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 2.1x in revenue vs peers1 • Same-store sales have increased by 137% since October 20212, while the average operator has experienced a 2% decli
Slide 4: Canadian Cannabis Market Keeps Growing
CANADIAN CANNABIS MARKET KEEPS GROWING • Adult use cannabis was legalized federally in October 5 PROVINCES CANNABIS 2018, and has grown to a $5.5B industry nationally. RETAIL SALES, LTM, $B • The five provinces where Canna Cabana operates $5.0 posted a record $4.5B in LTM sales in June 2025, up 5% $
Slide 5: Canadian Cannabis – Consumer Preferences
CANADIAN CANNABIS – CONSUMER PREFERENCES Source: Altogether digital magazine published by Canna Cabana. 5
Slide 6: 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 7: 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 (2.15MM members1), offers an unbeatable selecti
Slide 8: 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 2.15+MM1. 2,200,000 • Still growing – up 39% y/y1. 2,000,000 1,800,000 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 Discount club model l
Slide 9: 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 10: ELITE Membership Continues to Grow
RETAIL ELITE MEMBERSHIP CONTINUES TO GROW • ELITE membership in Canada has now risen to 115,0001. ELITE MEMBERSHIP SINCE • ELITE membership is up 102% y/y1, and at LAUNCH 140,000 its fastest pace on onboarding since inception – despite raising the annual 120,000 membership price to $35 (from $30). 1
Slide 11: 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 increased 137% between October 2021 VS CUMULATIVE TOTAL SALES INCREASE (5 and June 2025 as consumers have come PROVINCES) to appreciate the offe
Slide 12: Outperforming Store Economics
RETAIL OUTPERFORMING STORE ECONOMICS • The average Canna Cabana store in Alberta1 generates 1.8x the revenue vs. peers in the ANNUALIZED REVENUE PER province. STORE (MM) $4.0 • Excluding stores open less than six months (which are still ramping up), the average $3.5 Canna Cabana store in Ontario1 ge
Slide 13: Rising Market Share
RETAIL RISING MARKET SHARE Since launching our innovative discount club concept, market share in the five provinces we CANNA CABANA NATIONAL operate has experienced an upward trend over MARKET SHARE (5 PROVINCES) the past several quarters. We reported an 13% average market share of 12% during May an
Slide 14: Market Leading Sales per Sq. Ft.
RETAIL MARKET LEADING SALES PER SQ. FT. Annualized Sales Per Sq. Ft. Retailer $/Sq Ft Description Costco1 $2,594 Global membership based retailer Yorkdale Shopping Centre2 $2,301 Canada's #1 mall by $/sq ft. Canna Cabana3 $1,735 Canada's leading cannabis retailer CF Toronto Eaton Centre2 $1,500 Cana
Slide 15: Impressive Retail Metrics
RETAIL IMPRESSIVE RETAIL METRICS • Canna Cabana had a shrink rate of just 0.2% during the three months ended July 2025. • G&A as a percentage of revenue of just 4.4% for the four quarters ending Q3 2025. • Prudent inventory management – Typically 18-21 days of cannabis inventory on hand. • Google ra
Slide 16: 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 17: 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 18: 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 50,000 reclassified from a narcotic to a 45,000 40,000 regulated medicine in Germany. 35,000 Prescriptions can now be given by any 30,000 physician, making access far easi
Slide 19: Canadian Cannabis Exports to Germany Setting New Highs
CANADIAN CANNABIS EXPORTS TO GERMANY SETTING NEW HIGHS • Canada exported a record $74.4MM of CANADIAN CANNABIS EXPORTS TO cannabis to Germany during the three GERMANY, LAST THREE MONTHS months ended July 2025 ($297.9MM ANNUALIZED, C$MM annual rate) – up 350% y/y. $300 • We believe High Tide’s relati
Slide 20: An Unbeatable Record of Consolidated Results
AN UNBEATABLE RECORD OF CONSOLIDATED RESULTS SUMMARY INCOME STATEMENT (IN THOUSANDS OF CAD) 4Q23 1 1Q24 2Q24 3Q24 4Q24 2 1Q25 2Q25 3Q25 (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) FY2023 FY2024 LTM REVENUE $127,105 $128,068 $124,259 $131,685 $138,2
Slide 21: Free Cash Flow – A Rarity in Cannabis
FREE CASH FLOW – A RARITY IN CANNABIS • Prior to 2023, High Tide historically added HITI STORE COUNT 30-40 new stores a year. 225 • In 2023, we proactively slowed down new 200 175 store growth to reach our goal of becoming 150 125 free cash flow positive by December 2023. 100 Added 13 stores in 2023
Slide 22: Meaningful Potential Growth in Hand Even Before Contribution from Remexian
RETAIL MEANINGFUL POTENTIAL GROWTH IN HAND EVEN BEFORE CONTRIBUTION FROM REMEXIAN Current State1 Future State2 Change Bricks-and-mortar # of stores 207 300 45% Average revenue / store (MM)3 $2.8 $3.0 7% Revenue (MM) $580 $900 55% Adjusted EBITDA Margin % 7.0% 9.0% 29% Adjusted EBITDA (MM) $41 $81 10
Slide 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 2% of Q3/FY25 revenue. 28
Slide 29: 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/FY25 revenue. 29
Slide 30: 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 31: 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 300+ stores) • Benefitt
Slide 32: 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 Joy Avzar Andrea Elliott Mayank Mahajan Vice President & Legal EVP Direct to Consum
Slide 33: Capital Structure
CAPITAL STRUCTURE “HITI” “HITI” “2LYA” LISTED ON LISTED ON LISTED ON SHARE CAPITALIZATION TABLE AS AT SEPTEMBER 16, 2025 COMMON SHARES - ISSUED AND OUTSTANDING 87,075,880 POTENTIAL SHARES FROM EXERCISE OF 8,662,377 WARRANTS1 POTENTIAL SHARES FROM STOCK OPTIONS2 2,623,082 POTENTIAL SHARES FROM RSUs 9
Slide 34: 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 35: 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 35