High Tide Inc. ("High Tide" or the "Company") (NASDAQ:HITI) (TSXV:HITI) (FSE: 2LYA), the high-impact, retail-forward enterprise built to deliver real-world value across every component of cannabis, announced today that it is taking yet another step to expand its bricks-and-mortar retail cannabis operations, by entering into a definitive agreement (the "Acquisition Agreement") pursuant to which High Tide will acquire 100% of the equity interest of J. Supply Holdings Inc., operating as Northern Helm ("Northern Helm"), resulting in High Tide's acquisition of four of the six retail cannabis stores currently operated by Northern Helm in Ontario (the "Stores") for $7.74 Million (the "Transaction"). The Stores are located at 2377 Highway 2 in Bowmanville, 225 Gore Road in Kingston, 1414 King St. E in Courtice, and 199 Wentworth St W in Oshawa. These acquisitions will bring High Tide's total store count to 228 Canna Cabana locations across Canada and 103 in the province of Ontario.

"This acquisition highlights exactly how we intend to continue creating shareholder value: acquiring strong cash-flowing assets at reasonable multiples, integrating them into our proven operating platform, and compounding earnings over time. Surpassing 100 stores in Ontario will be a significant achievement, but we view it as another step toward our long-term objective of building a 350-plus store network that remains unmatched in scale, efficiency, and customer loyalty," said Raj Grover, Founder and Chief Executive Officer of High Tide.

"At the same time, the success of our medical cannabis division demonstrates that High Tide is evolving into much more than a retail company. As our retail business continues to outperform and gain market share, our medical cannabis platform is rapidly emerging as a second engine of growth. With strong momentum across both segments, multiple avenues for expansion, and a proven ability to execute, I believe we are exceptionally well-positioned to continue widening our competitive moat, compounding shareholder value, and delivering sustainable growth for years to come. I look forward to sharing our progress with the release of financial and operational results for the second fiscal quarter at the close of markets today," added Mr. Grover.

Transaction Details

The Transaction, which is an arm's length transaction, is subject to, among other things, receipt of the required approvals from the TSX Venture Exchange ("TSXV") and the Alcohol and Gaming Commission of Ontario ("AGCO"), and the satisfaction of other customary conditions of closing, and is expected to close in the coming weeks. The consideration (the "Consideration") for the 100% of equity interests acquired will be approximately $3.2M in assumed debt with a 2% interest rate, with 40% of the remaining amount paid in cash, (approximately $1.83M), and the remaining 60% (approximately $2.75M) paid in common shares of High Tide ("High Tide Shares") on closing (the "Closing") on the basis of a deemed price per High Tide Share equal to the 10-day volume weighted average price of the High Tide Shares on the TSXV ending on the trading day that is three business days prior to the Closing date, subject to a floor price equal to the Discounted Market Price (as defined by the TSXV) as of the day prior to this news release. The High Tide Shares will be subject to a statutory and contractual hold period of four months and one day from the date of Closing. The purchase price represents 4.5x the annualized Adjusted EBITDA of the Stores for the three months ended March 31, 2026.