High Tide (HITI) Registration Filing summary

Company overview and business model

• Operates as a vertically integrated, retail-focused cannabis company with 202 retail locations across Canada, primarily under the Canna Cabana brand, and a significant presence in online and wholesale distribution of cannabis accessories and hemp-derived products in the U.S., U.K., and Europe.

• Growth achieved through organic expansion and strategic acquisitions, including Meta Growth, Smoke Cartel, FABCBD, Daily High Club, Dankstop, Blessed, and NuLeaf.

• U.S. operations focus on ancillary cannabis products and hemp-derived goods, with strict compliance to state laws and ongoing monitoring of federal legal risks.

• The company also operates leading e-commerce platforms for cannabis accessories and CBD products, generating significant U.S. revenue.

Financial performance and metrics

• As of October 31, 2024, approximately 14% of assets, 6% of liabilities, and 8% of revenues were related to the U.S. cannabis industry.

• Net cash provided by operating activities for the three and six months ended April 30, 2025, was $8,256,000 and $8,938,000, respectively.

• No material changes in consolidated capitalization since the last interim financial statements.

Use of proceeds and capital allocation

• Up to $100,000,000 in securities may be issued, with net proceeds intended for general corporate purposes, funding operations, working capital, debt repayment, capital projects, and potential acquisitions.

• Management retains broad discretion over allocation of proceeds, which may also be used to fund negative cash flow from operations if necessary.