CORRECTING and REPLACING High Tide Reports Third Quarter 2022 Financial Results Featuring a 98% Increase in Revenue and

This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated December 3, 2021, to its short form base shelf prospectus dated April 22, 2021.

• Same-store Sales Increased by 46% Compared to the Same Quarter Last Year and 18% Sequentially

• Reports 77% Sequential Increase in Adjusted EBITDA to $4.2 Million

• Current Annual Revenue Run Rate of Over $400 Million and Is Now Within Striking Distance of Having the Highest Revenue of Any Cannabis Company Reporting in Canadian Dollars

• The Cabana Club Loyalty Program, which is the largest in Canadian cannabis retail, has Surpassed 750,000 Members, with over 90% of daily transactions conducted by club members

• Anticipates Launching Enhanced Fee-Based Cabana Elite Membership Program by the end of calendar 2022

CALGARY, Alberta, September 14, 2022–(BUSINESS WIRE)–In the financial table Selected financial information for the three and nine months ended July 31, 2022, Loss per share (Basic), Three months ended July 31, 2022 should read: (0.04) instead of (0.05); Loss per share (Basic), Three months ended July 31 Change should read: 33% instead of 67%.

The updated release reads:

HIGH TIDE REPORTS THIRD QUARTER 2022 FINANCIAL RESULTS FEATURING A 98% INCREASE IN REVENUE AND TENTH STRAIGHT QUARTER OF POSITIVE ADJUSTED EBITDA

This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated December 3, 2021, to its short form base shelf prospectus dated April 22, 2021.

• Same-store Sales Increased by 46% Compared to the Same Quarter Last Year and 18% Sequentially

• Reports 77% Sequential Increase in Adjusted EBITDA to $4.2 Million

• Current Annual Revenue Run Rate of Over $400 Million and Is Now Within Striking Distance of Having the Highest Revenue of Any Cannabis Company Reporting in Canadian Dollars

• The Cabana Club Loyalty Program, which is the largest in Canadian cannabis retail, has Surpassed 750,000 Members, with over 90% of daily transactions conducted by club members

• Anticipates Launching Enhanced Fee-Based Cabana Elite Membership Program by the end of calendar 2022

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High Tide Inc. (“High Tide” or the “Company“) (NASDAQ: HITI) (TSXV: HITI) (FSE: 2LYA), a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, filed its financial results for the third fiscal quarter of 2022 ended July 31, 2022, the highlights of which are included in this news release. The full set of condensed interim consolidated financial statements for the three and nine months ended July 31, 2022 (the “Financial Statements“) and accompanying management’s discussion and analysis can be accessed by visiting High Tide’s website at www.hightideinc.com, its profile pages on SEDAR at www.sedar.com, and EDGAR at www.sec.gov.

Third Quarter 2022 – Financial Highlights:

• Revenue increased to $95.4 million in the third quarter of 2022 compared to $48.1 million in the same quarter last year, representing an increase of 98%. Sequentially, revenue increased by 18% compared to the second quarter of 2022

• Gross profit increased by 54% to $25.8 million in the third quarter of 2022 compared to $16.7 million in the same quarter last year

• Gross profit margin in the three months ended July 31, 2022, was 27% compared to 35% in the same quarter last year. The shift in the gross margin was due to a change in retail pricing strategy to a discount club model. Sequentially, the gross profit margin was relatively on par with the previous quarter, which closed at 28%

• Adjusted EBITDA¹ for the three months ended July 31, 2022, was $4.2 million compared to $1.5 million for the same quarter last year, representing an increase of 176%. Sequentially, Adjusted EBITDA increased by 77% compared to $2.4 million during the previous quarter

• Cabanalytics data sales were $5.5 million in the third quarter of 2022 compared to $3.8 million for the same quarter last year. Sequentially, Cabanalytics data sales increased by 7% compared to $5.1 million the previous quarter

• For locations operational throughout the third fiscal quarter of 2022 and 2021, same-store sales increased by 46%. Sequentially, same-store sales increased by 18% compared to the previous quarter

• Geographically, in the third quarter of 2022, $80.7 million of revenue was earned in Canada, $12.7 million in the United States and $1.9 million internationally. Compared to the third quarter of 2021, revenue increased by 110% in Canada, 33% in the United States, and 1,486% internationally

• Cash on hand as of July 31, 2022, totalled $18.3 million compared to $14.0 million as of October 31, 2021

“Our team continues to deliver strong execution, and this shows in our third quarter results, which feature quarterly revenue of $95 million, representing 98% annual growth, as well as a 176% annual increase in Adjusted EBITDA, making this the tenth consecutive quarter of positive Adjusted EBITDA for High Tide. These impressive numbers come despite hyper-competitive cannabis retail markets across Canada and a global softening of e-commerce sales as pandemic-related restrictions are continuing to be lifted. High Tide now sits within striking distance of having the highest revenue of any cannabis company reporting in Canadian dollars. Our same-store sales have continued their upward trajectory, increasing by 46% year over year and 18% sequentially. This growth continues to be propelled by our innovative discount club model, which is specifically tailored to our Company’s unique position in the market through our diversified ecosystem. I am also very happy to report that our Cabana Club loyalty program, which is the largest of its kind in Canada, now sits at over 750,000 members, which represents more than 12% of the cannabis users across the country, excluding Quebec per Statistics Canada data. This membership number was our initial goal when we launched our discount club model last October, and we have now met our target in under a year. We look forward to rolling out our Cabana Elite program in the near term. This program will let members access additional benefits for a small recurring fee, while the existing Cabana Club program will remain free of charge,” said Raj Grover, President and Chief Executive Officer of High Tide.

“Our rapidly increasing sales and focus on cost control led us to generating $2.3 million in cash flow from operations before non-cash working capital for the quarter ended July 31, 2022, which was up meaningfully versus the prior quarter and the third fiscal quarter of 2021. Our selling, general and administrative expenses (“SG&A“) relative to our peer group has always been conservative; however, we remain focused on further controlling our costs to drive even more cash flows for our shareholders. On the mergers and acquisitions (“M&A“) front, subsequent to the end of the quarter, we added nine stores from Choom Holdings Inc. (“Choom“), and currently have many other prospects which are both accretive and strategic, that we are in the process of analyzing.

“I have always strived to underpromise and over-deliver. This is a value that I consistently instill in our team. We set targets and are held accountable as a team if we do not meet them. I am happy to report that based on our latest financial results, we are consistently outperforming our targets as communicated to the market. One example of this is the fact that we were able to improve our balance sheet with a commitment letter from Connect First Credit Union Ltd. (“connectFirst“), despite the process taking longer than we had initially anticipated. This facility, which is expected to close imminently, will inject additional fuel to power our growth. As of August 2022, our annualized revenue run rate sits at over $400 million, and our Adjusted EBITDA is clearly on the right trajectory. Although, in our view, these strong fundamentals are not currently reflected in our market capitalization, myself and our team maintain a laser-like focus on the continued improvement of our fundamentals, as that is what we can control. We believe that sooner or later, the market sentiment will catch up to our business fundamentals. I would like to give a huge thanks to our customers, team, investors, and Board of Directors for their continued support.” added Mr. Grover.

Third Quarter 2022 – Operational Highlights:

• Organic retail store expansion continued with 5 new Canna Cabana locations: 2 in Alberta, 1 in Ontario, 1 in Saskatchewan, and the Company’s first store in British Columbia

• The Company completed the acquisition of the final store operating under the name Crossroads Cannabis in Woodstock, Ontario

• The Company completed the acquisition of an 100% equity interest of Livonit Foods Inc. operating as Bud Heaven, adding two established cannabis retail stores in Bracebridge, Ontario

• The Company continued the rollout of its Fastendr™ retail kiosk and smart locker technology, with 22 Canna Cabana locations having been equipped with the technology by the end of the quarter

• On June 13, 2022, the Company launched its Cabana Cannabis Co. line of house-branded products in Saskatchewan, with anticipated launches in Ontario and Manitoba by the end of 2022, pending listing approval

• On June 22, 2022, the Company secured $5 million subordinated debt to power continued growth

• On July 7, 2022, the Company announced the acquisition of a nine-store portfolio from Choom through Companies’ Creditors Arrangement Act (“CCAA“) proceedings, the acquisition of the portfolio was subsequently closed in tranches on August 9, 2022 and September 1, 2022, respectively

• On July 11, 2022, the Company’s subsidiary, Enigmaa Ltd., operating as Blessed CBD, launched sales of hemp-derived CBD products on Amazon United Kingdom platform

• On July 22, 2022, the Company closed a bought deal equity financing for aggregate gross proceeds of $11.5 million, inclusive of the exercise in full of the over-allotment option

• On July 29, 2022, the…