Mr. Omar Khan reports

HIGH TIDE ANNOUNCES ADOPTION OF NEW SHAREHOLDER RIGHTS PLANS

High Tide Inc.'s board of directors has approved the adoption of a shareholder rights plan agreement (the temporary shareholder rights plan) and an amended and restated shareholder rights plan pursuant to agreements entered into with Olympia Trust Company, as rights agent, dated June 26, 2026. The amended and restated shareholder rights plan amends and restates the shareholder rights plan originally adopted by the board on April 10, 2025, and ratified by the company's shareholders at the company's annual general and special meeting held on May 30, 2025, to include the measures set out in the temporary shareholder rights plan.

The purpose of the plans is to ensure the company maintains compliance with applicable cannabis laws and is able to maintain its cannabis licences and to ensure that all shareholders are treated fairly in connection with any offer to acquire the outstanding common shares of the company and that the board has the opportunity to identify, solicit, develop and negotiate value-enhancing alternatives to any unsolicited takeover bid. The plans have not been adopted in response to or in anticipation of any known or anticipated takeover bid or similar transaction.

The key amendments reflected in the plans include, expanding the definition of "acquiring person" to include: (a) cannabis retail operator licence holders in Ontario, who, together with their affiliates, would cause or would reasonably be expected to cause the company to be non-compliant with Section 2 of General, O. Reg. 468/18 made under the Cannabis Licence Act, 2018 (Ontario); and (b) cannabis retail store licence holders in British Columbia who would cause or would reasonably be expected to cause the company to be non-compliant with requirements applicable to a cannabis retail store licence relating to holding or having control or influence over more than the prescribed number of licences, or the requirements set out in sections 6 and 7 of Cannabis Licensing Regulation, British Columbia Reg. 202/2018; and (ii) other amendments of an administrative nature, including correcting statutory references and updating defined terms. The plans are otherwise similar to rights plans adopted by other Canadian companies and ratified by their shareholders, except for provisions that ensure the company maintains compliance with applicable cannabis laws and is able to maintain its cannabis licences.

Because the company's existing shareholder rights plan may only be amended with shareholder approval, the board adopted the temporary shareholder rights plan as an interim measure to address the new retail operator restrictions pending shareholder approval of the amended and restated shareholder rights plan. The company does not intend to seek shareholder ratification of the temporary shareholder rights plan at the Aug. 11, 2026, meeting. If the amended and restated shareholder rights plan is ratified by shareholders, the temporary shareholder rights plan will lapse and the amended and restated shareholder rights plan will serve as the single, comprehensive rights plan going forward.

If ratified by shareholders of the company, the amended and restated shareholder rights plan will be in effect for a term of three years.

The amended and restated shareholder rights plan has been accepted by the TSX Venture Exchange, subject to certain conditions, including ratification of the amended and restated shareholder rights plan by the company's shareholders within six months of its adoption.

A summary of the principal terms and conditions of the amended and restated shareholder rights plan will be set out in the company's management information circular to be mailed to shareholders prior to the shareholders meeting on Aug. 11, 2026. A copy of each of the plans will be filed on the company's profile pages on SEDAR+ and EDGAR.

About High Tide Inc.

High Tide is the leading community-grown, retail-forward cannabis enterprise engineered to unleash the full value of the world's most powerful plant. Its wholly owned subsidiary, Canna Cabana, is the second-largest cannabis retail brand globally. High Tide is uniquely built around the cannabis consumer, with wholly diversified and fully integrated operations across all components of cannabis, including:

• Retail: Canna Cabana is the largest cannabis retail chain in Canada, with 228 domestic and one international location. The company's Canadian brick-and-mortar operations span British Columbia, Alberta, Saskatchewan, Manitoba and Ontario, holding a growing 12-per-cent share of the market. In 2021, Canna Cabana became the first cannabis discount club retailer in the world. The company also owns and operates multiple global e-commerce platforms offering accessories and hemp-derived CBD (cannabidiol) products. In 2025, the company became the first North American cannabis operator to launch a brick-and-mortar presence in Germany.
• Medical cannabis distribution: Remexian Pharma GmbH is a leading German pharmaceutical company, with a 14-per-cent share of the German medical cannabis market, built for the purpose of importation and wholesale of medical cannabis products at affordable prices. Among all German medical cannabis procurers, Remexian has one of the most diverse reaches across the globe and is licensed to import from 19 countries, including Canada.

High Tide consistently moves ahead of the currents, having been named one of Canada's Top Growing Companies by The Globe and Mail's Report on Business in 2025 for the fifth consecutive year and was recognized as a top 50 company by the TSX-V in 2022, 2024 and 2025. High Tide was also ranked No. 1 in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023.

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