High Tide looks back at milestones from 2025

Executive Summary

• High Tide Inc. reported key milestones for 2025, highlighting its transition into a global cannabis company with significant expansion in Germany and continued dominance in the Canadian retail market.
• The company achieved strong financial metrics, including an annualized revenue run-rate of $600 million and an adjusted EBITDA run-rate of over $42 million, driven by 7.4% same-store sales growth in Q3 2025.
• Strategic growth was marked by the acquisition of a majority stake in Remexian Pharma GmbH, entering the German medical cannabis market, and expanding its Canadian retail footprint to 218 locations.

Key Details

• M&A Activity: Entered the German medical cannabis market by acquiring a majority stake in Remexian Pharma GmbH, positioning High Tide as one of the largest importers and distributors of medical cannabis in Germany.
• Financial Performance (Q3 2025 / Annualized):
  • Annualized revenue run-rate reached $600 million (excluding Remexian contributions).
  • Annualized adjusted EBITDA run-rate exceeded $42 million.
  • Same-store sales increased by 7.4% year-over-year in the third fiscal quarter of 2025.
  • Annualized retail sales per square foot were $1,735 across the Canna Cabana network.
• Retail Expansion & Market Share:
  • Total store count reached 218 Canna Cabana locations in Canada.
  • Added 27 new locations in 2025, meeting the upper end of the 20-30 location guidance.
  • Maintained a 12% market share across the five Canadian provinces where it operates.
  • Recognized as the largest cannabis retail chain in Canada and the most recognizable brand in the country.
• Membership & Loyalty:
  • Surpassed 2.4 million Cabana Club members in Canada.
  • Maintained 139,000 Elite members.
  • Identified as the largest and most robust bricks-and-mortar cannabis loyalty program globally.
• Product Portfolio:
  • Sold 21 unique Queen of Bud cannabis SKUs and 29 unique Queen of Bud accessory SKUs within the Canna Cabana store network.
• Awards & Recognition:
  • Ranked among Canada's top-growing companies by the Report on Business for the fifth consecutive year (2025).
  • Recognized as a top-50 company by the TSX Venture Exchange for the second consecutive year (2024, 2025).
  • Ranked No. 1 in the retail category on the Financial Times list of Americas' fastest-growing companies for 2023.

Notable Quotes

• "Two thousand twenty-five was a truly transformational year for High Tide as we evolved from a domestic market leader into a global cannabis company. Achieving strong growth while remaining free cash flow positive is rare in any retail category, and it reflects the strength of our operating model, disciplined execution and the dedication of our team." — Raj Grover, Founder and CEO
• "With over $2-billion in cumulative sales since the legalization of cannabis in Canada and strong operations across multiple jurisdictions, we believe the opportunity ahead of us is substantial. Our early momentum in Germany underscores the potential to capture meaningful market share in large international markets while the strength of the Canna Cabana brand positions us well for future expansion, including into the United States." — Raj Grover, Founder and CEO