High Tide Recaps Key Milestones of 2022

CALGARY, Alberta--(BUSINESS WIRE)--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, is pleased to reflect on its key milestones for 2022, a year that saw record growth for the company. From becoming the top revenue-generating cannabis company in Canada to being recognized as one of Canada’s “Top Growing Companies” for the second year in a row by the Globe and Mail, to the growth of its unique Cabana Club loyalty program to over 900,000 members, to entering a new lucrative vertical in the United States with the launch of cannabis seed sales, the Company continuously demonstrated that it is committed to the further diversification of its ecosystem while remaining a leader in bringing innovation to the cannabis retail landscape. High Tide’s 2022 Highlights: Total revenue for the nine months ended July 31, 2022, increased to CAD$248.6 million from CAD$127.3 million for the nine months ended July 31, 2021. Concurrent with the release of the Company’s fiscal third quarter results, it disclosed that annualizing the revenue generated in the month of August 2022 results in a current revenue run rate exceeding CAD$400 Million.  High Tide has become the top revenue-generating1 cannabis company in Canada, according to New Cannabis Ventures2. Generated same-store sales increases of 46% during the three months ended July 31, 2022, compared to the same quarter in the prior year and 18% compared to the prior quarter. Delivered rapid growth in its unique Cabana Club loyalty program, which is the largest bricks-and-mortar cannabis loyalty program in Canada with over 900,000 members. Launched Cabana Elite, the first-of-its-kind cannabis paid membership loyalty program in Canada. Entered the British Columbia market, with six stores operating at the end of 2022.  The Company also anticipates the organic opening of its location in Kamloops, BC, imminently.  Added 45 new Canadian stores, both organically and through accretive acquisitions, closing the year at 150 stores across Ontario, Manitoba, Saskatchewan, Alberta and British Columbia. Achieved a top 10 ranking in the diversified industries stocks category by the TSX Venture 50 for 2022. Ranked 21st out of 430 in the Globe and Mail's annual ranking of Canada's “Top Growing Companies” with 1970% revenue growth over three years. This marks the second year in a row the Company has earned a spot on this prestigious list. Closed a $19 million senior secured credit facility with connectFirst Credit Union Ltd., with an initial 5-year term, at connectFirst’s floor interest rate. Rolled out 175 proprietary Fastendr Kiosks across 120 Canna Cabana stores. Launched its Cabana Cannabis Co. white-label offerings in the Canadian provinces of Ontario, Manitoba and Saskatchewan. Entered a new lucrative vertical in the United States with the launch of cannabis seed sales through its subsidiaries GrassCity and Smoke Cartel. Launched first-of-its-kind exclusive annual ‘420’
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