Exhibit 99.1







image_0a.jpg
Condensed Interim Consolidated
Financial Statements
For the three and six months ended April 30, 2026 and 2025
(Stated in thousands of Canadian dollars, except share and per share amounts)
(Unaudited)






Condensed Interim Consolidated Financial Statements for the three and six months ended April 30, 2026 and 2025.

The accompanying unaudited financial statements of High Tide Inc. (“High Tide” or the “Company”) have been prepared by and are the responsibility of the Company’s management and have been approved by the Audit Committee and Board of Directors of the Company.









Approved on behalf of the Board:


(Signed) "Harkirat (Raj) Grover"            (Signed) "Arthur Kwan"
President and Chair of the Board            Director and Chair of the Audit Committee










image_0a.jpg
High Tide Inc.
Condensed Interim Consolidated Statements of Financial Position
As at April 30, 2026 and October 31, 2025
(Unaudited — In thousands of Canadian dollars)

    
Notes
    2026 2025 
$$
Assets
Current assets
Cash and cash equivalents27,425 39,254 
Restricted cash3, 179,096 8,629 
Marketable securities5864 
Trade and other receivables117,721 5,615 
Inventory1071,700 67,406 
Prepaid expenses and deposits915,358 15,917 
Total current assets131,358 136,885 
Non-current assets
Property and equipment729,086 29,436 
Right‐of‐use assets2756,252 47,793 
Long term prepaid expenses and deposits95,381 4,114 
Intangible assets and goodwill8124,505 129,549 
Long term contract asset51,285 1,285 
Total non-current assets216,509 212,177 
Total assets347,867 349,062 
Liabilities
Current liabilities
Accounts payable and accrued liabilities1355,341 47,251 
Income tax payable7,339 7,189 
Deferred revenue143,259 7,989 
Interest bearing loans and borrowings177,064 16,189 
Current portion of notes payable121,245 1,536 
Current portion of lease liabilities279,905 9,814 
Current derivative liability165,757 9,951 
Total current liabilities89,910 99,919 
Non-current liabilities
Notes payable1211,836 11,903 
Lease liabilities2747,767 39,986 
Deferred tax liability7,011 7,100 
Secured debentures1812,765 12,536 
Convertible debt1518,764 17,877 
Derivative liability1657,902 56,954 
Total non-current liabilities156,045 146,356 
Total liabilities245,955 246,275 
Shareholders' equity
Share capital
20
331,108 329,642 
Warrants224,546 4,546 
Contributed surplus41,358 42,024 
Derivative liability - equity16(35,797)(35,797)
Accumulated other comprehensive income6,539 7,299 
Accumulated deficit(259,097)(260,105)
Equity attributable to owners of the Company88,657 87,609 
Non-controlling interest 3013,255 15,178 
Total shareholders' equity101,912 102,787 
Total liabilities and shareholders' equity347,867 349,062 
Contingent liability (Note 29)
Subsequent events (Note 31)
3
image_0a.jpg
High Tide Inc.
Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
For the three and six months ended April 30, 2026 and 2025
(Unaudited — In thousands of Canadian dollars, except share and per share amounts)

        Three months endedSix months ended
Notes
2026     2025 2026    2025
$$$$
Revenue 6, 25 179,296  137,804 357,625 280,265 
Cost of sales (130,113) (102,333)(263,343) (209,354)
Inventory fair value(792)— (1,482)— 
Gross profit 48,391  35,471 92,800  70,911 
Expenses       
Salaries, wages and benefits (21,281) (17,476)(42,386) (35,057)
Share-based compensation 21 (881) (1,250)(1,251) (2,425)
General and administration (7,241) (5,768)(14,634) (12,331)
Professional fees (3,819) (1,690)(6,256) (3,499)
Advertising and promotion (924) (1,030)(1,868) (1,942)
Depreciation and amortization 7, 8, 27 (6,146) (5,880)(14,172) (11,727)
Interest and bank charges(2,002)(1,445)(3,765)(2,931)
Total expenses(42,294)(34,539)(84,332)(69,912)
Income from operations 6,097  932 8,468  999 
Other income (expenses)    
Finance and other costs19(5,228)(3,566)(11,341)(6,297)
Gain (loss) on foreign exchange212 (114)356 (101)
Other loss— (42)— (42)
Fair value change in derivative liability16(762)— 2,524 — 
Total other (expenses) income (5,778) (3,722)(8,461)(6,440)
Income (loss) before taxes 319  (2,790)7  (5,441)
Income tax expense (295) (46)(335) (84)
Net income (loss) 24  (2,836)(328) (5,525)
Other comprehensive income (loss)   
Translation difference on foreign operations (414) (1,044)(760) (163)
Total comprehensive loss (390) (3,880)(1,088) (5,688)
   
Net loss attributed to:
Owners of the Company(197)(2,898)1,008 (5,706)
Non-controlling interest30221 62 (1,336)181 
24 (2,836)(328)(5,525)
​
Comprehensive loss attributed to:
Owners of the Company(377)(3,957)227 (5,879)
Non-controlling interest30(13)77 (1,315)191 
(390)(3,880)(1,088)(5,688)
​
Income (loss) per share
Basic and diluted23— (0.04)0.01 (0.07)

4
 image_0a.jpg
High Tide Inc.
Condensed Interim Consolidated Statements of Changes in Equity
For the six months ended April 30, 2026 and 2025
(Unaudited — In thousands of Canadian dollars)

Accumulated
Derivative
other
Attributable
Contributed
liability -
comprehensive
Accumulated
 to owners of
Notes
Share capital
Warrants
surplus
equity
income (loss)
deficit
the Company
NCI
Total
$$$$$$$$$
Opening balance, November 1, 2024300,643 4,632 40,507 — 6,848 (209,358)143,272 2,240 145,512 
Issuance of shares in equity financing52 — — — — — 52 — 52 
Share-based compensation— — 2,425 — — — 2,425 — 2,425 
Share issuance costs(95)— — — — — (95)— (95)
RSUs vested227 — (227)— — — — — — 
Warrants exercised84 (22)- — — — 62 — 62 
Options exercised451 — (239)— — — 212 — 212 
Cumulative translation adjustment— — — — (163)— (163)— (163)
Partner distributions— — — — — — — (567)(567)
Net loss for the period— — — — — (5,706)(5,706)181 (5,525)
Balance, April 30, 2025301,362 4,610 42,466 — 6,685 (215,064)140,059 1,854 141,913 
Opening balance, November 1, 2025329,642 4,546 42,024 (35,797)7,299 (260,105)87,609 15,178 102,787 
Share-based compensation21 — — 1,251 — — — 1,251 — 1,251 
Share issuance costs20 (12)— — — — — (12)— (12)
RSUs vested20 1,733 — (1,733)— — — — — — 
Equity awards related costs20 (439)— — — — — (439)— (439)
Options exercised20 184 — (184)— — — — — — 
Cumulative translation adjustment — — — — (760)— (760)— (760)
Partner distributions— — — — — — — (587)(587)
Net income (loss) for the period— — — — — 1,008 1,008 (1,336)(328)
Balance, April 30, 2026331,108 4,546 — 41,358 (35,797)6,539 (259,097)(259,716)88,657 13,255 101,912 
+
5
image_6a.jpg
High Tide Inc.
Condensed Interim Consolidated Statements of Cash Flows
For the six months ended April 30, 2026 and 2025
(Unaudited – In thousands of Canadian dollars, except share and per share amounts)

Notes
2026 2025 
$$
Operating activities  
Net loss for the period  (328) (5,525)
Adjustments for items not affecting cash and cash equivalents  
Income tax expense   335  84 
Accretion expense 19  1,491  476 
Depreciation and amortization 7, 8, 27 14,172  11,727 
Share-based compensation21 1,251 2,425 
Fair value change in derivative liability (2,524) — 
Gain on foreign exchange(356)101 
Other loss197  42 
  14,238  9,330 
Changes in non-cash working capital  
Trade and other receivables(2,303)556 
Inventory(4,294)1,112 
Prepaid expenses and deposits(708)(2,616)
Accounts payable and accrued liabilities8,090 (6)
Deferred revenue(4,730)562 
Net cash provided by operating activities  10,293  8,938 
 
Investing activities  
Purchase of property and equipment7 (3,449)(4,988)
Purchase of intangible assets8 (527)(176)
Acquisition of retail store leases(900)— 
Purchase to obtain right-of-use assets(86)(138)
Proceeds from marketable securities— 409 
Net cash used in investing activities  (4,962) (4,893)
 
Financing activities  
Repayment of interest bearing loans and borrowings 17 (16,389)(1,839)
Proceeds from interest bearing loans net of issue costs 17 7,264 — 
Repayment of notes payable (733)(13,862)
Lease liability payments 27 (5,297)(4,889)
Share issuance costs 20 (12)(95)
Partner distributions (587)(567)
Issuance of shares in equity financing 20  —  52 
Warrants exercised  22 —  62 
Equity awards related costs20 (439) — 
Options exercised  105  220 
Proceeds from secured debentures  —  4,427 
Net cash used in financing activities  (16,088) (16,491)
 
Effect of foreign exchange on cash(605)(129)
​
Net decrease in cash  (11,362) (12,575)
Cash and cash equivalents, and restricted cash, beginning of period  47,883  47,267 
Cash and cash equivalents, and restricted cash, end of period  36,521  34,692 
Supplemental cash flow information
Cash interest received164 224 
Cash interest paid4,150 3,575 
Cash taxes paid105 42 
Non-cash addition to right-of-use assets14,215 6,496 
6
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







1. Nature of operations
High Tide Inc. (“High Tide” or the "Company") is a retail-focused cannabis company with diversified operations spanning bricks-and-mortar retail, European importation, wholesale of medical cannabis, and global e-commerce platforms. The Company’s shares are listed on the Nasdaq Capital Market (“Nasdaq”) under the symbol “HITI”, the TSX Venture Exchange (“TSXV”) under the symbol “HITI”, and on the Frankfurt Stock Exchange (“FSE”) under the securities identification code ‘WKN: A2PBPS’ and the ticker symbol “2LYA”. The address of the Company’s corporate and registered office is # 112 – 11127 15 Street NE, Calgary, Alberta Canada T3K 2M4. High Tide does not engage in any U.S. cannabis-related activities as defined by the Canadian Securities Administrators Staff Notice 51-352.

2. Basis of preparation
A. Statement of compliance
These condensed interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”), under the historical cost convention, except for certain financial instruments which are measured at fair value.

They are condensed as they do not include all of the information required for full annual financial statements, and they should be read in conjunction with the audited annual consolidated financial statements ("annual consolidated financial statements") of the Company for the year ended October 31, 2025 which are available on SEDAR at www.sedarplus.ca and with the SEC at www.sec.gov.

These condensed interim consolidated financial statements were approved and authorized for issue by the Board of Directors on June 15, 2026.

B. Currencies and foreign exchange
The Company’s condensed interim consolidated financial statements are presented in Canadian dollars, which is the functional and presentation currency of the Company and its Canadian subsidiaries. The functional currency of the Company’s United States (“U.S.”) subsidiaries is the U.S. dollar (“USD”), of the Company’s European subsidiaries is the Euro (“EUR”), and of the Company’s United Kingdom subsidiaries is the British Pound Sterling (“GBP”). Transactions denominated in currencies other than the functional currency are translated at the rate prevailing at the date of transaction. Monetary assets and liabilities that are denominated in foreign currencies are translated at the rate prevailing at each reporting date. Income and expense amounts are translated at the dates of the transactions.
In preparing the Company’s condensed interim consolidated financial statements, the financial statements of the foreign subsidiaries are translated into Canadian dollars. The assets and liabilities of foreign subsidiaries are translated into Canadian dollars using exchange rates at the reporting date. Revenues and expenses of foreign operations are translated into Canadian dollars using average foreign exchange rates. Translation gains and losses resulting from the consolidation of operations into the Company’s functional currency, are recognized in other comprehensive income (loss) in the condensed interim consolidated statements of income (loss) and other comprehensive income (loss) and as a separate component of shareholders’ equity.
7
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)








C. Basis of consolidation
Subsidiaries are entities controlled by High Tide Inc. and the control is achieved when the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the period are included in the condensed interim consolidated financial statements from the effective date of acquisition or up to the effective date of disposal, as applicable. The accounting policies applied in the preparation of these condensed interim financial statements relating to consolidation are consistent with those applied in the Company’s annual consolidated financial statements for the year ended October 31, 2025. Intra‐company balances and transactions, and any unrealized gains or losses or income and expenses arising from intra‐company transactions are eliminated in preparing the condensed interim consolidated financial statements.

SubsidiariesPlaces of operationsPercentage OwnershipPrincipal activitiesFunctional Currency
Canna Cabana Inc.Canada100%Cannabis retailCanadian Dollar
2680495 Ontario Inc.Canada100%Cannabis retailCanadian Dollar
Valiant Distribution Canada Inc.Canada100%Wholesale distributionCanadian Dollar
META Growth Corp.Canada100%Cannabis retailCanadian Dollar
HT Global Imports Inc.Canada100%Product sourcing and importsCanadian Dollar
2049213 Ontario Inc.Canada100%Cannabis retailCanadian Dollar
1171882 B.C. Ltd.Canada100%Cannabis retailCanadian Dollar
High Tide BV (Grasscity)Netherlands100%E-commerce retailEuropean Euro
Valiant Distribution Inc.United States100%Wholesale distributionU.S. Dollar
Smoke Cartel USA, Inc.United States100%E-commerce retailU.S. Dollar
Fab Nutrition, LLCUnited States100%E-commerce retailU.S. Dollar
Halo Kushbar Retail Inc.Canada100%Cannabis retailCanadian Dollar
Nuleaf Naturals LLCUnited States100%E-commerce retailU.S. Dollar
DHC Supply, LLCUnited States100%E-commerce retailU.S. Dollar
DS Distribution Inc.United States100%E-commerce retailU.S. Dollar
High Tide Germany GmbHGermany100%E-commerce and wholesaleEuropean Euro
2629268 Alberta Ltd.Canada87.5%Cannabis retailCanadian Dollar
Enigmaa Ltd. (Blessed CBD)United Kingdom80%CBD retail and distributionBritish Pound Sterling
Remexian Pharma GMBHGermany51%Medical cannabis distributionEuropean Euro
Saturninus Partners GPCanada50%Cannabis retailCanadian Dollar
NAC Thompson North Ltd. PartnershipCanada49%Cannabis retailCanadian Dollar
NAC OCN Ltd. PartnershipCanada49%Cannabis retailCanadian Dollar

3. Material accounting policies

The material accounting policies and methods of computation applied in these condensed interim consolidated financial statements are consistent with those applied in the preparation of the Company’s audited consolidated financial statements for the year ended October 31, 2025.
Restricted cash
Restricted cash primarily consists of guaranteed investment certificates (“GICs”) that have been pledged as collateral in support of certain loan facilities. These balances are subject to contractual restrictions and are not available for unrestricted use by the Company until the relevant lending arrangements are extinguished or the collateral restrictions are released.
The classification of restricted cash as current or non-current is determined based on the expected timing of the release of the associated restrictions.


8
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)








There were no new or amended IFRS Accounting Standards effective November 1, 2025 that had a material impact on the Company’s condensed interim consolidated financial statements.
Accounting standards issued but not yet effective are consistent with those disclosed in the Company’s audited consolidated financial statements for the year ended October 31, 2025. The Company has not early adopted any new standards or amendments during the period.

4. Significant accounting judgment, estimates and assumptions
The estimates and assumptions are reviewed on an ongoing basis. Revisions in accounting estimates are recognized in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years.

In preparing these condensed interim consolidated financial statements, the significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were consistent with those applied in the audited consolidated financial statements for the year ended October 31, 2025.
There have been no material changes in significant accounting judgments or estimates during the six months ended April 30, 2026.
5. Business combinations
In accordance with IFRS 3, Business Combinations, these transactions meet the definition of a business combination and, accordingly, the assets acquired, and the liabilities assumed have been recorded at their respective estimated fair values as of the acquisition date.
There were no business combinations completed during the six months ended April 30, 2026.
A. Remexian Pharma GmbH
On September 2, 2025, the Company, pursuant to a Share Purchase Agreement (the “Agreement”), acquired 51% of the issued and outstanding shares of Remexian Pharma GmbH (“Remexian”), a company in the business of importation and wholesale of medical cannabis, for a total purchase price of $46,867 (EUR 29,188). The acquisition of Remexian served to broaden the Company’s product offerings and geographic reach throughout Europe. The transaction can be summarized as follows:
EUR$
Common shares16,725 26,856 
Cash7,654 12,289 
Vendor loan5,609 9,007 
Long-term contract asset(800)(1,285)
Total consideration(i)
29,188 46,867 
Purchase price allocation
Trade and other receivable595 955 
Inventory19,953 32,039 
Prepaid expenses and deposits5,929 9,520 
Property, plant and equipment236 379 
Intangible assets 21,151 33,962 
Accounts payable and accrued liabilities(14,065)(22,575)
Income tax payable(3,495)(5,612)
Interest bearing loans and borrowings(4,004)(6,429)
Notes payable(2,855)(4,584)
Goodwill 19,468 31,260 
Deferred tax liability (4,391)(7,051)
Non controlling interest(9,334)(14,997)
29,188 46,867 

9
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)








(i)Total consideration was $46,867 (EUR 29,188), and consisted of: (i) cash consideration of $12,289 (EUR 7,654); (ii) 5,864,373 common shares of the Company issued as consideration with a value of $26,856 (EUR 16,725); (iii) a vendor loan with a fair value of $9,007 (EUR 5,609) (see Note 12); and (iv) a long-term contract asset of $1,285 (EUR 800) arising from a contingent purchase price adjustment under the Remexian share purchase agreement.
Under the Share Purchase Agreement, the Company is entitled to the return of consideration transferred, up to a maximum of 29% of the final purchase price, if a substantive amendment to the German Medical Cannabis Act (“MedCanG”) occurs by July 31, 2026, and, as a result of such change in law, Remexian’s EBITDA deteriorates by more than 30%. This arrangement represents contingent consideration receivable and provides the Company with protection against adverse regulatory developments impacting the acquired business.
The long-term contract asset was recognized at its estimated fair value of $1,285 (EUR 800) at the acquisition date, based on management’s assessment of the likelihood of the specified change in law occurring and its expected impact on Remexian’s EBITDA. This amount is presented in the consolidated statement of financial position within long-term contract asset. Management reassessed the fair value of the contingent consideration as of April 30, 2026, and determined that no change was required.

Under the Remexian Agreement, the Company has a call option with a 5-year life starting September 2, 2027, to purchase the remaining 49% shares from the non-controlling shareholders in Remexian. The call option is exercisable at an exercise price determined as a multiple of 4 times or 3.64065 times trailing annual EBITDA. The Company analyzed the value of the call option and considers it to be fair value, and therefore no amount has been recognized in the financial statements in respect of the call option.

The non-controlling interest recorded represents the 49% of Remexian shares held by the Sellers and is initially measured as the proportionate share of the recognized assets and liabilities. Under the Agreement, the non-controlling interests are subject to a call and put option. See note 16 for further details on the derivative liability related to the put option.

The excess purchase price over the net identifiable assets acquired, and the liabilities assumed resulted in goodwill of $31,260 which is largely attributable to the assembled workforce acquired and the synergies from combining operations. Goodwill will not be deductible for tax purposes.

Remexian’s statutory year-end is December 31. For consolidation purposes at year end October 31, 2025, the Company included Remexian’s financial information through October 31 to align with the Company’s year-end.

The fair values of the identifiable assets acquired, and liabilities assumed are provisional as of April 30, 2026, and are subject to adjustment during the measurement period, which may extend up to one year from the acquisition date, as additional information becomes available regarding facts and circumstances that existed at the acquisition date. During the six months ended April 30, 2026, there were no material measurement period adjustments recognized.

For the three and six months ended April 30, 2026, Remexian contributed revenue of $31,639 and $56,618, respectively, and income (loss) from operations of $372 and $(2,502), respectively.







10
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







6. Revenue from contracts with customers

Effective February 1, 2026, the Company combined its bricks-and-mortar retail and e-commerce segments into a single bricks-and-mortar segment, reflecting the manner in which the chief operating decision maker reviews operating performance and allocates resources.
Accordingly, the Company now reports two operating segments: bricks-and-mortar and medical cannabis distribution. Comparative segment information has been recast to conform to the current period presentation.

For the three months ended April 30202620252026202520262025
Bricks-and-mortarBricks-and-mortarMedical
cannabis distribution		Medical
cannabis distribution		TotalTotal
$$$$$$
Primary geographical markets(i)
Canada144,331 133,091 — — 144,331 133,091 
USA3,167 4,542 — — 3,167 4,542 
International159 171 31,639 — 31,798 171 
Total revenue147,657 137,804 31,639 — 179,296 137,804 
Major products and services
Cannabis, hemp-derived products and other 142,014 131,389 31,548 — 173,562 131,389 
Consumption accessories5,643 6,415 91 — 5,734 6,415 
Total revenue147,657 137,804 31,639 — 179,296 137,804 
Timing of revenue recognition
Transferred at a point in time147,657 137,804 31,639 — 179,296 137,804 
Total revenue147,657 137,804 31,639 — 179,296 137,804 

For the six months ended April 30202620252026202520262025
Bricks-and-mortarBricks-and-mortarMedical
cannabis distribution		Medical
cannabis distribution		TotalTotal
$$$$$$
Primary geographical markets(i)
Canada294,021 268,805 — — 294,021 268,805 
USA6,692 11,000 — — 6,692 11,000 
International294 460 56,618 — 56,912 460 
Total revenue301,007 280,265 56,618 — 357,625 280,265 
Major products and services
Cannabis, hemp-derived products and other 289,381 266,306 56,527 — 345,908 266,306 
Consumption accessories11,626 13,959 91 — 11,717 13,959 
Total revenue301,007 280,265 56,618 — 357,625 280,265 
Timing of revenue recognition
Transferred at a point in time301,007 280,265 56,618 — 357,625 280,265 
Total revenue301,007 280,265 56,618 — 357,625 280,265 
(i)Represents revenue based on geographical locations of the customers who have contributed to the revenue generated in the applicable segment.


11
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)








7. Property and equipment


Office equipmentProductionLeasehold
and computersequipmentimprovementsVehiclesBuildingsTotal
Cost$$$$$$
Opening balance, November 1, 20246,677 3,859 49,476 40 3,710 63,762 
Additions649 11 8,550 — 875 10,085 
Additions from business combinations 176 40 20 — 145 381 
Foreign currency translation25 23 13 — (12)49 
Balance, October 31, 20257,527 3,933 58,059 40 4,718 74,277 
Additions373 — 3,071 — 5 3,449 
Foreign currency translation(12)(110)(87)— (2)(211)
Balance, April 30, 20267,888 3,823 61,043 40 4,721 77,515 
Accumulated depreciation
Opening balance, November 1, 20244,018 2,213 29,333 15 712 36,291 
Depreciation1,024 776 6,411 4 256 8,471 
Foreign currency translation40 25 9 — 5 79 
Balance, October 31, 20255,082 3,014 35,753 19 973 44,841 
Depreciation445 257 2,895 3 136 3,736 
Foreign currency translation(10)(96)(42)— — (148)
Balance, April 30, 20265,517 3,175 38,606 22 1,109 48,429 
Net Book Value, October 31, 20252,445 919 22,306 21 3,745 29,436 
Net Book Value, April 30, 20262,371 648 22,437 18 3,612 29,086 
(i)As at April 30, 2026, the Company had a balance of $654 (October 31, 2025 - $1,265) in assets under construction in Leasehold Improvements. These amounts are related to Canadian retail locations that are not yet operational.



12
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







8. Intangible assets and goodwill

SoftwareLicensesBrand nameCustomer relationshipSupplier relationshipGoodwillTotal
Cost$$$$$$$
Opening balance, November 1, 202411,986 46,148 8,585 — — 73,373 140,092 
Additions211 — — — — - 211 
Additions from business combinations— 2,634 10,295 18,383 2,650 31,260 65,222 
Impairment loss (10,721)— (7,657)— — (14,807)(33,185)
Foreign currency translation238 18 162 130 18 295 861 
Balance, October 31, 20251,714 48,800 11,385 18,513 2,668 90,121 173,201 
Additions24 402 101 — — — 527 
Foreign currency translation— (96)(130)(233)(33)(396)(888)
Balance, April 30, 20261,738 49,106 11,356 18,280 2,635 89,725 172,840 
Accumulated amortization
Opening balance, November 1, 20248,475 38,659 142 — — — 47,276 
Amortization2,120 2,372 533 594 144 — 5,763 
Impairment Loss (9,621)— — — — — (9,621)
Foreign currency translation168 3 35 23 5 — 234 
Balance, October 31, 20251,142 41,034 710 617 149 — 43,652 
Amortization119 1,187 1,128 1,844 443 — 4,721 
Foreign currency translation- (3)(5)(24)(6)— (38)
Balance, April 30, 20261,261 42,218 1,833 2,437 586 — 48,335 
Net Book Value, October 31, 2025572 7,766 10,675 17,896 2,519 90,121 129,549 
Net Book Value, April 30, 2026477 6,888 9,523 15,843 2,049 89,725 124,505 
During the six months ended April 30, 2026, the Company evaluated for indicators of impairment and determined that no indicators were present.

9. Prepaid expenses and deposits

As atApril 30, 2026October 31, 2025
$$
Deposits on cannabis retail outlets
2,904 
2,622 
Prepaid insurance and other
6,242 
4,578 
Prepayment on inventory
11,593 
12,831 
Total20,739 20,031 
Less current portion(15,358)(15,917)
Long-term5,381 4,114 





13
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







10. Inventory
As atApril 30, 2026October 31, 2025
$$
Finished goods46,990 56,336 
Raw material25,069 11,430 
Work in process3 6 
Provision for obsolescence (362)(366)
Total71,700 67,406 
In light of the medical segment's performance, management continues to assess the recoverability of inventory and whether the related inventory provisions remain appropriate and consistent with IFRS Accounting Standards. This assessment includes consideration of factors such as inventory aging, turnover rates, sales trends, excess quantities, obsolete items, and other indicators that inventory may require a write-down to net realizable value. Based on this assessment, no adjustments were required during the current period.

11. Trade and other receivables
As atApril 30, 2026October 31, 2025
$$
Trade accounts receivables24,754 15,557 
Factoring(i)
(15,907)(9,013)
Allowance for doubtful accounts(1,126)(929)
Total7,721 5,615 
(i)Remexian has a trade receivables factoring arrangement with a debt collection services company in Germany under which eligible trade receivables are sold to a German financing company on a non-recourse basis. Eligible receivables are derecognized when purchased by the German financing company and cash is received. Receivables offered but not purchased by the German financing company continue to be recognized as trade receivables. The Company does not retain ongoing exposure to credit risk on receivables sold other than customary representations and warranties; such representations and warranties do not constitute continuing involvement for the purposes of IFRS 7 transfer disclosures. Factoring fees are recognized in finance costs.

14
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







12. Notes payable
As at
    
April 30, 2026
October 31, 2025
$
$
Vendor loan - face value
12,290
12,290
Vendor loan - unamortized discount
(2,914)
(3,283)
Vendor loan(i)
9,376
9,007
Term loan(ii)
3,193
3,637
Other(iii)
512
795
Total
13,081
13,439
Less current portion
(1,245)(1,536)
Long-term obligation
11,836
11,903
(i)In connection with the acquisition of Remexian, the Company entered into a vendor financing arrangement pursuant to which a portion of the purchase consideration was deferred and recorded as a note payable by the Company to the vendors. The vendor loan has a principal amount of $12,290. The vendor loan bears interest at a fixed rate of 7% per annum on the outstanding principal, with interest accruing annually and payable on January of the following calendar year. The Company may repay the vendor loan in whole or in part, at its discretion, subject to minimum repayment amounts of EUR 100,000 or multiples thereof, and provided that 60 days’ prior written notice is given to the vendor in the case of early repayment. The vendor loan is unsecured and is governed by the laws of the Federal Republic of Germany. There are no financial covenants attached to the vendor loan.

In accordance with IFRS 3 – Business Combinations, the vendor loan was initially recognized at its fair value of $9,007 at the acquisition date, with the difference between the principal amount and fair value included as part of the acquisition accounting. Subsequent to initial recognition, the vendor loan is measured in accordance with IFRS 9 – Financial Instruments, at amortized cost using the effective interest method. Accrued interest of $283 was recognized within trade and other payables.
(ii)Remexian, a subsidiary of the Company, entered into a fixed-rate installment term loan with an unrelated party bank on March 31, 2025, with original principal of $3,885 (EUR 2.5 million) and final maturity on March 31, 2030. The loan bears interest at a fixed rate of 4.82% per annum, calculated using 360-day year, with quarterly repayments of principal $200 (EUR 0.125 million) and accrued interest, commencing June 30, 2025; contractual interest accrues over the term of the loan and is payable at maturity. The loan is denominated in Euros and translated into Canadian dollars using the closing exchange rate at the reporting date in accordance with IAS 21 and is measured at amortized cost under IFRS 9. The loan is secured by a transfer of ownership of inventory and an assignment of related insurance claims and is further supported by maximum amount guarantees of $932 (EUR 0.6 million) provided by the two largest non-controlling interest owners of Remexian. Following the acquisition of Remexian, the Company placed $488 (EUR 0.3 million) in escrow with a notary in respect of potential security claims. Financial covenants include a minimum equity ratio of 25% and a maximum net debt ratio of 3.0, all of which were met as at April 30, 2026.
As at April 30, 2026, principal outstanding was $3,193, of which $798 was classified as current and $2,395 as non-current. Accrued interest of approximately $13 was recognized separately within trade and other payables.
(iii)Also included are Remexian’s five fixed-rate Euro-denominated loans. A total of EUR 700 was advanced to Remexian in 2024, prior to the Company’s acquisition of Remexian. As at April 30, 2026, principal outstanding under these loans totaled $447 (EUR 280). The unsecured loans contain no financial covenants, are subordinated to all other third-party claims, bear fixed interest at an average rate of 10% per annum, and are classified within current notes payable based on their repayment schedules. These borrowings are measured at amortized cost. Included in current notes payable are a bricks-and-mortar subsidiary's $65 loan.
15
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







13. Accounts payable and accrued liabilities
As at
    
April 30, 2026
October 31, 2025
$
$
Accounts payable
36,140
27,765
Accrued liabilities
9,403
12,484
Sales tax payable
 
9,798
7,002
Total
55,341
47,251
14. Deferred revenue
As at
April 30, 2026
October 31, 2025
$
$
Cannabis, hemp-derived products and other revenue
1,245
3,308
Elite membership revenue
1,752
1,404
Goods shipped not delivered
262
3,277
Total
3,259
7,989

15. Convertible debt
As at
April 30, 2026
October 31, 2025
$
$
Face value30,000-30,000
Freestanding derivative(7,299)(7,299)
Unamortized issuance cost(3,937)(4,824)
Total
18,764
17,877

On July 16, 2025, the Company entered into a non-revolving $30,000 junior secured term loan with a subsidiary of Cronos Group Inc. (the “Lender”). The loan is guaranteed by designated subsidiaries and is junior in priority to the Company’s prior-ranking senior secured indebtedness.
An original issue discount (“OID”) of 16% ($4,800) was retained by the Lender, resulting in a funded amount of $25,200 received by the Company. Interest accrues at 4% per annum on the full $30,000 principal amount (inclusive of OID) and is payable quarterly in arrears on the last day of each quarter. Principal repayment is due in full when the loan matures on July 16, 2030; early repayments may be made at the Company’s option without penalty.
In connection with this convertible debt, the Company issued detachable warrants to purchase common shares of High Tide Inc. to the Lender, which is recorded as a derivative liability (refer to note 16).
The loan was initially recognized at $17,382, determined as $25,200 funded amount, net of the $7,299 initial fair value of the warrant liability and $519 of transaction costs. The loan is subsequently measured at amortized cost using the effective interest method and reflects the change in outstanding balance of the convertible debt compared to October 31, 2025.
The loan includes a conversion feature that permits the Lender, while the loan is outstanding, to deliver a conversion offer to convert all or a portion of the funded amount (principal net of OID) into common shares of the Company at a conversion price of
$4.20 per share. The Company has ten business days to accept or reject each conversion offer; if not accepted, the offer is deemed rejected. A 10% beneficial ownership cap applies unless applicable TSX Venture Exchange approvals are obtained.

The Company was in compliance with all covenants as at April 30, 2026.

16
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







16. Derivative liability

Current derivative liability - detachable warrants
As at
April 30, 2026
October 31, 2025
$
$
Opening balance
9,951
—
Initial recognition
—
7,299
Fair value change
(4,194)
2,652
Fair value, end of the period
5,757
9,951
The 3,836,317 detachable warrants were issued concurrently with the advance of the convertible debt and are exercisable into common shares at a fixed exercise price of $3.91, subject to standard anti-dilution adjustments. Warrants are exercisable for cash or, at the Company’s option, on a cashless basis. The detachable warrants are freestanding financial instruments and do not meet the criteria for equity classification under IAS 32 – Financial Instruments: Presentation. Accordingly, the detachable warrants are accounted for as a derivative liability. Transaction costs of $212 allocated to the warrants were expensed on initial recognition of the derivative liability.
The Black-Scholes model was used to determine the fair value of the warrants, which was $1.50 as at April 30, 2026 ($2.59 - October 31, 2025). The primary inputs include expected share price volatility of 60% at April 30, 2026 (68% - October 31, 2025), risk-free rate of return of 3.14% at April 30, 2026 (2.63% - October 31, 2025), Expected life of the warrants of 4.21 years at April 30, 2026 (4.71 - October 31, 2025), closing market price of the stock of $3.31 at April 30, 2026 ($4.38 - October 31, 2025).
Non-current derivative liability - put option liability

As atApril 30, 2026October 31, 2025
$$
Opening balance56,954—
Initial recognition—35,797
Fair value change1,67020,907
(Loss) or gain on foreign exchange(722)250
Total57,90256,954

The Company issued a put option to the 49% non-controlling interest shareholders in Remexian, exercisable at any time after September 2, 2027 for a term of 5 years. The put option allows the non-controlling interest shareholders to sell all the remaining shares at an exercise price of 3.64065 times the trailing annual EBITDA.

The Company used a Monte Carlo simulation model to determine the put option's fair value. At April 30, 2026, the significant level 3 estimates in the valuation were management's multi-year EBITDA forecast, an internal rate of return of 15% (15% - October 31, 2025), an annualized EBITDA volatility of 82% (82% - October 31, 2025) and risk-free rate of 3.35%.

On initial recognition, the put option liability of $35,797 was recorded as derivative liability - equity in the consolidated statement of changes in equity. As at April 30, 2026, the put option liability was remeasured as $57,902 ($56,954 - October 31, 2025) and the change in fair value of $1,670 ($20,907 - October 31, 2025) was recorded in the consolidated statement of income (loss) and comprehensive income (loss).

17
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







17. Interest bearing loans and borrowings

As at    April 30, 2026October 31, 2025
$$
ConnectFirst loan(i)
7,0649,104
Bank borrowings(ii)
—4,851
Working capital loan(iii)
—2,234
Total 7,06416,189
Less current portion(7,064)(16,189)
Long-term obligation——
Cash flow information

For the period
    
April 30, 2026
April 30, 2025
$
$
Repayments:
Bank borrowing (money market loan)
4,851
—
Bank borrowing (credit facility)
7,264 
— 
ConnectFirst
2,040
1,839
Working capital loan
2,234
—
Total
16,389
1,839
Additions
Bank borrowing (money market loan)
7,264 — 
Total
7,264
—
(i)On August 15, 2022, the Company entered into a $19,000 demand term loan with connectFirst Credit Union (the "Credit Facility") with Tranche 1 - $12,100 available in a single advance, and Tranche 2 - $6,900 available in multiple draws subject to pre-disbursement conditions set. The demand loan bears interest at the Credit Union’s prime lending rate plus 2.5% per annum and is set to mature on September 5, 2027.

Tranche 1, is repayable on demand, but until demand is made, this credit facility shall be repaid in monthly blended payments of principal and interest of $241. Blended payments may be adjusted from time to time, if necessary, on the basis of the Credit Union’s Prime Lending Rate and the principal outstanding. The Company received the inflow on October 7, 2022. The balance at April 30, 2026 was $4,652 ($5,909 - October 31, 2025).

Tranche 2, is repayable on demand, but until demand is made, this credit facility shall be repaid in monthly blended payments of principal and interest of $147. Blended payments may be adjusted from time to time, if necessary, on the basis of Prime, the principal outstanding and the amortization period remaining, the Company received the inflow on October 25, 2022. The Company received the remaining $2,673 on March 8, 2023. The balance at April 30, 2026 was $2,412 ($3,195 - October 31, 2025).
Attached to the loan is a general security agreement comprising a first charge security interest over all present and after acquired personal property, registered at Personal Property Registry for the assets of Canna Cabana Inc., Meta Growth Corp., 2680495 Ontario Inc., Valiant Distribution Canada Inc., High Tide USA Inc., Smoke Cartel USA Inc., DHC Supply LLC., DS Distribution Inc., Enigmaa Ltd., High Tide Inc. BV., SJV2 BV., SJV BV o/a Grasscity., and a limited recourse guarantee against $5,000 worth of High Tide Inc. shares held by Harkirat Singh Grover, and affiliates, to be pledged in favor of the Connectfirst.



18

image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







Covenants attached to the loan:

The Company’s debt service coverage ratio shall be not less than 1.4:1, to be tested at the end of each fiscal quarter of the Company based on a trailing four-quarters basis using financial statements. As of April 30, 2026, the Company was in compliance with the debt service coverage ratio.
•The Company shall at all times maintain in the Company’s account with connectFirst the greater of $7,500 or 50% of the aggregate debt of the Company to connectFirst. A five-business day cure period is permitted. Included in the restricted cash of $9,096 as at April 30, 2026 ($8,629 - October 31, 2025) is $7,500 ($7,500 - October 31, 2025) held in the Company’s account with connectFirst.
•The Company shall at all times maintain a current ratio of not less than 1.3:1, to be tested monthly using financial statements. As at April 30, 2026, the Company was in compliance with the current ratio.
•The Company shall at all times maintain a funded debt to EBITDA ratio of not more than 3:1, to be tested quarterly on a consolidated basis. As at April 30, 2026, the Company was in compliance with the funded debt to EBITDA ratio.
As at April 30, 2026, the Company has met all the covenants attached to the loan.

(ii)Remexian has a credit framework with German bank that may be utilized as an overdraft facility (line of credit), money market loans, bank guarantees and import letters of credit, with an aggregate limit of $9,436 (EUR 6,000), of which money market utilization is subject to a sub-limit of $7,863 (EUR 5,000). The overdraft facility bears interest at a variable rate linked to three-month average EURIBOR, with interest payable monthly in arrears, and is subject to a provision fee of 0.10% per annum plus VAT on the unused portion; the facility has no stated maturity and amounts drawn are repayable on demand. As at April 30, 2026, there was outstanding balance of $3,846 (EUR 2,409) under the overdraft facility (line of credit) and is included in cash and cash equivalents on the condensed interim consolidated statements of financial position. Money market loans are short-term drawings repayable at the end of their term and bear interest at EURIBOR plus a margin of 2.50% per annum (EURIBOR floored at zero), calculated using 360-day year. As at April 30, 2026, the variable interest rate applicable to the overdraft facility was 5.248%, and the rate applicable to the money market loan was 4.537%. The facilities are denominated in Euros. The money market loan outstanding as of October 31, 2025 in the amount of $4,851 was fully repaid on December 15, 2025. Subsequently, on January 15, 2026, the Company drew $7,264 (Euro 4,500) from its credit facility, which was paid on April 30, 2026. No amounts were outstanding under bank guarantees or import letters of credit at April 30, 2026.

The credit framework is secured by Remexian’s inventory and related insurance claims and are further supported by maximum amount guarantees of $970 (EUR 600) provided by two noncontrolling shareholders of Remexian; in addition, the Company placed $485 (EUR 300) in escrow with a notary in respect of potential security claims. Accrued interest relating to these facilities is recognized separately within trade and other payables. There are no financial covenants attached to this loan.
(iii)Remexian entered into a procurement pre-financing arrangement with a German lender, under which the German lender pays approved supplier invoices on Remexian’s behalf and Remexian reimburses a German lender at the end of an agreed payment deferral period. During the year, Remexian selected a four-month payment deferral for all transactions, with the applicable transfer fee determined at the time each invoice was submitted. Amounts outstanding under the arrangement are repayable within twelve months and are therefore classified as current. The arrangement is secured by collateral over the financed goods and related claims. On November 26, 2025, the German lender provided notice to terminate the arrangement, following which no new supplier invoices are being financed; this did not affect the carrying amount of the balance outstanding at the reporting date. There are no financial covenants attached to this loan. As at April 30, 2026, the balance outstanding was nil.
During the three and six months ended April 30, 2026, the Company incurred interest of $133 and $288, respectively (April 30, 2025: $219 and $490, respectively), on the connectFirst loan and $81 and $122, respectively (April 30, 2025: nil and nil, respectively), on the commercial bank loan. During the three and six months ended April 30, 2026, the Company also repaid principal of $1,031 and $2,040, respectively (April 30, 2025: $945 and $1,839, respectively), on the connectFirst loan.

19
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







18. Secured debentures

As at    April 30, 2026October 31, 2025
$$
Face value15,00015,000
Unamortized discount(1,045)(1,152)
Unamortized issuance fees(1,190)(1,312)
Total12,76512,536
On July 31, 2024, the Company established a secured debenture facility with a 12% coupon rate and 5-year maturity. On August 7, 2024, the Company issued $10,000 of debentures at a 10% discount and received net cash proceeds of $8,700. On November 30, 2024, the Company issued an additional $5,000 of debentures at 10% discount and received net cash proceeds of $4,449.
On July 31, 2024, the Company issued 230,760 shares for consideration of $800 in connection with the secured debenture facility.
For the three and six months ended April 30, 2026, the Company incurred interest on debentures in the amount of $439 and $896, respectively (April 30, 2025: $596 and $986, respectively), and accretion expense of $122 and $229, respectively (April 30, 2025: $161 and $311, respectively). This secured debenture is subject to the same covenants as the connectFirst loan, with which the Company remains in full compliance.

19. Finance and other costs
Three months ended April 30,
Six months ended April 30,
2026
2025
2026
2025
$
$
$
$
Accretion on convertible debt
445
—
887
—
Accretion on notes payable
144
29
375
165
Accretion on secured debentures
122
161
229
311
Accretion on lease liabilities
1,099
945
2,056
1,881
Interest on notes payable
264
—
544
218
Interest on debentures
439
596
896
986
Interest on interest bearing borrowings
 
345
219
724
490
Interest on convertible debt
293
—
595
—
Transaction and other costs for the period
 
2,077
1,616
5,035
2,246
Total
5,228
3,566
11,341
6,297


20
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







20. Share capital

Common shares: 
Number of sharesAmount
 #$
Opening balance, November 1, 2024 80,787,017300,643
Purchase of Remexian - paid in shares5,864,37326,856
Issuance of shares through ATM(i)
11,60052
Vested restricted share units (RSU)504,0441,388
Share issuance cost—(292)
Options exercised227,947664
Warrants exercised89,800331
Balance, October 31, 2025 87,484,781329,642
Vested restricted share units (RSU) 295,1901,733
Equity awards related costs —(439)
Share issuance cost—(12)
Options exercised89,785184
Balance, April 30, 2026 87,869,756331,108

(i)The base shelf prospectus replaced the At the market offering (ATM) announced on August 31, 2023.
On August 11, 2025, the Company filed a final short form base shelf prospectus in all Canadian provinces and territories and a corresponding shelf registration statement with the U.S. Securities and Exchange Commission. The shelf prospectus allows the Company to offer, during the 25-month effective period, up to an aggregate of $100,000 (or the equivalent in U.S. dollars) in one or more offerings of equity, debt, warrants, subscription receipts, units, convertible securities, or combinations thereof, at the Company’s discretion and subject to regulatory requirements, as required pursuant to National Instrument 44-102 – Shelf Distributions and the policies of the TSXV.

21. Share-based compensation
(a) Stock option plan
On April 19, 2022, the directors of the Company approved the 2022 equity incentive plan (the “Omnibus Plan”), which was effective upon the Company receiving disinterested shareholder approval at the annual general meeting and special meetings of shareholders of the Company on June 2, 2022.
The maximum number of common shares available and reserved for issuance, at any time, under the Omnibus Plan, together with any other security-based compensation arrangements adopted by the Company, including the Predecessor Plans, has been updated to 20% of the issued and outstanding common shares as at June 2, 2022. The maximum share options that can be issued is 12,617,734 Common Shares.
It is the Company's intention for the stock options it grants, to generally vest one-fourth on each of the first, second, third and fourth, 6-month anniversaries of the grant date. All options that are outstanding will expire upon maturity, or earlier, if the optionee ceases to be a director, officer, employee or consultant. The maximum exercise period of an option shall not exceed 10 years from the grant date.




21
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







Changes in the number of stock options, with their weighted average exercise prices, are summarized below:

For the six months ended For the year ended
    April 30, 2026October 31, 2025
Number of options
Weighted average exercise price ($)
Number of options
Weighted average exercise price ($)
Opening balance 2,503,4572.763,080,4522.97
Granted 170,5003.25280,5003.45
Exercised(139,750)2.08(382,000)2.55
Forfeited or expired(81,250)2.61(475,495)4.65
Balance, April 30, 2026 2,452,9572.852,503,4572.76
Exercisable, end of period 2,115,0822.772,212,5822.70
Outstanding optionsExercisable options
Number of options outstandingWeighted average remaining life (years)Weighted average exercise price ($)Number of options exercisableWeighted average exercise price ($)
Range of exercise price
$2.52- $2.752,013,209 0.452.74 1,993,582 2.74 
$2.76 - $4.16
439,7482.23.34121,5003.23
2.52 - $4.16
2,452,957 0.762.85 2,115,082 2.77
(b) Restricted share units ("RSUs") plan
Number of shares
As atApril 30, 2026October 31, 2025
Opening balance918,688687,747
Granted1,424,088918,688
Vested and issued(435,618)(687,747)
Balance, April 30, 20261,907,158918,688
( c) Share based compensation
Three months ended April 30,Six months ended April 30,
    2026202520262025
 $$$$
Stock options79 167 110 385 
RSUs802 1,083 1,141 2,040 
Total881 1,250 1,251 2,425 
For the three and six months ended April 30, 2026, the Company recorded share-based compensation related to options of $79 and $110, respectively (April 30, 2025: $167 and $385, respectively).
For the three and six months ended April 30, 2026, the Company recorded share-based compensation related to RSUs of $802 and $1,141, respectively (April 30, 2025: $1,083 and $2,040, respectively).




22
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







22. Warrants
 WarrantsWeighted average exercise priceWeighted average number of years to expiryExpiry dates
 #$$
Opening balance 4,852,3664,6322.732.98
Warrants exercised (89,800)(86)2.731.727/22/2027
Warrants issued(i)
 3,836,317-3.914.717/16/2030
Balance, October 31, 2025 8,598,8834,5463.263.05
Warrants exercised
————
Balance, April 30, 20268,598,8834,5463.262.56
(i) The Company issued 3,836,317 warrants in connection with the Convertible Debt, which is classified as derivative liability (refer to note 16).
23. Income (loss) per share

Three months ended April 30,Six months ended April 30,
    2026202520262025
 $$$$
Net income (loss) for the period24 (2,836)(328)(5,525)
Non-controlling interest portion of net income (loss)221 62 (1,336)181 
Net Income (loss) attributable to the owners of the Company(197)(2,898)1,008 (5,706)
##
Weighted average number of common shares - basic87,867,707 80,935,843 87,790,503 80,904,690 
Basic income (loss) per share— (0.04)0.01 (0.07)
Weighted average number of common shares - diluted87,867,707 80,935,843 94,798,768 80,904,690 
Diluted income (loss) per share— (0.04)0.01 (0.07)
During the three months ended April 30, 2026, the Company reported a net loss attributable to owners of the company. In the computation of the diluted loss per share, common share equivalents are not considered, as the inclusion of the common shares equivalents are anti-dilutive for the period. During the six months ended April 30, 2026, the Company reported a net income attributable to owners of the company. Accordingly, the calculation of diluted earnings per share includes the weighted average number of common shares outstanding and the dilutive effect of potential common shares, consisting of stock options and the conversion option associated with the warrants.

24. Financial Instruments and risk management
The Company’s activities expose it to a variety of financial risks. The Company is exposed to credit, liquidity, interest and market risk due to holding certain financial instruments. This note presents information about changes to the Company’s exposure to each of these risks, its objectives, policies, and processes for measuring and managing risk, and its management of capital during the year. Further quantitative disclosure is included throughout these condensed interim consolidated financial statements. The Company’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company’s financial performance.
(a) Fair value

The Company classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
-Level 1 – Quoted prices (unadjusted) in active markets for identical assets and liabilities
-Level 2 – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
-Level 3 – Inputs for the asset or liability that are not based on observable market data (unobservable inputs)
23
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







The Company assessed that the fair values of cash and cash equivalents, trade and other receivables, accounts payable, interest bearing loans and borrowings, current portion of notes payable, and current portion of lease liabilities approximate their carrying amounts largely due to the short-term nature of these instruments.
The following methods and assumptions were used to estimate the fair value:
-Marketable securities (excluding long term GICs) are determined based on level 1 inputs, as the prices for the marketable securities are quoted in public exchanges.
-The Secured Debentures are evaluated by the Company based on level 2 inputs such as the effective interest rate and the market rates of comparable securities. The Secured Debentures are initially recorded at fair value and subsequently measured at amortized cost and at each reporting period accretion incurred in the period is recorded to transaction costs in the consolidated statement of loss and comprehensive loss.
-The Junior Secured Convertible Loan is evaluated by the Company based on level 2 inputs such as the effective interest rate and the market rates of comparable securities. The Loan is initially recorded at fair value and subsequently measured at amortized cost and at each reporting period accretion incurred in the period is recorded in the consolidated statement of income (loss) and comprehensive income (loss). The Warrants issued with the Junior Secured Convertible Loan are valued by the Company based on level 3 inputs and the Black-Scholes-Merton valuation model for financial instruments (i.e. spot price determined as 30-day VWAP, risk-free rate as per the Bank of Canada, stock price volatility). A 1% change in expected volatility would change the warrant liability by approximately $88.
(b) Credit risk
Credit risk arises when a party to a financial instrument will cause a financial loss for the counterparty by failing to fulfill its obligation. The maximum exposure to credit risk is equal to the carrying value (net of allowances) of the financial assets. The objective of managing credit risk is to prevent losses on financial assets. The Company assesses the credit quality of counterparties, considering their financial position, past experience, and other factors. Cash and cash equivalents consist of bank balances. Credit risk associated with cash is minimized substantially by ensuring that these financial assets are held in highly rated financial institutions. The Company holds all cash and cash equivalents with large commercial banks or credit unions, which minimizes credit risk.
The following table sets forth details of the aging profile of accounts receivables and the allowance for expected credit loss:
As at    April 30, 2026October 31, 2025
$$
Current (for less than 30 days) 6,1833,989
31 – 60 days 37099
61 – 90 days 150101
Greater than 90 days 2,1442,355
Less allowance (1,126)(929)
 7,7215,615

Accounts receivables consists primarily of accounts receivables from invoicing for products and services rendered. The Company’s credit risk arises from the possibility that a customer which owes the Company money is unable or unwilling to meet its obligations in accordance with the terms and conditions in the contracts with the Company, which would result in a financial loss for the Company. This risk is mitigated through established credit management techniques, including monitoring customer’s creditworthiness, setting exposure limits and monitoring exposure against these customer credit limits.
For the three and six months ended April 30, 2026 net $145 and $197, respectively (April 30, 2025: $2 and $4, respectively), in trade receivables were written off against the allowance due to bad debts and $338 and $400, respectively (April 30, 2025: $174 and $168, respectively), were written off directly to bad debts. Individual receivables which are known to be uncollectible are written off by reducing the carrying amount directly. The remaining accounts receivables are evaluated by the Company based on parameters such as interest rates, specific country risk factors, and individual creditworthiness of the customer. Based on this evaluation, allowances are taken into account for the estimated losses of these receivables.
The Company performs a regular assessment of the collectability of accounts receivables. In determining the expected credit loss amount, the Company considers the customer’s financial position, payment history and economic conditions.

24
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







(c) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company’s objective in managing liquidity risk is to maintain sufficient readily available reserves in order to meet its liquidity requirements at any point in time. The Company generally relies on funds generated from operations, equity and debt financing to provide sufficient liquidity to meet budgeted operating requirements and to supply capital to expand its operations. The Company may access capital to meet current and future obligations as they come due. The Company’s ability to manage its liquidity risk going forward will require some or all of the following: the ability to continue to generate positive cash flows from operations and to secure capital or credit facilities on reasonable terms.
Maturities of the Company’s financial liabilities are as follows:

    
Contractual
Cash Flows
2026
2026
2027-2028
2029-2030
2031 and beyond
$
$
$
$
$
$
Accounts payable and accrued liabilities
55,34155,341———
Income tax payable7,3397,339———
Undiscounted lease obligations
74,8457,10326,22517,89223,625
Notes payable
20,0049263,53915,282257
Interest bearing loans and borrowings
7,4792,3295,150——
Secured debentures
21,0069023,60516,499—
Convertible debt
35,1526022,40132,149—
Total
221,16674,54240,92081,82223,882

(d) Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in the market interest rate primarily related to the Company’s current credit facility with a variable interest rate.
As at April 30, 2026, approximately 86% of the Company’s borrowings are at a fixed rate of interest (77% - October 31, 2025) Assuming all other variables remain constant, a fluctuation of +/- 1.0 percent in the interest rate would impact the annual interest payment by approximately +/- $71 ($139 - October 31, 2025).

(e) Foreign currency risk
Foreign currency risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company maintains cash balances and enters into transactions denominated in foreign currencies, which exposes the Company to fluctuating balances and cash flows due to variations in foreign exchange rates. The Canadian dollar equivalent carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities as at April 30, 2026 were as follows:
As atApril 30, 2026October 31, 2025
(Canadian dollar equivalent amounts of GBP, EUR, USD)    GBPEURUSDTotalTotal
$$$$$
Cash170 (3,371)1,834 (1,367)2,899 
Trade and other receivables116 3,403 308 3,827 2,533 
Accounts payable and accrued liabilities(98)(34,939)(2,103)(37,140)(26,025)
Net monetary assets188 (34,907)39 (34,680)(20,593)
Assuming all other variables remain constant, a fluctuation of +/- 5.0 percent in the exchange rate between USD and the Canadian dollar would impact the carrying value of the net monetary assets by approximately +/- $2 ($9 - October 31, 2025). Maintaining constant variables, a fluctuation of +/- 5.0 percent in the exchange rate between the EUR and the Canadian dollar would impact the carrying value of the net monetary assets by approximately +/- $1,745 ($1,049 - October 31, 2025), and a fluctuation of +/- 5.0 percent in the exchange rate between GBP and the Canadian dollar would impact the carrying value of the net monetary assets by approximately +/- $9 ($10 - October 31, 2025). To date, the Company has not entered into financial derivative contracts to manage exposure to fluctuations in foreign exchange rates.
25
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







25. Segmented information
(a) Operating segment
Bricks-and-mortarBricks-and-mortarMedical cannabis distributionMedical cannabis distributionTotalTotal
For the three months ended April 30,202620252026202520262025
$$$$$$
Total revenue$147,657 $137,804 $31,639 $— $179,296 $137,804 
Gross profit$40,685 $35,471 $7,706 $— $48,391 $35,471 
Income (loss) from operations$5,725 $932 $372 $— $6,097 $932 
Bricks-and-mortarBricks-and-mortarMedical cannabis distributionMedical cannabis distributionTotalTotal
For the six months ended April 30,202620252026202520262025
$$$$$$
Total Revenue301,007 280,265 56,618 — 357,625 280,265 
Gross profit (loss)82,785 70,911 10,015 — 92,800 70,911 
Income (loss) from operations10,970 999 (2,502)— 8,468 999 
Bricks-and-mortarBricks-and-mortarMedical cannabis distributionMedical cannabis distributionTotalTotal
As at April 30, 2026 and October 31, 2025202620252026202520262025
$$$$$$
Current assets84,440 92,028 46,918 44,857 131,358 136,885 
Non-current assets152,967 146,626 63,542 65,551 216,509 212,177 
Current liabilities46,072 58,990 43,838 40,928 89,910 99,918 
Non-current liabilities130,352 136,098 25,693 10,258 156,045 146,356 
Corporate overhead is allocated to the bricks-and-mortar and medical cannabis distribution segments (refer to note 6) based on each segment’s percentage of revenue. For the six months ended April 30, 2026, allocations were 84% to the bricks-and-mortar segment and 16% to medical cannabis distribution segment (April 30, 2025: 100% and nil, respectively).









26
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







b) Geographical markets
CanadaCanadaUSAUSAInternationalInternationalTotalTotal
For the three months ended April 30,20262025202620252026202520262025
$$$$$$$$
Total revenue144,331 133,091 3,167 4,542 31,798 171 179,296 137,804 
Gross profit (loss)39,728 34,002 894 1,428 7,769 41 48,391 35,471 
Income (loss) from operations$5,900 5,900 5,409 (1,407)(4,241)1,604 (236)6,097 932 
CanadaCanadaUSAUSAInternationalInternationalTotalTotal
For the six months ended April 30,20262025202620252026202520262025
$$$$$$$$
Total revenue294,021 268,805 6,692 11,000 56,912 460 357,625 280,265 
Gross profit (loss)80,918 67,274 1,760 3,456 10,122 181 92,800 70,911 
Income (loss) from operations11,955 7,366 (3,023)(5,847)(464)(520)8,468 999 
CanadaCanadaUSAUSAInternationalInternationalTotalTotal
As at April 30, 2026 and October 31, 202520262025202620252026202520262025
$$$$$$$$
Current assets79,839 84,442 6,460 6,824 45,059 45,619 131,358 136,885 
Non-current assets150,029 143,604 1,859 2,587 64,621 65,986 216,509 212,177 
Current liabilities43,890 55,763 3,650 2,832 42,370 41,324 89,910 99,919 
Non-current liabilities144,185 134,918 1,162 1,509 10,698 9,929 156,045 146,356 
Corporate overhead is included in the geographical market in which it was incurred.
26. Related party transactions
As at April 30, 2026, the Company had the following transactions with related parties as defined in IAS 24 – Related Party Disclosures, except those pertaining to transactions with key management personnel in the ordinary course of their employment and/or directorship arrangements and transactions with the Company’s shareholders in the form of various financing.
(a) Operational transactions
The Company leases an office and warehouse rental unit (27,000 sq ft) from Grover Properties Inc., a company that is related through a common controlling shareholder and the President & CEO of the Company. The lease was established by an independent real estate valuations services company at prevailing market rates and has annual lease payments totaling $386 per annum. The current lease term is 5 years that ends on December 31, 2028, with one additional 5-year term extension exercisable remaining at the option of the Company.
Following the acquisition of a controlling interest in Remexian on September 2, 2025, Remexian continued to receive facilities and operational support services from INOPHA under an existing service agreement, including seconded personnel support and the provision of Remexian managing director's time through INOPHA. INOPHA is considered a related party of the Company as it shares common key management personnel with Remexian, including the Chief Executive Officer, Stefan Adomeit. For the three and six months ended April 30, 2026, the Company recognized $301 and $721 of expense in respect of these services, respectively (2025: nil and nil, respectively).



27
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)








(b) Financing transactions
On August 15, 2022, the Company entered into a $19,000 demand term loan with connectFirst Credit Union (the "Credit Facility") with Tranche 1 - $12,100 available in a single advance, and Tranche 2 - $6,900 available in multiple draws subject to pre-disbursement conditions set. To facilitate the credit facility, the president and CEO of the Company provided limited recourse guarantee against $5,000 worth of High Tide Inc. shares held by the CEO, and affiliates, to be pledged in favor of the Credit Union. The parties agree that this personal guarantee will only be available after all collection efforts against High Tide Inc. have been exhausted, including the sale of High Tide Inc.
27. Right-of-use assets and lease liabilities

The Company entered into various lease agreements predominantly to execute its retail platform strategy. The Company leases properties such as various retail stores and offices. Lease contracts are typically made for fixed periods of 5 to 10 years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.
Right-of-use assetsApril 30, 2026October 31, 2025
$$
Opening balance47,79336,525
Net additions14,21512,779
Reassessment of lease terms—10,711
Terminations(41)(2,146)
Depreciation expense (5,715)(10,076)
Total56,25247,793
Lease LiabilitiesApril 30, 2026October 31, 2025
    $$
Opening balance 49,80040,207
Additions13,24612,539
Reassessment of lease terms, net of interest—9,086
Terminations(50)(2,054)
Foreign currency (27)29
Repayments (5,297)(10,007)
Total57,67249,800
Less: current (9,905)(9,814)
Non-current47,76739,986
During the three and six months ended April 30, 2026, the Company also paid $1,821 and $3,418, respectively (April 30, 2025: $1,286 and $2,725, respectively), in variable operating costs associated with the leases which are expensed under general and administrative expenses.
During the year ended October 31, 2025, management reassessed the lease terms of certain building leases in accordance with the Company’s accounting policy for leases. As a result, renewal periods assessed as reasonably certain were included in the lease terms and the related lease liabilities and right-of-use assets were remeasured. The cumulative impact was recognized prospectively during the year and included within additions to right-of-use assets and lease liabilities.


28
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







28. Capital management

The Company’s objectives when managing capital resources are to:
(i)Explore profitable growth opportunities;
(ii)Deploy capital to provide an appropriate return on investment for shareholders;
(iii)Maintain financial flexibility to preserve the ability to meet financial obligations; and
(iv)Maintain a capital structure that provides financial flexibility to execute on strategic opportunities.
The Company’s strategy is formulated to maintain a flexible capital structure consistent with the objectives stated above as well as to respond to changes in economic conditions and to the risks inherent in its underlying assets. The Board of Directors does not establish quantitative return on capital criteria for management, but rather promotes year‐over‐year sustainable profitable growth. The Company’s capital structure consists of debt, equity and working capital. To maintain or alter the capital structure, the Company may adjust capital spending, take on new debt or issue share capital. The Company anticipates that it will have adequate liquidity to fund future working capital commitments, and forecasted capital expenditures through a combination of cash flow, cash‐on‐hand and financing, as required.
29. Contingent liability
In the normal course of business, the Company and its subsidiaries may become defendants in certain employment claims and other litigation. The Company records a liability when it is probable that a loss has been incurred and the amount can be reasonably estimated. The Company is not involved in any legal proceedings other than routine litigation arising in the normal course of business, none of which the Company believes will have a material adverse effect on the Company’s business, financial condition or results of operations. There have been no material changes in contingent liabilities or contingent assets since those disclosed in the Company’s annual consolidated financial statements for the year ended October 31, 2025.
30. Non-controlling interest
The following table presents the summarized financial information for the Company’s subsidiaries which have non-controlling interests. This information represents amounts before intercompany eliminations.
Balance as atApril 30, 2026October 31, 2025
$$
Total current assets47,983 49,014 
Total non-current assets64,657 67,785 
Total current liabilities(43,801)(42,770)
Total non-current liabilities(9,401)(9,976)
For the periodThree months ended April 30,
Six months ended April 30,
2026
2025
2026
2025
$
$
$
$
Revenues
35,404
4,080
64,609
8,537
Net (loss) income
221
(31)
(1,336)
54
Total comprehensive (loss) income
(13)
46
(1,315)
106

(i)The increase in revenue, net (loss) income and total comprehensive (loss) income for three and six months ended April 30, 2026 is primarily related to the acquisition of Remexian (refer to note 5).



29
image_0a.jpg
High Tide Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months and six months ended April 30, 2026 and 2025
(Stated — In thousands of Canadian dollars, except share and per share amounts)







The net change in non-controlling interests is as follows:

As at April 30, 2026April 30, 2025
RemexianOther subsidiariesTotalRemexianOther subsidiariesTotal
$$$$$
Opening balance, beginning of the period13,708 1,470 15,178 — 2,240 2,240 
Share of net income (Loss) for three months ended January 31, 2026(1,743)186 (1,557)— 119 119 
Share of net income (Loss) for three months ended April 30, 202695 126 221 — 62 62 
Distributions for three months ended January 31, 2026— — — — — — 
Distributions for three months ended April 30, 2026— (587)(587)— (567)(567)
Balance, end of the period12,060 1,195 13,255 — 1,854 1,854 
31. Subsequent events
1.On Jun 15, 2026, the Company announced that it has secured credit approval for a loan agreement with Bank of Montreal in respect of new senior secured credit facilities in the principal amount of C$40 million, expected to replace its existing senior credit facility with connectFirst Credit Union, subject to customary closing conditions. The proposed facilities consist of a $25.0 million committed revolving credit facility and a $15.0 million committed delayed draw term loan. Upon repayment and termination of the connectFirst Credit Union facility, approximately $7.5 million of restricted cash held as collateral is expected to be released and reclassified to cash and cash equivalents. As of the date these financial statements were authorized for issuance, the transaction had not closed and no amounts had been drawn under the proposed facilities.

2.On June 15, 2026, the Company announced the acquisition of J. Supply Holdings Inc. ("Northern Helm"), a cannabis retail operator in Ontario. The total consideration is expected to be approximately $7.7 million, subject to working capital adjustments, and will be satisfied through a combination of cash, vendor take-back debt, and the issuance of common shares of High Tide Inc.

3.The money market loan disclosed in Note 17 was repaid on April 30, 2026. Subsequent to period end, the Company redrew $7,264 under the same facility on May 5, 2026. The loan bears interest at a fixed rate of 4.417% per annum and was repaid in full on May 28, 2026.




30