EX-99.1 2 hiti-ex991condensedinterim.htm EX-99.1

Exhibit 99.1

Condensed Interim Consolidated

Financial Statements

For the three months ended January 31, 2026 and 2025

(Stated in thousands of Canadian dollars, except share and per share amounts)

(Unaudited)

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Condensed Interim Consolidated Financial Statements for the three months ended January 31, 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

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

						Notes						2026						2025
												$						$
Assets
Current assets
Cash and cash equivalents												37,261						39,254
Restricted cash						2, 17						9,113						8,629
Marketable securities												89						64
Trade and other receivables						11						8,673						5,615
Inventory						10						66,655						67,406
Prepaid expenses and deposits						9						12,775						15,917
Total current assets												134,566						136,885
Non-current assets
Property and equipment						7						28,867						29,436
Right‐of‐use assets						27						50,851						47,793
Long term prepaid expenses and deposits						9						3,494						4,114
Intangible assets and goodwill						8						127,359						129,549
Long term contract asset						5						1,285						1,285
Total non-current assets												211,856						212,177
Total assets												346,422						349,062
Liabilities
Current liabilities
Accounts payable and accrued liabilities						13						49,254						47,251
Income tax payable												7,188						7,189
Deferred revenue						14						4,957						7,989
Interest bearing loans and borrowings						17						15,358						16,189
Current portion of notes payable						12						1,356						1,536
Current portion of lease liabilities						27						9,910						9,814
Current derivative liability						16						5,806						9,951
Total current liabilities												93,829						99,919
Non-current liabilities
Notes payable						12						11,922						11,903
Lease liabilities						27						42,992						39,986
Deferred tax liability												7,087						7,100
Secured debentures						18						12,643						12,536
Convertible debt						15						18,319						17,877
Derivative liability						16						57,641						56,954
Total non-current liabilities												150,604						146,356
Total liabilities												244,433						246,275
Shareholders' equity
Share capital						20						331,052						329,642
Warrants						22						4,546						4,546
Contributed surplus												40,514						42,024
Derivative liability - equity						16						(35,797)						(35,797)
Accumulated other comprehensive Income												6,953						7,299
Accumulated deficit												(258,900)						(260,105)
Equity attributable to owners of the Company												88,368						87,609
Non-controlling interest						30						13,621						15,178
Total shareholders' equity												101,989						102,787
Total liabilities and shareholders' equity												346,422						349,062

Contingent liability (Note 29)

Subsequent events (Note 31)

3

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			High Tide Inc.
			Condensed Interim Consolidated Statements of Loss and Comprehensive Loss
			For the three months ended January 31, 2026 and 2025
			(Unaudited — In thousands of Canadian dollars, except share and per share amounts)

						Notes															2026						2025
																					$						$
Revenue						6, 25															178,329						142,461
Cost of sales																					(133,230)						(107,021)
Inventory fair value																					(690)						—
Gross profit																					44,409						35,440
Expenses
Salaries, wages and benefits																					(21,105)						(17,581)
Share-based compensation						21															(370)						(1,175)
General and administration																					(7,393)						(6,563)
Professional fees																					(2,437)						(1,809)
Advertising and promotion																					(944)						(912)
Depreciation and amortization						7, 8, 27															(8,026)						(5,847)
Interest and bank charges																					(1,763)						(1,486)
Total expenses																					(42,038)						(35,373)
Income from operations																					2,371						67
Other income (expenses)
Finance and other costs						19															(6,113)						(2,731)
Gain on foreign exchange																					144						13
Fair value change in derivative liability						16															3,286						—
Total other (expenses) income																					(2,683)						(2,718)
Loss before taxes																					(312)						(2,651)
Income tax expense																					(40)						(38)
Net loss																					(352)						(2,689)
Other comprehensive income (loss)
Translation difference on foreign operations																					(346)						881
Total comprehensive loss																					(698)						(1,808)
Net loss attributed to:
Owners of the Company																					1,205						(2,808)
Non-controlling interest						30															(1,557)						119
																					(352)						(2,689)
​
Comprehensive loss attributed to:
Owners of the Company																					604						(1,922)
Non-controlling interest						30															(1,302)						114
																					(698)						(1,808)
​
Income (loss) per share
Basic and diluted						23															0.01						(0.03)

4

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			High Tide Inc.
			Condensed Interim Consolidated Statements of Changes in Equity
			For the three months ended January 31, 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, 2024												300,643						4,632						40,507						—												6,848						(209,358)						143,272						2,240						145,512
Issuance of shares in equity financing												52						—						—						—												—						—						52						—						52
Share-based compensation												—						—						1,175						—												—						—						1,175						—						1,175
Share issuance costs												(47)						—						—						—												—						—						(47)						—						(47)
Warrants exercised												10						(3)						-						—												—						—						7						—						7
Options exercised												392						—						(183)						—												—						—						209						—						209
Cumulative translation adjustment												—						—						—						—												881						—						881						—						881
Net loss for the period												—						—						—						—												—						(2,808)						(2,808)						119						(2,689)
Balance, January 31, 2025												301,050						4,629						41,499						—												7,729						(212,166)						142,741						2,359						145,100
Opening balance, November 1, 2025												329,642						4,546						42,024						(35,797)												7,299						(260,105)						87,609						15,178						102,787
Share-based compensation						21						—						—						370						—												—						—						370						—						370
Share issuance costs						20						(2)						—						—						—												—						—						(2)						—						(2)
RSUs vested						20						1,734						—						(1,734)						—												—						—						—						—						—
Equity awards related costs						20						(468)						—						—						—												—						—						(468)						—						(468)
Options exercised						20						146						—						(146)						—												—						—						—						—						—
Cumulative translation adjustment												—						—						—						—												(346)						—						(346)						—						(346)
Net income (loss) for the period												—						—						—						—												—						1,205						1,205						(1,557)						(352)
Balance, January 31, 2026												331,052						4,546			—			40,514						(35,797)												6,953						(258,900)			(259,716)			88,368						13,621						101,989

+
5

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			High Tide Inc.
			Condensed Interim Consolidated Statements of Cash Flows
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

						Notes						2026						2025
Operating activities												$						$
Net loss for the period												(352)						(2,689)
Income tax expense												40						38
Accretion expense						19						780						286
Bad debt write off												52						—
Depreciation and amortization						7, 8, 27						8,026						5,847
Share-based compensation						21						370						1,175
Gain on revaluation of put option liability												(3,286)						—
Gain on foreign exchange												(144)						(13)
												5,486						4,644
Changes in non-cash working capital
Trade and other receivables												(3,110)						(155)
Inventory												751						(1,059)
Prepaid expenses and deposits												3,762						(678)
Accounts payable and accrued liabilities												2,003						(1,918)
Deferred revenue												(3,032)						(152)
Net cash provided by operating activities												5,860						682
Investing activities
Purchase of property and equipment						7						(1,873)						(2,568)
Purchase of intangible assets						8						(357)						(47)
Acquisition of retail store leases												(400)						—
Purchase to obtain right-of-use assets												(69)						(126)
Net cash used in investing activities												(2,699)						(2,741)
Financing activities
Repayment of interest bearing loans and borrowings						17						(8,094)						(894)
Proceeds from interest bearing loans net of issue costs						17						7,264						—
Repayment of notes payable												(390)						(13,385)
Lease liability payments						27						(2,635)						(2,222)
Share issuance costs						20						(2)						(47)
Issuance of shares in equity financing						20						—						52
Warrants exercised						22						—						7
Equity awards related costs						18						(468)						—
Options exercised												70						70
Proceeds from secured debentures												—						4,427
Net cash used in financing activities												(4,255)						(11,992)
Effect of foreign exchange on cash												(415)						125
Net (decrease) increase in cash												(1,509)						(13,926)
Cash and cash equivalents, and restricted cash, beginning of period												47,883						47,267
Cash and cash equivalents, and restricted cash, end of period												46,374						33,341
Supplemental cash flow information
Cash interest received												98						158
Cash interest paid												2,329						1,814
Cash taxes paid												30						42
Non-cash addition to right-of-use assets												6,256						3,775

6

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			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 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 March 17, 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 in the condensed interim consolidated statements of income (loss) and other comprehensive income (loss) and as a separate component of shareholders’ equity.

7

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			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

C. Basis of consolidation

Subsidiaries are entities controlled by the 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.

Subsidiaries

Places of operations

Percentage Ownership

Principal activities

Functional Currency

Canna Cabana Inc.

Canada

100%

Cannabis retail

Canadian Dollar

2680495 Ontario Inc.

Canada

100%

Cannabis retail

Canadian Dollar

Saturninus Partners GP

Canada

50%

Cannabis retail

Canadian Dollar

Valiant Distribution Canada Inc.

Canada

100%

Wholesale distribution

Canadian Dollar

META Growth Corp.

Canada

100%

Cannabis retail

Canadian Dollar

NAC Thompson North Ltd. Partnership

Canada

49%

Cannabis retail

Canadian Dollar

NAC OCN Ltd. Partnership

Canada

49%

Cannabis retail

Canadian Dollar

HT Global Imports Inc.

Canada

100%

Product sourcing and imports

Canadian Dollar

2049213 Ontario Inc.

Canada

100%

Cannabis retail

Canadian Dollar

1171882 B.C. Ltd.

Canada

100%

Cannabis retail

Canadian Dollar

High Tide BV (Grasscity)

Netherlands

100%

E-commerce retail

European Euro

Valiant Distribution Inc.

United States

100%

Wholesale distribution

U.S. Dollar

Smoke Cartel USA, Inc.

United States

100%

E-commerce retail

U.S. Dollar

Fab Nutrition, LLC

United States

100%

E-commerce retail

U.S. Dollar

Halo Kushbar Retail Inc.

Canada

100%

Cannabis retail

Canadian Dollar

Nuleaf Naturals LLC

United States

100%

E-commerce retail

U.S. Dollar

DHC Supply, LLC

United States

100%

E-commerce retail

U.S. Dollar

2629268 Alberta ltd.

Canada

87.5%

Event-based cannabis retail

Canadian Dollar

DS Distribution Inc.

United States

100%

E-commerce retail

U.S. Dollar

Enigmaa Ltd. (Blessed CBD)

United Kingdom

80%

E-commerce retail

British Pound Sterling

Remexian Pharma GMBH

Germany

51%

Medical cannabis distribution

European Euro

High Tide Germany GmbH

Germany

100%

Accessories retail

European Euro

D. Reclassification

During the three months ended January 31, 2026, the Company separately presented certain guaranteed investment certificates and deposits pledged as collateral as “Restricted cash” on the condensed interim consolidated statements of financial position. Previously, these amounts were included within “Cash and cash equivalents.” Comparative figures have been reclassified to conform with the current period presentation. This reclassification had no impact on total assets, total liabilities, shareholders’ equity, net income (loss), or cash flows.

8

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			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

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.

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 judgement, 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 three months ended January 31, 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 three months ended January 31, 2026.

9

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			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

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 $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 shares			16,725						26,856
Cash			7,654						12,289
Vendor loan			5,609						9,007
Long-term contract asset			(800)						(1,285)
Total consideration(i)			29,188						46,867
Purchase price allocation
Trade and other receivable			595						955
Inventory			19,953						32,039
Prepaid expenses and deposits			5,929						9,520
Property, plant and equipment			236						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

(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 January 31, 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.

10

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			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

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 January 31, 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 three months ended January 31, 2026, there were no material measurement period adjustments recognized.

6. Revenue from contracts with customers

For the three months ended January 31						2026						2025						2026						2025						2026						2025			2026						2025
						Bricks-and-mortar						Bricks-and-mortar						E-commerce						E-commerce						Medical cannabis distribution						Medical cannabis distribution			Total						Total
						$						$						$						$						$						$			$						$
Primary geographical markets(i)
Canada						149,690						135,714						—						—						—						—			149,690						135,714
USA						—						—						3,525						6,458						—						—			3,525						6,458
International						—						—						135						289						24,979						—			25,114						289
Total revenue						149,690						135,714						3,660						6,747						24,979						—			178,329						142,461
Major products and services
Cannabis, hemp-derived products and other						145,889						132,049						1,478						2,868						24,979						—			172,346						134,917
Consumption accessories						3,801						3,665						2,182						3,879						—						—			5,983						7,544
Total revenue						149,690						135,714						3,660						6,747						24,979						—			178,329						142,461
Timing of revenue recognition
Transferred at a point in time						149,690						135,714						3,660						6,747						24,979						—			178,329						142,461
Total revenue						149,690						135,714						3,660						6,747						24,979						—			178,329						142,461

(i)Represents revenue based on geographical locations of the customers who have contributed to the revenue generated in the applicable segment.

11

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			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

7. Property and equipment

						Office equipment						Production						Leasehold
						and computers						equipment						improvements						Vehicles						Buildings						Total
Cost						$						$						$						$						$						$
Opening balance, November 1, 2024						6,677						3,859						49,476						40						3,710						63,762
Additions						649						11						8,550						-						875						10,085
Additions from business combinations						176						40						20						—						145						381
Foreign currency translation						25						23						13						—						(12)						49
Balance, October 31, 2025						7,527						3,933						58,059						40						4,718						74,277
Additions						103						—						1,769						—						1						1,873
Foreign currency translation						(4)						(54)						(45)						—						—						(103)
Balance, January 31, 2026						7,626						3,879						59,783						40						4,719						76,047
Accumulated depreciation
Opening balance, November 1, 2024						4,018						2,213						29,333						15						712						36,291
Depreciation						1,024						776						6,411						4						256						8,471
Foreign currency translation						40						25						9						—						5						79
Balance, October 31, 2025						5,082						3,014						35,753						19						973						44,841
Depreciation						219						134						2,039						1						68						2,461
Foreign currency translation						(4)						(81)						(37)						—						—						(122)
Balance, January 31, 2026						5,297						3,067						37,755						20						1,041						47,180
Net Book Value, October 31, 2025						2,445						919						22,306						21						3,745						29,436
Net Book Value, January 31, 2026						2,329						812						22,028						20						3,678						28,867

(i)As at January 31, 2026, the Company had a balance of $988 (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

---

			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

8. Intangible assets and goodwill

						Software			Licenses			Brand name						Customer relationship			Supplier relationship			Goodwill			Total
Cost						$			$			$						$			$			$			$
Opening balance, November 1, 2024						11,986			46,148			8,585						—			—			73,373			140,092
Additions						211			—			—						—			—			-			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 translation						238			18			162						130			18			295			861
Balance, October 31, 2025						1,714			48,800			11,385						18,513			2,668			90,121			173,201
Additions						11			274			72						—			—			—			357
Foreign currency translation						—			(5)			(18)						(34)			(5)			(59)			(121)
Balance, January 31, 2026						1,725			49,069			11,439						18,479			2,663			90,062			173,437
Accumulated amortization
Opening balance, November 1, 2024						8,475			38,659			142						—			—			—			47,276
Amortization						2,120			2,372			533						594			144			—			5,763
Impairment Loss						(9,621)			—			—						—			—			—			(9,621)
Foreign currency translation						168			3			35						23			5			—			234
Balance, October 31, 2025						1,142			41,034			710						617			149			—			43,652
Amortization						59			588			570						927			223			—			2,367
Foreign currency translation						-			66			(2)						(4)			(1)			—			59
Balance, January 31, 2026						1,201			41,688			1,278						1,540			371			—			46,078
Net Book Value, October 31, 2025						572			7,766			10,675						17,896			2,519			90,121			129,549
Net Book Value, January 31, 2026						524			7,381			10,161						16,939			2,292			90,062			127,359

During the three months ended January 31, 2026, the Company evaluated for indicators of impairment and determined that no indicators were present.

9. Prepaid expenses and deposits

As at						January 31, 2026						October 31, 2025
						$						$
Deposits on cannabis retail outlets						2,683						2,622
Prepaid insurance and other						4,185						4,578
Prepayment on inventory						9,401						12,831
Total						16,269						20,031
Less current portion						(12,775)						(15,917)
Long-term						3,494						4,114

13

---

			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

10. Inventory

As at						January 31, 2026						October 31, 2025
						$						$
Finished goods						49,462						56,336
Raw material						17,547						11,430
Work in process						10						6
Provision for obsolescence						(364)						(366)
Total						66,655						67,406

11. Trade and other receivables

As at						January 31, 2026						October 31, 2025
						$						$
Trade account receivable						21,082						15,557
Factoring(i)						(11,428)						(9,013)
Allowance for doubtful accounts						(981)						(929)
Total						8,673						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 Coface on a non-recourse basis. Eligible receivables are derecognized when purchased by Coface and cash is received. Receivables offered but not purchased by Coface 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.

12. Notes payable

As at						January 31, 2026						October 31, 2025
						$						$
Term loanii)						3,430						3,637
Vendor loan(ii)						9,234						9,007
Other(iii)						614						795
Total						13,278						13,439
Less current portion						(1,356)						(1,536)
Long-term obligation						11,922						11,903

(i)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. As at January 31, 2026, principal outstanding was $3,430, of which $806 was classified as current and $2,624 as non-current. Accrued interest of approximately $14 was recognized separately within trade and other payables. 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 January 31, 2026.

14

---

			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

(ii)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 $73 was recognized with in trade and other payables.

(iii)Included in current notes payable are an e-commerce subsidiary's $65 loan. 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 January 31, 2026, principal outstanding under these loans totaled $549 (EUR 340). 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.

13. Accounts payable and accrued liabilities

As at						January 31, 2026						October 31, 2025
						$						$
Accounts payable						30,144						27,765
Accrued liabilities						10,723						12,484
Sales tax payable						8,387						7,002
Total						49,254						47,251

14. Deferred revenue

As at						January 31, 2026						October 31, 2025
						$						$
Cannabis, hemp-derived products and other revenue						2,235						3,308
Elite membership revenue						1,546						1,404
Goods shipped not delivered						1,176						3,277
Total						4,957						7,989

15. Convertible debt

As at						January 31, 2026						October 31, 2025
						$						$
Face value						30,000			-			30,000
Freestanding derivative						(7,299)						(7,299)
Unamortized issuance cost						(4,382)						(4,824)
Total						18,319						17,877

15

---

			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

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.

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 January 31, 2026.

16. Derivative liability

Current derivative liability - detachable warrants

As at						January 31, 2026						October 31, 2025
						$						$
Opening balance						9,951						—
Initial recognition						—						7,299
Fair value change						(4,145)						2,652
Fair value, end of the period						5,806						9,951

The detachable warrants were issued concurrently with the advance of the convertible debt and are exercisable into common shares at a fixed exercise price, subject to standard anti-dilution adjustments. 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. In connection with the convertible debt, the Lender received 3,836,317 detachable warrants with a fixed exercise price of $3.91 per share. Warrants are exercisable for cash or, at the Company’s option, on a cashless basis.

The Black-Scholes model was used in determining the fair value of the warrants of $1.51 as at January 31, 2026 ($2.59 - October 31, 2025) . The primary inputs include expected share price volatility of 68% at January 31, 2026 (68% - October 31, 2025) , Risk-free rate of return of 2.87% at January 31, 2026 (2.63% - October 31, 2025), Expected life of warrants of 4.46 years at January 31, 2026 (4.71 - October 31, 2025), closing market stock price of $3.04 at January 31, 2026 ( $4.38 - October 31, 2025).

16

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			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

Non-current derivative liability - put option liability

As at						January 31, 2026						October 31, 2025
						$						$
Opening balance						56,954						—
Initial recognition						—						35,797
Fair value change						859						20,907
(Loss) or gain on foreign exchange						(172)						250
Total						57,641						56,954

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 January 31, 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 3.1%.(3.4% - October 31, 2025)

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 January 31, 2026, the put liability was remeasured as $57,641 ($56,954 - October 31, 2025) and the change in fair value of $859 ($20,907 - 2025) was recorded in the consolidated statement of loss and comprehensive loss.

17. Interest bearing loans and borrowings

As at						January 31, 2026						October 31, 2025
						$						$
Connect First loan(i)						8,094						9,104
Bank borrowings(ii)						7,264						4,851
Working capital loan(iii)						—						2,234
Total						15,358						16,189

(i)On August 15, 2022, the Company entered into a $19,000 demand term loan with Connect First 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 the end of the January 31, 2026 is $5,286 ($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 the end of the year ended January 31, 2026 is $2,808 ($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.

17

---

			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 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 January 31, 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 of $9,113 as at January 31, 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 January 31, 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 January 31, 2026, the Company was in compliance with the funded debt to EBITDA ratio.

During the three months ended, January 31, 2026, the Company incurred interest of $155 ($271 - (January 31, 2025) for Connect first loan and $41 ($nil - January 31, 2025) for commercial bank loan, and paid $1,009 ($894 - January 31, 2025) as outstanding principal in relation to the connect first loan.

As at January 31, 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 January 31, 2026, the overdraft facility has $1,690 balance and was classified as cash and cash equivalent. 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 January 31, 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, maturing on April 30, 2026. The balance has been classified as a current liability. No amounts were outstanding under bank guarantees or import letters of credit at year-end.

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 the 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. As at January 31, 2026, the balance outstanding was $nil. 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.

18

---

			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

18. Secured debentures

As at						January 31, 2026						October 31, 2025
						$						$
Face value						15,000						15,000
Unamortized discount						(1,102)						(1,152)
Unamortized issuance fees						(1,255)						(1,312)
Total			12,536			12,643						12,536

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 months ended January 31, 2026, the Company incurred interest in the amount of $454 ($390 - January 31, 2025:) and accretion expense of $107 ($64 - January 31, 2025). This secured debenture is subject to the same covenants as the Connect First loan, with which the Company remains in full compliance.

19. Finance and other costs

Three months ended January 31,																		2026						2025
																		$						$
Accretion on convertible debt																		442						—
Accretion on notes payable																		231						136
Accretion on secured debentures																		107						150
Accretion on lease liabilities																		957						936
Interest on notes payable																		280						218
Interest on debentures																		457						390
Interest on interest bearing borrowings																		379						271
Interest on convertible debt																		302						—
Transaction and other costs for the period																		2,958						630
Total																		6,113						2,731

19

---

			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

20. Share capital

Common shares:
						Number of shares						Amount
						#						$
Opening balance, November 1, 2024						80,787,017						300,643
Purchase of Remexian - paid in shares						5,864,373						26,856
Issuance of shares through ATM(i)						11,600						52
Vested restricted share units (RSU)						504,044						1,388
Share issuance cost						—						(292)
Options exercised						227,947						664
Warrants exercised						89,800						331
Balance, October 31, 2025						87,484,781						329,642
Vested restricted share units (RSU)						295,190						1,734
Equity awards related costs						—						(468)
Share issuance cost						—						(2)
Options exercised						60,615						146
Balance, January 31, 2026						87,840,586						331,052

(i)On August 31, 2023, the Company announced that it established a new at-the-market equity offering (“the ATM Program”) that allows the Company to issue up to $30,000 (or the equivalent in U.S. dollars) of common shares from treasury to the public from time to time at the Company’s discretion and subject to regulatory requirements. For the three months ended January 31, 2026, a total of $nil ($52 - January 31, 2025) has been raised through the program. The ATM Program was effective until until July 24, 2025, when the Canadian Shelf Prospectus was withdrawn in order to file a new base shelf prospectus.

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. These filings allow 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.

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 anytime, 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.

Share-based compensation from stock options and RSUs totaled $370 for the three months ended January 31, 2026 (January 31, 2025: $1,175).

20

---

			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 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 year ended						January 31, 2026												October 31, 2025
						Number of options						Weighted average exercise price ($)						Number of options						Weighted average exercise price ($)
Opening balance						2,503,457						2.76						3,080,452						2.97
Granted						—						—						280,500						3.45
Exercised						(93,500)						2.08						(382,000)						2.55
Forfeited or expired						(28,000)						3.09						(475,495)						4.65
Balance, January 31, 2026						2,381,957						2.79						2,503,457						2.76
Exercisable, end of the year						2,144,957						2.73						2,212,582						2.70

For the three months ended January 31, 2026, the Company recorded share-based compensation related to options of $31 (January 31, 2025: $218).

			Outstanding options																		Exercisable options
			Number of options outstanding						Weighted average remaining life (years)						Weighted average exercise price ($)						Number of options exercisable						Weighted average exercise price ($)
Range of exercise price
$1.53 - $2.46			76,500						0.05						1.81						76,500						1.81
$2.47- $2.75			2,016,957						0.69						2.74						1,996,582						2.74
$2.76 - $4.16			288,500						2.12						2.74						71,875						3.23
$1.53 - $4.16			2,381,957						0.85						2.76						2,144,957						2.70

(b) Restricted share units ("RSUs") plan

For the three months ended January 31, 2026, the Company recorded share-based compensation related to RSUs of $339 (January 31, 2025: $957).

						Number of shares
As at						January 31, 2026						October 31, 2025
Opening balance						918,688						687,747
Granted						—						918,688
Vested and issued						(435,618)						(687,747)
Balance, January 31, 2026						483,070						918,688

21

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			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

22. Warrants

						Warrants																		Weighted average exercise price						Weighted average number of years to expiry						Expiry dates
						#						$												$
Opening balance						4,852,366						4,632												2.73						2.98
Warrants exercised						(89,800)						(86)												2.73						1.72						7/22/2027
Warrants issued						3,836,317						-												3.91						4.71						7/16/2030
Balance, October 31, 2025						8,598,883						4,546												3.26						3.05
Warrants exercised						—						—												—						—
Balance, January 31, 2026						8,598,883						4,546												3.26						2.80

(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. Loss per share

For the three months ended January 31,																		2026						2025
																		$						$
Net loss for the year																		(352)						(2,689)
Non-controlling interest portion of net income (loss)																		(1,557)						119
Net Income (loss) attributable to the owners of the Company																		1,205						(2,808)
​
Weighted average number of common shares - basic																		87,715,295						80,874,524
Basic income (loss) per share																		0.01						(0.03)

During the three months ended January 31, 2026, the Company reported a net loss. 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.

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 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)

22

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			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 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 loss and comprehensive 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 $97.

(b) Credit risk

Credit risk arises when a party to a financial instrument will cause a financial loss for the counter party 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 receivable and the allowance for expected credit loss:

As at						January 31, 2026						October 31, 2025
						$						$
Current (for less than 30 days)						6,494						3,989
31 – 60 days						429						99
61 – 90 days						362						101
Greater than 90 days						2,369						2,355
Less allowance						(981)						(929)
						8,673						5,615

Accounts receivable consists primarily of accounts receivable 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 months ended January 31, 2026 $199 (January 31, 2025: $2) in trade receivables were written off against the loss allowance due to bad debts and $782 ($775 - January 31, 2025) was 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 receivable 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.

23

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			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

The Company performs a regular assessment of collectability of accounts receivables. In determining the expected credit loss amount, the Company considers the customer’s financial position, payment history and economic conditions.

(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 continues to seek 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						49,254						49,254						—						—						—
Income tax payable						7,188						7,188						—						—						—
Undiscounted lease obligations						68,930						10,203						24,437						16,131						18,159
Notes payable						21,108						1,522						3,558						15,772						256
Interest bearing loans and borrowings						15,992						10,844						5,148						—						—
Secured debentures						21,450						1,346						3,605						16,499						—
Convertible debt						35,448						898						2,401						32,149						—
Total						219,370			–			81,255						39,149						80,551						18,415

(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 January 31, 2026, approximately 74% 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 +/- $153 ($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 January 31, 2026 were as follows:

As at						January 31, 2026																								October 31, 2025
(Canadian dollar equivalent amounts of GBP, EUR, USD)						GBP						EUR						USD						Total						Total
						$						$						$						$						$
Cash						186						87						1,865						2,138						2,899
Trade and other receivables						119						4,034						365						4,518						2,533
Accounts payable and accrued liabilities						(133)						(27,733)						(1,981)						(29,847)						(26,025)
Net monetary assets						172						(23,612)						249						(23,191)						(20,593)

24

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			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

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 +/- $12 ($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 +/- $1,181 ($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. Segmented information

(a) Operating segment

						Bricks-and-mortar						Bricks-and-mortar						E-commerce						E-commerce						Medical cannabis distribution									Medical cannabis distribution			Total						Total
For the three months ended January 31,						2026						2025						2026						2025						2026									2025			2026						2025
						$						$						$						$						$									$			$						$
Total Revenue						149,690						135,714						3,660						6,747						24,979									—			178,329						142,461
Gross profit						41,191						33,273						909						2,167						2,309									—			44,409						35,440
Income (loss) from operations						7,095						2,290						(1,850)						(2,223)						(2,874)									—			2,371						67
						Bricks-and-mortar						Bricks-and-mortar						E-commerce						E-commerce						Medical cannabis distribution									Medical cannabis distribution			Total						Total
As at January 31, 2026 and October 31, 2025						2026						2025						2026						2025						2026									2025			2026						2025
						$						$						$						$						$									$			$						$
Current assets						80,315						84,396						7,183						7,632						47,068									44,857			134,566						136,885
Non-current assets						145,581						143,861						2,294						2,765						63,981									65,551			211,856						212,177
Current liabilities						45,028						54,458						4,167						4,532						44,634									40,929			93,829						99,919
Non-current liabilities						123,372						131,594						3,198						4,504						24,034									10,258			150,604						146,356

Corporate overhead is allocated to the bricks-and-mortar, medical cannabis distribution and e-commerce segments based on each segment’s percentage of revenue for the three months ended January 31, 2026. For the three months ended January 31, 2026 allocations were 84% to bricks-and-mortar, 2% to e-commerce and 14% for medical cannabis distribution (January 31, 2025: 95% bricks-and-mortar, 5% e-commerce, nil medical cannabis distribution).

25

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			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

(b) Geographical markets

						Canada						Canada						USA						USA						International						International						Total						Total
For the three months ended January 31,						2026						2025						2026						2025						2026						2025						2026						2025
						$						$						$						$						$						$						$						$
Total revenue						149,690						135,714						3,525						6,458						25,114						289						178,329						142,461
Gross profit (loss)						41,190						33,272						866						2,028						2,353						140						44,409						35,440
Income (loss) from operations						6,055						1,956						(1,616)						(1,606)						(2,068)						(284)						2,371						66
						Canada						Canada						USA						USA						International						International						Total						Total
As at January 31, 2026 and October 31, 2025						2026						2025						2026						2025						2026						2025						2026						2025
						$						$						$						$						$						$						$						$
Current assets						82,510						84,442						6,541						6,824						45,515						45,619						134,566						136,885
Non-current assets						145,701						143,604						2,187						2,587						63,968						65,986						211,856						212,177
Current liabilities						47,981						55,763						2,814						2,832						43,034						41,324						93,829						99,919
Non-current liabilities						139,564						134,918						1,323						1,509						9,717						9,929						150,604						146,356

Corporate overhead is included in the geographical market in which it was incurred.

26. Related party transactions

As at January 31, 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. For the three months ended January 31, 2026, the Company recognized $420 of expense in respect of these services (2025: $nil).

(b) Financing transactions

On August 15, 2022, the Company entered into a $19,000 demand term loan with Connect First 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.

26

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			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

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 assets						January 31, 2026						October 31, 2025
						$						$
Opening balance						47,793						36,525
Net additions						6,256						12,779
Reassessment of lease terms						—						10,711
Terminations						—						(2,146)
Depreciation expense						(3,198)						(10,076)
Total						50,851						47,793

Lease Liabilities						January 31, 2026						October 31, 2025
						$						$
Opening balance						49,800						40,207
Additions						5,774						12,539
Reassessment of lease terms, net of interest						—						9,086
Terminations						—						(2,054)
Foreign currency						(37)						29
Repayments						(2,635)						(10,007)
Total						52,902						49,800
Less: current						(9,910)						(9,814)
Non-current						42,992						39,986

During the three months ended January 31, 2026, the Company also paid $1,597 ( $1,439 - January 31, 2025) in variable operating costs associated to 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 described in Note 3. 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. 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.

27

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			High Tide Inc.
			Notes to the Condensed Interim Consolidated Financial Statements
			For the three months ended January 31, 2026 and 2025
			(Stated — In thousands of Canadian dollars, except share and per share amounts)

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 the 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.

As at January 31, 2026 and October 31, 2025						2026						2025
						$						$
Total current assets						49,790						49,014
Total non-current assets						65,370						67,785
Total current liabilities						(44,781)						(42,770)
Total non-current liabilities						(9,733)						(9,976)

For the three months ended January 31,(i)												2026						2025
																		$						$
Revenues for the period																		29,205						4,457
Net (loss) income for the year																		(1,557)						85
Total comprehensive (loss) income																		(1,302)						60

(i)The increase in Revenue, net (loss) income and total comprehensive (loss) income for three months ended January 31, 2026 is primarily related to the acquisition of Remexian (refer to note 5).

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

As at						January 31, 2026									January 31, 2025
						Remexian			Other subsidiaries			Total			Remexian			Other subsidiaries						Total
						$			$			$						$						$
Opening balance, beginning of the year						13,708			1,470			15,178			—			2,240						2,240
Share of income (Loss) for the year						(1,743)			186			(1,557)			—			119						119
Balance, end of the period						11,965			1,656			13,621			—			2,359						2,359

31. Subsequent events

Management has evaluated events occurring after the reporting period through March 17, 2026 and has determined that there were no material subsequent events requiring disclosure in these financial statements.

28