Increased Revenue – MJ Shareholders

Hill Incorporated Releases FY2023 Financial Results

MJ Shareholders — Tue, 24 Oct 2023 17:48:26 +0000

Note 1: The Company has reduced its year-over-year trade payables by 66% while maintaining consistent cash reserves.

Note 2: As of Oct 23, 2023, the Company has collected over 80% of its receivables that were outstanding as at June 30, 2023. The remaining 20% is expected to be collected by Nov 30, 2023.

Note 3: As part of the Company’s focused efforts on DehydraTECH expansion in the United States, Hill exited its lease of the Canadian Lucknow cannabis R&D facility in February 2023. This allowed the Company to eliminate under-utilized assets while allocating additional resources to drive additional growth in the US.

Matthew Jewell, CFO, comments: “FY 2023 was a transformational year, both in terms of showing, by way of tremendous operating and financial growth, the potential of our DehydraTECH licensing business and moving on from legacy initiatives and unprofitable business units. The Company’s objectives are now clear, with an executive team that is laser-focused on the key actions to drive the Company towards long term success.”

Shareholder Approval of Hill’s Amended Rolling Stock Option Plan and Amendments to its Restricted Share Unit Plan

Further to the Company’s press release on May 4, 2023, the Company wishes to confirm that at its Annual General and Special Meeting of Shareholders held on May 2, 2023, shareholders of the Company approved (i) the Company’s amended rolling 10% stock option plan; and (ii) certain amendments to the restricted share unit (“RSU”) plan of the Company, which included an increase of the fixed maximum number of RSUs that may be issued by the Company from 175,616 to 323,520 common shares (on a post-share consolidation basis).

In accordance with the TSX’s new policy 4.4 governing security-based compensation plans, certain amendments were made to both the stock option plan and the RSU plan to ensure that the plans met all regulatory requirements. The full text of both plans can be found in the Company’s most recent management information circular, a copy of which can be found on the Corporation’s SEDAR profile at www.sedarplus.ca.

About Hill Incorporated (TSXV: HILL) / (OTCQB: HSEEF)

Hill Incorporated is a progressive bioscience implementation company that is dedicated to building pathways to better and healthier living by leveraging our deep CPG expertise to commercialize leading-edge technologies to craft superior cannabis solutions and non-alcoholic beverage products globally. Our Hill Avenue Cannabis business unit is pioneering the space where craft consumer products meet bioscience by combining our deep CPG commercialization expertise with our rights to use Lexaria Bioscience Corp’s ground-breaking DehydraTECH patent portfolio for product development, licensing and B2B and B2C sales of cannabis ingredients or products on a global scale. Our Hill Street Beverages business unit represents the Company’s legacy alcohol-free consumer beverage marketing and distribution business.

For more information on our business activities visit www.hillincorporated.com, to learn more about our DehydraTECH cannabis biodelivery technology, go to www.dehydratech-thc.com, or to check out Hill Street Beverage’s award-winning alcohol-free wine line-up and order product to be delivered straight to your home, go to www.hillstreetbeverages.com.

If you wish to sign up for the Hill Incorporated mailing list, click HERE.

For more information:

Matthew Jewell, Chief Financial Officer
matthew@hillincorporated.com

604-609-6154

FORWARD-LOOKING STATEMENTS

Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “would”, “anticipate”, “expects”, and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

[1] US Census Bureau, https://www.census.gov/quickfacts/fact/table/US/PST045221

[2] MJBiz Factbook 2023

[3] MJBiz Factbook 2023

HempFusion Announces Preliminary Annual and Q4 2021 Results

MJ Shareholders — Mon, 04 Apr 2022 17:27:55 +0000

Ryan Allway

April 4th, 2022

News, Top News

Q4 2021 net revenue increased by 66% year-over-year

DENVER, April 04, 2022–(BUSINESS WIRE)–HempFusion Wellness Inc. (TSX:CBD.U) (OTCQB:CBDHF) (FWB:8OO) (“HempFusion” or the “Company”), a leading health and wellness Company offering premium probiotic supplements and products containing CBD, announces its preliminary and unaudited Q4 and Annual 2021 results.

Fourth Quarter 2021 Business and Unaudited Financial Highlights:

Q4 2021 net revenue of $3.7 million increased approximately 66% over Q4 2020 pro-forma net revenue of $2.2 million and 19% versus Q3 2021.
Gross Profit was $1.6 million or 43% of net revenue in Q4 unchanged from the prior quarter, representing no decline even though rising production and material costs were experienced.
After quarter end, the Company implemented a strategic price increase that is expected to drive gross margins directionally towards its goal of 50% or greater for 2022.
Cost savings initiatives announced during the quarter helped reduce operating expenses by over $1.1 million.
The quarter included only a partial impact from recent cost savings initiatives, and the Company now expects its ongoing efficiency efforts will drive at least a $6 million reduction in operating expenses in 2022 versus prior expectations of $4 million.

2021 Preliminary and Unaudited Annual Results:

2021 net revenue of $9.1 million increased 36% over the prior year. Including the impact of acquisitions, consolidated pro-forma net revenue for 2021 was $12.1 million.
Preliminary gross profit margin for 2021 more than doubled from 16% to 36%, mainly due to the addition of the higher margin acquisitions.
Prelim operating expenses for the year increased 12% on a pro-forma basis. Cost savings initiatives implemented late in Q4 resulted in a 15% OPEX reduction during the quarter with cost savings expected to carry into 2022 and beyond.

Other Key Highlights:

Due to Organic expansion and through the Acquisition, the Company and its family of brands can be found in more than 18,000 retail locations.
The Company’s brand Probulin Probiotics achieved MOH (Ministry of Health) Registration and assigned DDC’s (Dubai Drug Code) numbers authorizing four of its products to be sold as drugs in the UAE. This is a significant accomplishment, making these products eligible to be prescribed by physicians, dispensed by pharmacists, and paid for by health insurance.
On December 31, 2021, HempFusion’s exclusive and proprietary hemp-derived CBD extract achieved self-affirmed Generally Recognized as Safe (GRAS) status making the Company one of the select few that stand fully prepared to meet or exceed US & global compliance standards. The Company expects this status to drive significant incremental revenue growth at retail.
Probulin Probiotics finished 2021 as the fastest growing probiotic company in the top 12 brands according to SPINS data and has achieved this for approximately three years in a row.
Sagely Naturals maintained its #1 spot in Drug with over 25% market share and #1 in MULO (Multi Outlet) with an over 14% market share, according to SPINS IRI data.

Because the Company’s auditors experienced unavoidable capacity challenges with a reduction of available auditors and support manpower, along with the complexity of the audit given the consolidation of two acquisitions during the year that previously had not been audited, the filing of the Company’s audited financial statements and related management discussion and analysis, related CEO and CFO certifications and annual information form for the year ended December 31, 2021 have been delayed (collectively, the “Annual Financial Filings“). The Company anticipates that it will be able to file the Annual Financial Filings by or before April 29, 2022.

Due to the delay in the filing of the 2021 Annual Financial Filings, Pursuant to National Policy 12-203 Management Cease Trade Orders (“NP 12-203“) the Company has voluntarily applied to the applicable securities regulatory authorities and been approved for a management cease trade order related to the Company’s securities to be imposed against the Chief Executive Officer and Chief Financial Officer of the Company to trade securities of the Company (the “MCTO“). The MCTO will be in effect until the Annual Financial Filings are filed. All other securityholders will still be able to trade in the securities of the Company in accordance with applicable securities laws.

Until the Annual Financial Filings are filed and the MCTO has been revoked, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 by issuing default status reports in the form of further press releases every two weeks.

About HempFusion Wellness Inc.

One of a select few hemp-derived CBD companies that are today fully prepared to meet or exceed expected global guidance, HempFusion Wellness Inc. is a leading health and wellness company whose family of premium consumer brands include HempFusion, Sagely Naturals, Apothecanna, and Probulin Probiotics, one of the fastest-growing probiotics companies in the United States according to SPINS reported data.

Among the handful of CBD companies who have achieved Self-Affirmed GRAS status, the HempFusion family of brands’ product portfolio comprises 112 SKUs including USDA Organic Certified Tinctures, proprietary FDA Drug Listed Over-The-Counter (OTC) Topicals, probiotic supplements and skin care products, a White Label division and more. With a strong focus on research and development, HempFusion Wellness has 43 products under development.

Available from more than 18,000 US retail locations across all 50 states, HempFusion Wellness products are also available in China, Mexico, Ireland, United Kingdom, United Arab Emirates, South Korea and Canada and may be purchased online from each brand’s website, The Probulin Store on Amazon.com, Alibaba’s Tmall.com, the world’s largest cross-border online marketplace, and a multitude of additional e-commerce sites.

For more information, visit www.hempfusion.com.

Follow HempFusion on Twitter, Facebook and Instagram.

Notes:
(1) Preliminary and unaudited financial results are subject to customary financial statement procedures by the Company and its auditors. Actual results could be affected by subsequent events or determinations. While the Company believes there is a reasonable basis for these preliminary financial results, the results involve known and unknown risks and uncertainties that may cause actual results to differ materially. These preliminary fiscal results represent forward-looking information. See “Forward-Looking Statements”.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements“) that relate to HempFusion’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forward-looking statements relating to the anticipated timing of filing the Annual Financial Filings, anticipated reduction in operating expenses in the Company’s fiscal 2022, the Company providing updates with respect to the Annual Financial Filings, statements in respect of the Company’s financial results for the three months ended March 31, 2021, and the filing of the financial statements and related management’s discussion and analysis in respect thereof and the Company’s other plans, focus and objectives.

Forward-looking statements are based on a number of assumptions including that the Company will be able to complete the Annual Financial Filings and file them with the securities regulatory authorities when anticipated. The forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, that there may be continued delays with respect to preparation of and filing of the Annual Financial Filings, the duration of the MCTO, the impact and progression of the COVID-19 pandemic and other factors set forth under “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the annual information form of the Company dated March 31, 2021, and available under the Company’s profile on SEDAR at www.sedar.com. HempFusion undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for HempFusion to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

Financial Outlook

This press release contains a financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of the Company to provide an outlook for the Company’s forecasted revenue for the three-month period ending March 31, 2021, and may not be appropriate for any other purpose. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed under the heading “Forward-Looking Statements” above and assumptions with respect to market conditions, pricing, and demand. The actual results of the Company’s operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. The Company and its management have approved the financial outlook in this press release and believe that it has been prepared on a reasonable basis and such financial outlook is being provided for the purpose of providing further information about the Company’s future business operations. However, because this information is highly subjective and subject to numerous risks, including the risks discussed under the heading “Forward-Looking Statements” above, it should not be relied on as necessarily indicative of future results.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

High Tide Reports Second Quarter 2021 Financial Results Featuring a 99% Increase in Revenue and Another Record Adjusted EBITDA of $4.7 Million

MJ Shareholders — Tue, 29 Jun 2021 05:56:12 +0000

Second Quarter 2021 – Financial Highlights:

Revenue increased by 99% to $40.9 million in the three months ended April 30, 2021, compared to $20.6 million in the same quarter last year. The second quarter of 2021 financial results incorporate the acquisition of META Growth Corp. on November 18, 2020, and Smoke Cartel, Inc. on March 24, 2021.
Gross profit increased by 93% to $15.0 million in the three months ended April 30, 2021, compared to $7.8 million in the same quarter last year.
Gross profit margin in the three months ended April 30, 2021, was 37% compared to 38% in the same quarter last year.
Adjusted EBITDA⁽¹⁾ for the three months ended April 30, 2021, was $4.7 million compared to $1.8 million for same quarter last year.
Geographically in the three months ended April 30, 2021, $35.0 million of revenue was earned in Canada, $5.7 million in the United States and $0.2 million internationally.
Segment-wise in the three months ended April 30, 2021, $38.4 million of revenue was generated by Retail, $2.5 million by Wholesale, and an immaterial amount by Corporate.
Cash on hand as at April 30, 2021, totaled $29.4 million compared to $7.5 million as at October 31, 2020.

“I am extremely proud of our results this quarter, especially given the macro backdrop we faced. In Ontario, the largest cannabis market in Canada, due to pandemic related restrictions, our stores were closed for in-person shopping throughout most of the second quarter with only click-and-collect and delivery permitted by regulations,” said Raj Grover, President and Chief Executive Officer. “Even during this difficult market environment, we continued to advance our bricks and mortar and online business. Despite the challenges and our continued rapid growth, we were able to increase not only our revenue, but also our Adjusted EBITDA sequentially to a new record of $4.7 million. This is a clear testament to the strength of our operations and our management team’s ability to outperform in tougher markets. It also highlights the robustness of our unique and diversified ecosystem which includes omni-channel retail of cannabis, consumption accessories and hemp derived CBD products as well as manufacturing and distribution of licensed and proprietary consumption accessories. Ontario has now moved to allow in-store shopping with capacity limits which should bolster sales, coupled with our recent acquisitions of FABCBD and Daily High Club, we expect to deliver continued revenue and EBITDA growth in the third quarter,” added Mr. Grover.

Second Quarter 2021 – Operational Highlights:

The Company completed the acquisition of Smoke Cartel, Inc. on March 24, 2021, enhancing the Company’s e-commerce business.
Over $23.0 million of debt converted into the Company’s common shares.
The Company closed an oversubscribed bought deal equity financing on February 22, 2021, for gross proceeds of $23.0 million.
The Company launched the sale of hemp derived CBD products on Grasscity.
The Company extended the maturity date and reduced the related interest rate from 10% to 7% of convertible debt with strategic partner.
The Company reported sales of approximately $0.8 million on Cannabis holiday “420.”
The Company filed a base shelf prospectus in the amount of $100,000,000.
The Company opened thirteen cannabis retail locations under the Canna Cabana and META banners: five in Ontario and eight in Alberta.

Subsequent Events:

Approximately 151,240 (Q121 – 96,629) members have joined Cabana Club to date, with over 50% of our average daily transactions are conducted by Club members.
The Company completed the acquisition of 80% of Fab Nutrition, LLC (operating as FABCBD) for US$20.6 million. The Company has the option to acquire the remaining 20% over a 3-year period.
The Company closed an oversubscribed bought deal equity financing on May 26, 2021, for gross proceeds of $23.2 million.
The Company announced the filing of Form 40-F with the U.S. Securities and Exchange Commission fulfilling a significant milestone for the NASDAQ listing.
The Company completed a 15:1 share consolidation on May 14, 2021, and began trading on the Nasdaq on June 2, 2021, under the symbol “HITI”.
The Company was added to two prominent ETFs: Cannabis ETF (‘THCX”) and AdvisorShares Pure Cannabis ETF (“YOLO”).
The Company announced the elimination of its senior secured debt.
The Company opened three new stores in Alberta.
Through the COVID-19 pandemic, all retail branded locations have remained operational, despite the complex conditions facing the retail industry across Canada. On Friday June 11, 2021, the Company stores in Ontario reopened to in-store shopping at 15% capacity as per revised provincial regulations.
The Company announced the acquisition of DHC Supply LLC (operating as Daily High Club) for US$10.0 million. The transaction is expected to close imminently.

Selected financial information for the three and six months ended April 30, 2021:

(Expressed in thousands of Canadian Dollars)

	Three Months Ended April 30,			Six Months Ended April 30,
	2021 $	2020 $	% Change	2021 $	2020 $	% Change
Revenue	40,868	20,571	99%	79,187	34,286	131%
Gross profit	14,998	7,755	93%	29,766	12,548	137%
Total operating expenses	(19,509)	(7,599)	157%	(36,322)	(14,509)	150%
Adjusted EBITDA^(a)	4,720	1,733	166%	9,322	951	880%
Net (loss) income from operations	(4,511)	156	(2992%)	(6,556)	(1,961)	234%
Net loss	(12,266)	(4,912)	150%	(29,111)	(8,857)	229%
Loss per share (basic)	(0.02)	(0.02)	0%	(0.06)	(0.04)	50%

^(a)	Adjusted EBITDA is a non-IFRS financial measure.

The following is a reconciliation of Adjusted EBITDA to Net Loss:

	Three Months Ended April 30,		Six Months Ended April 30,
	2021	2020	2021	2020
Net loss	(12,266)	(4,912)	(29,111)	(8,858)
Income taxes	(124)	162	464	77
Accretion and interest	2,838	2,529	5,540	4,263
Depreciation and amortization	7,714	1,545	13,808	2,814
EBITDA ⁽¹⁾	(1,838)	(676)	(9,299)	(1,704)
Foreign exchange	5	(17)	94	(21)
Transaction and acquisition costs	889	173	2,470	795
Debt restructuring (gain) loss	–	–	(1,145)	–
Revaluation of derivative liability ⁽²⁾	3,988	125	14,472	(314)
(Gain) Loss on extinguishment of debenture	–	186	516	186
Impairment loss	–	247	–	247
Share-based compensation	1,517	72	2,070	99
Revaluation of marketable securities	159	1,663	144	1,663
Adjusted EBITDA ⁽¹⁾	4,720	1,773	9,322	951

⁽¹⁾	Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) and Adjusted EBITDA. These measures do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Non-IFRS measures provide investors with a supplemental measure of the Company’s operating performance and therefore highlight trends in Company’s core business that may not otherwise be apparent when relying solely on IFRS measures. Management uses non-IFRS measures in measuring the financial performance of the Company.

⁽²⁾	The Company recorded a loss from the revaluation of derivative liability of $3,988 during the second quarter of 2021 (2020: loss of $125). This non-cash accounting charge primarily relates to warrants issued to Windsor Private Capital in connection with the loan agreement entered into on January 6, 2020. The cashless exercise feature in the warrants creates a derivative liability which is required to be revalued each reporting period. The increase in our share price during the quarter resulted in an increase in the derivative liability.

Outlook

High Tide continues to have a leading position in the Canadian bricks and mortar cannabis market with 87 locations across the country. The Company is focused on expanding its footprint in Ontario and expects to increase its store count in the province from 18 today, and reach 30 open stores by September 30, 2021, the date on which the cap that any one retailer can own is set to increase from 30 to 75. COVID related restrictions in the second quarter limited the Company’s stores in Ontario to click and collect and delivery only, which negatively impacted sales. On June 11, 2021, in store shopping resumed in our stores in Ontario. While still early, we have seen a boost in sales as a result – which would be consistent with our prior experience coming out of the previous two lockdowns in the province. The Company also expects to enter British Columbia in the coming months.

In addition to continued expansion in Canadian bricks and mortar cannabis, the Company expects further growth ahead as a result of its U.S.-focused businesses. Specifically, the second quarter’s results included only 37 days of contribution from Smoke Cartel. Since the end of the second quarter, High Tide has closed the acquisition of FABCBD and expects to close the acquisition of Daily High Club imminently. We believe that strengthening our unique cannabis ecosystem across the value chain by geography and segment offers meaningful synergy opportunities and creates a stronger company which is better positioned to thrive regardless of short-term dynamics in any one area.

The Company has been actively following developments in the U.S. cannabis sector, and while it appears that further liberalisation regarding the federal regulatory and legislative environment is possible, our immediate strategy does not rely on regulatory change. Despite this, we remain just one transaction away from entering the bricks and mortar retail market in the U.S. when federally permissible. High Tide believes it is well positioned to take advantage of the growing ancillary and hemp derived CBD markets and estimates its current revenue run rate in the U.S., pro forma for the announced acquisitions, to be approximately $50 million today.

About High Tide Inc.

High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The Company is the most profitable Canadian retailer of recreational cannabis as measured by Adjusted EBITDA,^[1] with 87 current locations spanning Ontario, Alberta, Manitoba, and Saskatchewan. High Tide’s retail segment features the Canna Cabana, KushBar, Meta Cannabis Co., Meta Cannabis Supply Co., and NewLeaf Cannabis banners, with additional locations under development across the country. High Tide has been serving consumers for over a decade through its established e-commerce platforms including Grasscity.com and Smokecartel.com, and more recently in the hemp-derived CBD space through CBDcity.com and FABCBD.com as well as its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. High Tide’s strategy as a parent company is to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing shareholder value. Key industry investors in High Tide include Tilray Inc. (TSX: TLRY) (Nasdaq: TLRY) and Aurora Cannabis Inc. (TSX: ACB) (Nasdaq: ACB).

For more information about High Tide Inc., please visit www.hightideinc.com and its profile page on SEDAR at www.sedar.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this news release are forward-looking information or forward-looking statements, including, but not limited to (i) the Company’s application to list on the NASDAQ; (ii) the Company’s plans to adjust its business model and pursue expansion opportunities in the United States and Europe (iii) the Alcohol and Gaming Commission of Ontario’s intentions to increase the pace of Retail Store Authorizations it issues from 20 to 30 a week; (iv) the Company’s expectation to reach 30 open stores in Ontario by September, 30, 2021; (v) the Company’s expectations to profitably open new stores in Alberta, including several locations in the month of April; (vi) the Company’s belief that it is well positioned to take advantage of the growing ancillary and hemp derived CBD markets in the United States and estimates regarding its current revenue run rate in the United States, pro forma for the Smoke Cartel acquisition, to be over $25 million as of the date of this release; (vii) the Company’s expectations to further expand the Company’s operations in the United States through discussions with various parties across the federally permissible ecosystem in the United States; and (viii) the Company’s belief that its application to list its shares on the Nasdaq may accelerate the Company’s growth. Such information and statements, referred to herein as “forward-looking statements” are made as of the date of this news release or as of the date of the effective date of information described in this news release, as applicable. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations, or beliefs regarding future events. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (generally, forward-looking statements can be identified by use of words such as “outlook”, “expects”, “intend”, “forecasts”, “anticipates”, “plans”, “projects”, “estimates”, “envisages, “assumes”, “needs”, “strategy”, “goals”, “objectives”, or variations thereof, or stating that certain actions, events or results “may”, “can”, “could”, “would”, “might”, or “will” be taken, occur or be achieved, or the negative of any of these terms or similar expressions, and other similar terminology) are not statements of historical fact and may be forward-looking statements.

Such forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to the Company’s ability to execute on its business plan and that the Company will have sufficient funds to execute on its strategic growth objectives in 2021, including the ability of the Company to pursue and finance the potential acquisitions and new store openings referenced in this release; the Company’s ability to successfully list its shares on the Nasdaq; and that the Company will not be required to implement any measures to address unanticipated developments (including developments relating to COVID-19) affecting the Company’s business, which could adversely affect the Company’s proposed business plan. However, there can be no assurance that any one or more of the governments, industry, market, operational or financial targets as set out herein will be achieved. Inherent in the forward-looking statements are known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking statements.

The forward–looking statements contained herein are current as of the date of this news release. Except as required by law, High Tide does not have any obligation to advise any person if it becomes aware of any inaccuracy in or omission from any forward-looking statement, nor does it intend, or assume any obligation, to update or revise these forward-looking statements to reflect new events or circumstances. Any and all forward-looking statements included in this news release are expressly qualified by this cautionary statement, and except as otherwise indicated, are made as of the date of this news release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

______________________________

¹ Adjusted EBITDA is a non-IFRS financial measure.

SOURCE High Tide Inc.

For further information: Media Inquiries, Omar Khan, Senior Vice President, Corporate and Public Affairs, [email protected]; Investor Inquiries, Vahan Ajamian, Capital Markets Advisor, [email protected]

Increased Revenue – MJ Shareholders

Hill Incorporated Releases FY2023 Financial Results

HempFusion Announces Preliminary Annual and Q4 2021 Results

About Ryan Allway

High Tide Reports Second Quarter 2021 Financial Results Featuring a 99% Increase in Revenue and Another Record Adjusted EBITDA of $4.7 Million

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