High Tide Closes Acquisition of Northern Helm, Adding Four Retail Cannabis Stores in Ontario

(Neutral)

Rhea-AI Summary

High Tide (Nasdaq/TSXV: HITI) has closed its previously announced acquisition of 100% of J. Supply Holdings, which operates as Northern Helm, adding four retail cannabis stores in Ontario for total consideration of $7.77 million, subject to working capital adjustments.

The acquired stores are located in Bowmanville, Kingston, Courtice and Oshawa, bringing High Tide’s footprint to 228 cannabis retail locations in Canada, including 103 in Ontario. Consideration consisted of $3.06 million in assumed debt at a 2% interest rate, $1.88 million in cash, and $2.83 million paid through 921,486 High Tide shares at a deemed price of $3.067 per share, which are subject to a four‑month‑and‑one‑day hold.

According to High Tide, for the three months ended March 31, 2026, the acquired stores generated annualized revenue of $8.5 million and annualized Adjusted EBITDA of $1.7 million, implying a purchase multiple of 4.5x annualized Adjusted EBITDA. The transaction has received conditional TSX Venture Exchange approval and is awaiting final approval.

Positive

$7.77M acquisition adds four Ontario cannabis retail stores
Canadian store count increases to 228, including 103 in Ontario
Assumed debt limited to $3.06M at 2% interest rate
Acquired stores annualized Adjusted EBITDA of $1.7M at 4.5x multiple

Negative

Equity consideration of $2.83M in 921,486 new shares adds dilution
Assumed debt of $3.06M increases leverage obligations
TSXV approval currently conditional, with final approval still pending

Market Context

Across tag-matched acquisition events, the platform recorded an average move of -1.55%. That history...

Analysis

Across tag-matched acquisition events, the platform recorded an average move of -1.55%. That history adds a company-specific comparator to the Northern Helm closing; low short positioning is a relevant risk context, and final approval remains a watch item.

Key Figures

Transaction Value: $7.77 million Stores Acquired: 4 stores Canadian Store Network: 228 locations +5 more

8 metrics

Transaction Value $7.77 million Northern Helm acquisition

Stores Acquired 4 stores Ontario retail cannabis stores

Canadian Store Network 228 locations After transaction completion

Ontario Store Network 103 locations After transaction completion

Consideration Structure $3.06M assumed debt at 2% interest; $1.88M cash; $2.83M common shares Transaction consideration

Annualized Revenue $8.5 million Stores for the three months ended March 31, 2026

Annualized Adjusted EBITDA $1.7 million Stores for the three months ended March 31, 2026

Purchase Price Multiple 4.5x annualized Adjusted EBITDA Stores for the three months ended March 31, 2026

Previous Acquisition Reports

5 past events · Latest: Jun 15 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 15	Northern Helm agreement	Positive	-2.6%	Agreement to acquire four Ontario cannabis stores for $7.74 million
Sep 02	Remexian acquisition	Positive	-7.4%	Closing of a majority stake acquisition in German medical cannabis distributor
Aug 14	Remexian agreement	Positive	+3.7%	Agreement to acquire a majority stake and enter Germany's medical cannabis market
Feb 25	Purecan acquisition pause	Negative	-0.8%	Planned German medical cannabis acquisition paused during ongoing due diligence
Jan 13	Purecan acquisition	Positive	-0.7%	Agreement to acquire a majority stake in German medical cannabis wholesaler

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

High Tide's tag-matched acquisition announcements and closings produced three divergent reactions and two aligned reactions, with an average move of -1.55%.

Key Terms

share purchase agreement, adjusted ebitda, statutory hold period

3 terms

adjusted ebitda financial

"annualized Adjusted EBITDA of $1.7 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

statutory hold period regulatory

"The High Tide Shares are subject to a statutory hold period"

A statutory hold period is a legally required time window during which newly issued securities or shares received by insiders cannot be sold. It matters to investors because it affects when those shares can enter the market, influencing supply, short-term liquidity and potential price pressure—think of it like a temporary “no-sell” tag that prevents an immediate flood of items onto a store shelf after a big restock.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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07/30/2026 - 01:41 PM

CALGARY, AB, July 30, 2026 /PRNewswire/ -- High Tide Inc. ("High Tide" or the "Company") (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), the high-impact, retail-forward enterprise built to deliver real-world value across every component of cannabis, announced today, further to its press release dated June 15, 2026, that it has completed the acquisition contemplated by the share purchase agreement dated June 12, 2026 (the "Acquisition Agreement") pursuant to which High Tide acquired 100% of the equity interest of J. Supply Holdings Inc., operating as Northern Helm ("Northern Helm"), resulting in High Tide's acquisition of four retail cannabis stores operated by Northern Helm in Ontario (the "Stores") for $7.77 Million (the "Transaction"). The Stores are located at 2377 Highway 2 in Bowmanville, 225 Gore Road in Kingston, 1414 King St. E in Courtice, and 199 Wentworth St W in Oshawa. With the completion of the Transaction, High Tide now operates 228 cannabis retail store locations across Canada, including 103 in the province of Ontario.

High Tide Inc., July 30, 2026

"At High Tide, every acquisition and every new store must strengthen our competitive position for years to come. We remain highly disciplined in pursuing both acquisitions and organic growth opportunities, investing only where we see the ability to create meaningful long-term value for our shareholders," said Raj Grover, Founder and Chief Executive Officer of High Tide.

"This acquisition not only strengthens our presence across the Durham Region and eastern Ontario, but also provides an outstanding opportunity to welcome both existing and new cannabis consumers into our Cabana Club and ELITE ecosystem. We look forward to delivering the unmatched value, savings and member experience that continue to differentiate Canna Cabana," added Mr. Grover.

Transaction Details

The Transaction was completed pursuant to the terms of the Acquisition Agreement. The Transaction has been conditionally approved by the TSX Venture Exchange and is awaiting final approval. The consideration (the "Consideration") for the 100% of equity interests acquired was $3.06M in assumed debt with a 2% interest rate, with 40% of the remaining amount paid in cash ($1.88M), and the remaining 60% ($2.83M) paid in 921,486 common shares of High Tide ("High Tide Shares") on closing (the "Closing") on the basis of a deemed price of $3.067 per High Tide Share. The High Tide Shares are subject to a statutory hold period of four months and one day from the date of Closing. For the three months ended March 31, 2026, the Stores generated annualized revenue of $8.5 million and annualized Adjusted EBITDA of $1.7 million. The purchase price represents 4.5x the annualized Adjusted EBITDA of the Stores for that period, and is subject to adjustment for working capital.

ABOUT HIGH TIDE

High Tide, Inc. is the leading community-grown, retail-forward cannabis enterprise engineered to unleash the full value of the world's most powerful plant. Its wholly owned subsidiary, Canna Cabana, is the second-largest cannabis retail brand globally. High Tide (HITI) is uniquely-built around the cannabis consumer, with wholly-diversified and fully-integrated operations across all components of cannabis, including:

Retail: Canna Cabana™ is the largest cannabis retail chain in Canada, with 228 domestic and 1 international location. The Company's Canadian bricks-and-mortar operations span British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario, holding a growing 12% share of the market. In 2021, Canna Cabana became the first cannabis discount club retailer in the world. The Company also owns and operates multiple global e-commerce platforms offering accessories and hemp-derived CBD products. In 2025, the Company became the first North American cannabis operator to launch a bricks-and-mortar presence in Germany.

Medical Cannabis Distribution: Remexian Pharma GmbH is a leading German pharmaceutical company, with a 14% share of the German medical cannabis market, built for the purpose of importation and wholesale of medical cannabis products at affordable prices. Among all German medical cannabis procurers, Remexian has one of the most diverse reaches across the globe and is licensed to import from 19 countries including Canada.

High Tide consistently moves ahead of the currents, having been named one of Canada's Top Growing Companies by the Globe and Mail's Report on Business in 2025 for the fifth consecutive year and was recognized as a top 50 company by the TSX Venture Exchange (the "TSXV") in 2022, 2024 and 2025. High Tide was also ranked number one in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023. To discover the full impact of High Tide, visit www.hightideinc.com. For investment performance, don't miss the High Tide profile pages on SEDAR+ and EDGAR.

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements are often, but not always, identified by words such as "expect", "intend", "plan", "believe", "anticipate", "estimate", "may", "will", "could", "should" and similar expressions. Forward-looking statements in this news release include, without limitation, statements relating to: the receipt of final approval from the AGCO and TSXV of the Transaction; the final purchase price for the Transaction after adjustments; and the Company's ability to execute its retail expansion plans and operate the new stores as anticipated.

Forward-looking statements are based on management's current expectations and assumptions as of the date of this news release. Forward-looking statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially, including, without limitation: delays or inability to obtain required regulatory approvals or authorizations; changes in competitive, market or consumer conditions; operational risks associated with opening and operating new stores; and the other risk factors discussed under the heading "Non-Exhaustive List of Risk Factors" in Schedule A to our current annual information form, and elsewhere in this press release, as such factors may be further updated from time to time in our periodic filings, available at www.sedarplus.ca and www.sec.gov, which factors are incorporated herein by reference. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results, or otherwise, or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

CONTACT INFORMATION

Media Inquiries
Omar Khan
Chief Communications and Public Affairs Officer
High Tide Inc.
omar@hightideinc.com
403-770-3080

Investor Inquiries
Vahan Ajamian
Capital Markets Advisor
High Tide Inc.

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SOURCE High Tide Inc.

FAQ

What did High Tide (HITI) acquire in the Northern Helm transaction on July 30, 2026?

High Tide acquired 100% of J. Supply Holdings, operating as Northern Helm, adding four retail cannabis stores in Ontario. According to High Tide, the acquired locations are in Bowmanville, Kingston, Courtice and Oshawa, expanding its national footprint to 228 stores, including 103 in Ontario.

How much did High Tide (HITI) pay for the Northern Helm cannabis stores acquisition?

High Tide agreed to total consideration of $7.77 million for the Northern Helm acquisition. According to High Tide, this includes $3.06 million of assumed debt, $1.88 million in cash, and $2.83 million paid in 921,486 common shares, subject to working capital adjustments.

How is the High Tide (HITI) Northern Helm acquisition financed between cash, debt and shares?

The deal combines assumed debt, cash, and equity consideration. According to High Tide, it assumed $3.06 million of debt at a 2% interest rate, paid $1.88 million in cash, and issued $2.83 million in common shares at a deemed price of $3.067 per share.

What revenues and Adjusted EBITDA do the acquired Northern Helm stores contribute to High Tide (HITI)?

The acquired stores generated annualized revenue of $8.5 million and annualized Adjusted EBITDA of $1.7 million. According to High Tide, these figures are based on results for the three months ended March 31, 2026, implying a 4.5x annualized Adjusted EBITDA purchase multiple.

How does the Northern Helm acquisition affect High Tide’s (HITI) Canadian retail footprint?

The transaction increases High Tide’s Canadian cannabis retail locations to 228. According to High Tide, the company now operates 103 stores in Ontario, strengthening its presence in the Durham Region and eastern Ontario through the four newly acquired Northern Helm locations.

Are the new High Tide (HITI) shares issued in the Northern Helm acquisition subject to a lock-up?

Yes, the consideration shares are subject to a statutory hold. According to High Tide, the 921,486 common shares issued at Closing are restricted from trading for four months and one day from the closing date of the transaction.

Has the High Tide (HITI) Northern Helm acquisition received final TSXV approval?

The acquisition has conditional approval from the TSX Venture Exchange but not final approval yet. According to High Tide, the transaction was completed under the Acquisition Agreement terms and remains subject to final TSXV approval following the conditional clearance already granted.