High Tide Inc. (NASDAQ: HITI) files comprehensive Form 40-F annual report
Filing Impact
Filing Sentiment
Form Type
40-F
High Tide Inc., a Canadian cannabis retailer and foreign private issuer, has filed its annual report on Form 40-F under the MJDS, using IFRS rather than U.S. GAAP. Its common shares trade on the TSX Venture Exchange and Nasdaq under the symbol HITI.
The report highlights extensive forward-looking statements and future-oriented financial information tied to growth plans, acquisitions, store development, and use of credit facilities, alongside significant regulatory and legal risks around cannabis, hemp, and Delta-8/Delta-9 products in the United States and Canada.
As of October 31, 2025, High Tide had 87,235,986 common shares outstanding and total contractual obligations of C$214,478 thousand, including lease obligations, notes, secured debentures, and a junior secured convertible loan. The company reports no off-balance sheet arrangements, qualifies as an emerging growth company exempt from auditor ICFR attestation, and follows certain Canadian practices for Nasdaq corporate governance.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 40-F
or
For the fiscal year ended | Commission File Number: | ||||
(Exact name of registrant as specified in its charter)
N/A
(Translation of Registrant's name into English (if applicable))
Alberta, Canada
(Province or other jurisdiction of incorporation or organization)
5990
(Primary Standard Industrial Classification Code Number (if applicable))
N/A
(I.R.S. Employer Identification Number (if applicable))
(403 ) 770-9435
(Address and telephone number of Registrant’s principal executive offices)
(800 ) 300-5067
(Name, address (including zip code) and telephone number (including area code)
of agent for service in the United States)
of agent for service in the United States)
Securities registered or to be registered pursuant to Section 12(b) of the Act.
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Securities registered or to be registered pursuant to Section 12(g) of the Act. None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None
For annual reports, indicate by check mark the information filed with this Form:
Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.
The number of common shares of the issuer outstanding as of October 31, 2025 was 87,235,986 .
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes | NO ☐ | ||||
Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).
Yes | NO ☐ | |||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
EXPLANATORY NOTE
High Tide Inc. (the “Corporation,” “Registrant,” or “High Tide”) is a “foreign private issuer” as defined in Rule 3b-4 under Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is a Canadian issuer eligible to file its annual report (“Annual Report”) pursuant to Section 13 of the Exchange Act on Form 40-F pursuant to the multi-jurisdictional disclosure system (the “MJDS”) adopted by the United States Securities and Exchange Commission (the “SEC”). The Corporation's common shares are listed on the TSX Venture Exchange and the Nasdaq Capital Market (“NASDAQ”) under the trading symbol “HITI”.
In this annual report, references to “we”, “our”, “us”, the “Corporation,” the “Registrant,” or “High Tide”, mean High Tide Inc. and our wholly-owned subsidiaries, unless the context suggests otherwise.
FORWARD LOOKING STATEMENTS
Certain statements contained in this Annual Report and in the documents incorporated by reference in this Annual Report, constitute “forward-looking information” and “forward-looking statements” (together “forward-looking statements”) within the meaning of applicable securities laws, including under the United States Private Securities Litigation Reform Act of 1995, and are based on assumptions, expectations, estimates and projections as at the date of this Annual Report. Forward-looking statements relate to future events or future performance and reflect Management’s expectations or beliefs regarding future events. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology.
Forward-looking statements in this Annual Report and in documents incorporated by reference herein include, but are not limited to, statements with respect to:
•the business objectives and milestones and the anticipated timing of, and costs in connection with, the execution or achievement of such objectives and milestones;
•the Corporation’s future growth prospects and intentions to pursue one or more viable business opportunities;
•the development of the business and future activities following the date of this Annual Report;
•expectations relating to market size and anticipated growth in the jurisdictions within which the Corporation may from time to time operate or contemplate future operations;
•expectations with respect to economic, business, regulatory or competitive factors related to the Corporation or the cannabis industry generally;
•the market for the Corporation’s current and proposed product offerings, as well as the Corporation’s ability to capture market share;
•the Corporation’s strategic investments and capital expenditures, and related benefits;
•the distribution methods expected to be used by the Corporation to deliver its product offerings;
•the competitive landscape within which the Corporation operates and the Corporation’s market share or reach;
•the performance of the business and the operations and activities of the Corporation;
•the Corporation’s ability to generate cash flow from operations and from financing activities;
•the Corporation’s ability to obtain, maintain, and renew or extend, applicable authorizations, including the timing and impact of the receipt thereof;
•the realization of cost savings, synergies or benefits from the Corporation’s recent and proposed acquisitions, and the Corporation’s ability to successfully integrate the operations of any business acquired within the business;
•the Corporation’s intention to devote resources to the protection of its intellectual property rights, including by seeking and obtaining registered protections and developing and implementing standard operating procedures;
•the intention of the Corporation to complete any additional offering of securities of the Corporation and the aggregate amount of the total proceeds that the Corporation will receive pursuant to a $19,000,000 senior secured credit facility with Connect First Credit Unition Ltd. (“connectFirst”), with an initial 5- year term, at connectFirst’s floor interest rate (the “September 2022 Credit Facility”), the loan agreement with a wholly owned subsidiary of Cronos Group Inc. (“Cronos”) to secure convertible debt with a principal amount of $30 million (the “Junior Secured Loan”), or any future offering;
•the Corporation’s expected use of the net proceeds from the September 2022 Credit Facility, the Junior Secured Loan, or any future offering;
•the anticipated effects of the September 2022 Credit Facility, the Junior Secured Loan or any future offering on the business and operations of the Corporation;
•the listing of common shares offered in any future offering; and
•the Corporation’s ability to generate cash flow from operations and from financing activities.
Forward-looking statements are subject to certain risks and uncertainties. Although Management believes that the expectations reflected in these forward-looking statements are reasonable in light of, among other things, its perception of trends, current conditions and expected developments, as well as other factors that Management believes to be relevant and reasonable in the circumstances at the date that such statements are made, readers are cautioned not to place undue reliance on forward-looking statements, as forward-looking statements may prove to be incorrect. A number of factors could cause actual results to differ materially from a conclusion, forecast or projection contained in the forward-looking statements. Importantly, forward-looking statements contained in this Annual Report and in documents incorporated by reference are based upon certain assumptions that Management believes to be reasonable based on the information currently available to Management, including, but not limited to, the assumptions that:
•current and future members of Management will abide by the business objectives and strategies from time to time established by the Corporation;
•the Corporation will retain and supplement its board of directors (“Board”) and management (“Management”), or otherwise engage consultants and advisors having knowledge of the industries (or segments thereof) within which the Corporation may from time to time participate;
•the Corporation will have sufficient working capital and the ability to obtain the financing required in order to develop and continue its business and operations;
•the Corporation will continue to attract, develop, motivate and retain highly qualified and skilled consultants or employees, as the case may be;
•no adverse changes will be made to the regulatory framework governing cannabis, taxes and all other applicable matters in the jurisdictions in which the Corporation conducts business and any other jurisdiction in which the Corporation may conduct business in the future;
•the Corporation will be able to generate cash flow from operations, including, where applicable, distribution and sale of cannabis and cannabis products;
•the Corporation will be able to execute on its business strategy as anticipated;
•the Corporation will be able to meet the requirements necessary to obtain or maintain authorizations required to conduct the business;
•general economic, financial, market, regulatory, and political conditions will not negatively affect the Corporation or its business;
•the Corporation will be able to successfully compete in the cannabis industry;
•cannabis prices will not decline materially;
•the Corporation will be able to effectively manage anticipated and unanticipated costs;
•the Corporation will be able to maintain internal controls over financial reporting and disclosure, and procedures in order to ensure compliance with applicable laws;
•the Corporation will be able to conduct its operations in a safe, efficient and effective manner;
•general market conditions will be favourable with respect to the Corporation’s future plans and goals;
•the Corporation will use the net proceeds from the September 2022 Credit Facility, the Junior Secured Loan or any future offering as outlined;
•the Corporation will list the common shares offered in any future offering;
•the Corporation will make interest payments for the September 2022 Credit Facility and the Junior Secured Loan;
•the September 2022 Credit Facility, the Junior Secured Loan or any future offering will have the anticipated effects on the business and operations of the Corporation;
•the Corporation will reach the anticipated sales from continuing operations;
•the Corporation will complete its proposed acquisitions;
•same-store sales and consolidated gross margins will continue to increase;
•the Corporation will make meaningful increases to its revenue profile;
•the Corporation will continue to increase its revenue;
•the Corporation will hit its forecasted revenue and sales projections;
•the Corporation will complete the development of its cannabis retail stores; and
•the Corporation will continue to grow its online retail portfolio through further strategic and accretive acquisitions.
By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Although Management believes that the expectations reflected in, and assumptions underlying, such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. New factors emerge from time to time, and it is not possible for Management to predict all of those factors or to assess in advance the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. Some of the risks that could cause results to differ materially from those expressed in forward-looking statements in this Annual Report and in documents incorporated by reference herein include:
•the Corporation’s inability to attract and retain qualified members of Management to grow the business and its operations;
•unanticipated changes in economic and market conditions or in applicable laws;
•the impact of the publications of inaccurate or unfavourable research by securities analysts or other third parties;
•the Corporation’s failure to complete future acquisitions or enter into strategic business relationships;
•interruptions or shortages in the supply of cannabis from time to time available to support the Corporation’s operations from time to time;
•unanticipated changes in the cannabis industry in the jurisdictions within which the Corporation may from time to time conduct its business and operations, including the Corporation’s inability to respond or adapt to such changes;
•the Corporation’s inability to secure or maintain favourable lease arrangements or the required authorizations necessary to conduct the business and operations and meet its targets;
•the Corporation’s inability to secure desirable retail cannabis store locations on favourable terms;
•risks relating to projections of the Corporation’s operations;
•the Corporation’s inability to effectively manage unanticipated costs and expenses, including costs and expenses associated with product recalls and judicial or administrative proceedings against the Corporation;
•the Corporation’s inability to list the common shares offered in any future offering;
•the Corporation’s failure to utilize the use of proceeds from the September 2022 Credit Facility, the Junior Secured Loan or any future offering as expected;
•the Corporation’s inability to make interest payments for the September 2022 Credit Facility or the Junior Secured Loan;
•the Corporation inability to complete its proposed acquisitions;
•same-store sales or consolidated gross margins will not increase, but decease or plateau;
•the Corporation will not hit its forecasted revenue and sales projections;
•the Corporation will be unable to increase its revenue, but that it will decease or plateau;
•the Corporation will be unable to continue to integrate and expand its CBD brands;
•the Corporation will be unable to complete the development of any or all of its cannabis retail stores;
•risks surrounding the legality of Delta-8 tetrahydrocannabinol (“Delta-8”) derived from the plant Cannabis sativa L. and any part of that plant, including the seeds thereof, and all derivatives, extracts, cannabinoids, isomers, acids, salts, and salts of isomers, whether growing or not, with a THC (as defined below) concentration of not more than 0.3% on a dry weight basis (“Hemp”);
•risks surrounding the uncertainty and legality of Delta-8 and Delta-9 tetrahydrocannabinol (“Delta-9” or “THC”) state to state;
•risks surrounding the legality of Delta-9 THC-A;
•risks surrounding the change to the federal definition of “Hemp” as contained in the Continuing Resolution and Appropriations Package (H.R. 5371), which may limit sales of the Corporation’s products;
•risk that the U.S. Drug Enforcement Administration (“DEA”) could consider Delta-8 tetrahydrocannabinol (“Delta-8”) products an illegal controlled substance under the Controlled Substance Act of 1970 (U.S.) (“U.S. CSA”) or Federal Analogue Act in the United States;
•risk that changes to state laws and regulations could render hemp products unlawful or significantly narrow the scope of permissible products;
•risk that that state or federal regulators or law enforcement could take the position that the Delta-8 and Delta-9 products or this in-process Hemp extract are/is a Schedule I controlled substance in violation of the U.S. CSA and similar State laws;
•risk that the Corporation’s Delta-9 products could be considered by state law enforcement and state regulators to be marijuana illegal under state laws criminalizing the possession, distribution, trafficking and sale of marijuana;
•risk that should the Corporation become subject to enforcement action by federal or state agencies, the Corporation could: (i) be forced to stop offering some or all of it Delta-8 and Delta-9 products or stop all business operations, (ii) be subject to other civil or criminal sanctions or (iii) be required to defend against such enforcement and if unsuccessful could cause the Corporation to cease its operations; and
•risk that enforcement or regulatory action at the United States federal or state level could adversely impact the listings of the common shares on the TSX Venture Exchange (“TSXV”) and the Nasdaq Stock market (“Nasdaq”).
Readers are cautioned that the foregoing list of factors are not exhaustive. The Corporation provides no assurance that forward-looking statements contained in this Annual Report and documents incorporated by reference herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements, and, in evaluating these forward-looking statements, readers should specifically consider various factors, including the risks outlined under the heading “Risk Factors” in the Annual Information Form, filed as Exhibit 99.1 to this Annual Report, and in the other documents incorporated by reference herein, which may cause actual results to differ materially from the results, performance or achievements of the Corporation expressed or implied by any forward-looking statements.
The forward-looking statements contained herein are made as of the date of this Annual Report and as of the date of the documents incorporated by reference herein, and except as required by applicable securities laws, the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements.
CAUTIONARY NOTE REGARDING FUTURE ORIENTED FINANCIAL INFORMATION
This Annual Report, and documents incorporated by reference herein, may contain future oriented financial information (“FOFI”) within the meaning of applicable securities laws and analogous U.S. securities laws, about prospective results of operations, financial position or cash flows, based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. The FOFI has been prepared by Management to provide an outlook of the Corporation’s activities and results and has been prepared based on a number of assumptions including the assumptions discussed under the heading “Cautionary Note Regarding Forward-Looking Information” in the Annual Information Form, filed as Exhibit 99.1 to this Annual Report, and assumptions with respect to the costs and expenditures to be incurred by the Corporation, capital expenditures and operating costs, taxation rates for the Corporation and general and administrative expenses. Management does not have, or may not have had at the relevant date, firm commitments for all of the costs, expenditures, prices or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not, or may not have been at the relevant date of the FOFI, objectively determinable.
Importantly, the FOFI contained in this Annual Report, and in documents incorporated by reference herein are, or may be, based upon certain additional assumptions that Management believes to be reasonable based on the information currently available to Management, including, but not limited to, assumptions about: (i) the future pricing for the Corporation’s products, (ii) the future market demand and trends within the jurisdictions in which the Corporation may from time to time conduct the business, (iii) the Corporation’s ongoing inventory
levels, and operating cost estimates, (iv) the Corporation’s net proceeds from the September 2022 Credit Facility and the Junior Secured Loan. The FOFI or financial outlook contained in this Annual Report, and in documents incorporated by reference herein do not purport to present the Corporation’s financial condition in accordance with IFRS as issued by the International Accounting Standards Board, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Corporation and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Corporation and Management believe that the FOFI has been prepared on a reasonable basis, reflecting Management’s best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading “Risk Factors”, FOFI or financial outlook within the Annual Information Form, filed as Exhibit 99.1 to this Annual Report, and in documents incorporated by reference herein, should not be relied on as necessarily indicative of future results.
Readers are cautioned not to place undue reliance on the FOFI, or financial outlook contained in this Annual Report, and in documents incorporated by reference herein. Except as required by applicable securities laws, the Corporation does not intend, and does not assume any obligation, to update such FOFI.
NOTICE TO UNITED STATES READERS -
DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES
DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES
The Registrant is permitted, under the MJDS, to prepare this Annual Report in accordance with Canadian disclosure requirements, which are different from those of the United States. The Registrant has historically prepared its consolidated financial statements, which are filed as Exhibit 99.2, and incorporated herein by reference, to this Annual Report on Form 40-F, in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board, which are subject to Canadian auditing and auditor independence standards. Financial statements prepared in IFRS may differ from financial statements prepared in United States GAAP (“U.S. GAAP”) and from practices prescribed by the SEC. Therefore, the Registrant’s financial statements filed with this Annual Report may not be comparable to financial statements of United States companies prepared in accordance with U.S. GAAP.
Unless otherwise indicated, all dollar amounts in this Annual Report are in Canadian dollars. The exchange rate of Canadian dollars into U.S. dollars, on January 28, 2026 based upon the closing rate published by the Bank of Canada, was U.S.$1.00=CDN$1.3571. Bank of Canada exchange rates are nominal quotations and are not buying or selling rates. These rates are intended for statistical or analytical purposes. Rates available from financial institutions will differ.
PRINCIPAL DOCUMENTS
The following documents have been filed as part of this annual report on Form 40-F:
A. Annual Information Form
The Registrant’s Annual Information Form for the fiscal year ended October 31, 2025 is attached as Exhibit 99.1 to this annual report on Form 40-F, and is incorporated by reference herein.
B. Audited Annual Financial Statements
The Registrant’s consolidated audited annual financial statements, including the reports of the independent registered public accounting firm with respect thereto, are attached as Exhibit 99.2 to this annual report on Form 40-F, and is incorporated by reference herein.
C. Management’s Discussion and Analysis
The Registrant’s Management’s Discussion and Analysis of financial condition and results of operations for the twelve-month period ended October 31, 2025 is attached as Exhibit 99.3 to this annual report on Form 40-F, and is incorporated by reference herein.
TAX MATTERS
Purchasing, holding or disposing of securities of the Registrant may have tax consequences under the laws of the United States and Canada that are not described in this Annual Report on Form 40-F.
DISCLOSURE CONTROLS AND PROCEDURES
The information provided in the section entitled Disclosure Controls and Procedures and Internal Controls Over Financial Reporting in the 2025 Management’s Discussion and Analysis filed as Exhibit 99.3 to this Annual Report on Form 40-F is incorporated by reference herein.
MANAGEMENT’S ANNUAL REPORT ON
INTERNAL CONTROL OVER FINANCIAL REPORTING
INTERNAL CONTROL OVER FINANCIAL REPORTING
The information provided in the section entitled Disclosure Controls and Procedures and Internal Controls over Financial Reporting in the 2025 Management’s Discussion and Analysis filed as Exhibit 99.3 to this Annual Report on Form 40-F is incorporated by reference herein.
ATTESTATION REPORT OF THE REGISTERED PUBLIC ACCOUNTING FIRM
This Annual Report does not include an attestation report of the Registrant’s registered public accounting firm due to a transition period established by rules of the SEC for newly public companies. Under Section 3 of the Exchange Act, as a result of enactment of the Jumpstart Our Business Startups Act (the “JOBS Act”), “emerging growth companies” are exempt from Section 404(b) of the Sarbanes-Oxley Act of 2002, which generally requires that a public company's registered public accounting firm provide an attestation report relating to management's assessment of internal control over financial reporting. The Registrant qualifies as an “emerging growth company” and therefore has not included in, or incorporated by reference into, this Annual Report such an attestation report as of the end of the period covered by this Annual Report.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
The information provided in the section entitled Disclosure Controls and Procedures and Internal Controls over Financial Reporting in the 2025 Management’s Discussion and Analysis filed as Exhibit 99.3 to this Annual Report on Form 40-F is incorporated by reference herein.
NOTICES PURSUANT TO REGULATION BTR
None.
CODE OF ETHICS
The Registrant has adopted a written “code of ethics” (as defined by the rules and regulations of the SEC), entitled “Code of Business Conduct and Ethics” (the “Code”). This Code applies to all members of the Board of Directors, officers, employees, consultants, contractors, and agents of the Corporation and its affiliates and subsidiaries worldwide. Adherence to the Code is a condition of employment with or providing services to the Corporation.
The Code may be obtained upon request from High Tide Inc.’s head office at #112, 11127 - 15th Street NE, Calgary, AB T3K 2M4, or by viewing the Registrant’s web site at https://hightideinc.com/wp-content/uploads/2023/11/Code-of-Ethics-Nov.-8-2023-Final.pdf.
All amendments to the code, and all waivers of the code with respect to any director, executive officer, or principal financial and accounting officers, will be posted on the Registrant’s web site within five business days following the date of the amendment or waiver and any amendment will be provided in print to any shareholder upon request.
AUDIT COMMITTEE
Our Board of Directors has established the Audit Committee in accordance with section 3(a)(58)(A) of the Exchange Act and Rule 5605(c) of the NASDAQ Marketplace Rules for the purpose of overseeing our accounting and financial reporting processes and the audits of our annual financial statements.
The Audit Committee is comprised of Nitin Kaushal (Chair), Arthur Kwan, and Christian Sinclair. Our Board of Directors has determined that the Audit Committee meets the composition requirements set forth by Section 5605(c)(2) of the NASDAQ Marketplace Rules, and that each of the members of the Audit Committee is independent as determined under Rule 10A-3 of the Exchange Act and Rule 5605(a)(2) of the NASDAQ Marketplace Rules.
All three members of the Audit Committee are financially literate, meaning they are able to read and understand the Registrant's financial statements and to understand the breadth and level of complexity of the issues that can reasonably be expected to be raised by the Registrant’s financial statements.
Our Board of Directors has determined that Nitin Kaushal qualifies as an “audit committee financial expert” (as defined in paragraph (8)(b) of General Instruction B to Form 40-F).
The SEC has indicated that the designation or identification of a person as an audit committee financial expert does not make such person an “expert” for any purpose, impose any duties, obligations or liability on such person that are greater than those imposed on members of the Audit Committee and the Board of Directors who do not carry this designation or identification, or affect the duties, obligations or liability of any other member of the audit committee or board of directors.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
Tabular disclosure of the amounts billed to us by our independent auditors for each of our last two fiscal years ended October 31, as Audit Fees, Audit-related Fees, Tax Fees, and All Other Fees, provided in the section entitled External Auditor Service Fees is made on page 54 of the Annual Information Form, filed as Exhibit 99.1 to this Annual Report.
PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES PROVIDED BY
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Audit Committee Charter sets out responsibilities regarding the provision of non-audit services by the Registrant’s external auditors and requires the Audit Committee to pre-approve all permitted non-audit services to be provided by the Registrant’s external auditors, in accordance with applicable law.
OFF-BALANCE SHEET ARRANGEMENTS
The Registrant currently has no off-balance sheet arrangements.
TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS
The following table lists as of October 31, 2025, information with respect to the Registrant’s known contractual obligations in Canadian dollars (in thousands):
| Contractual Obligations | |||||||||||||||||||||||||||||||||||
| Total | Less than one year | 1-3 years | 3-5 years | Greater than 5 years | |||||||||||||||||||||||||||||||
| Accounts payable and accrued liabilities | $ 47,251 | $ 47,251 | $ — | $ — | $ — | ||||||||||||||||||||||||||||||
| Income tax payable | $ 7,189 | $ 7,189 | $ — | $ — | $ — | ||||||||||||||||||||||||||||||
| Notes payable | $ 20,258 | $ 1,682 | $ 3,366 | $ 14,949 | $ 261 | ||||||||||||||||||||||||||||||
| Interest bearing loans and borrowings | $ 17,003 | $ 11,853 | $ 5,150 | $ — | $ — | ||||||||||||||||||||||||||||||
| Secured Debentures | $ 21,900 | $ 1,800 | $ 3,600 | $ 16,500 | $ — | ||||||||||||||||||||||||||||||
| Junior Secured Convertible Loan | $ 35,750 | $ 1,200 | $ 2,400 | $ 32,149 | $ — | ||||||||||||||||||||||||||||||
| Undiscounted lease obligations | $ 65,128 | $ 13,181 | $ 23,029 | $ 14,682 | $ 14,236 | ||||||||||||||||||||||||||||||
Total | $ 214,478 | $ $84,156 | $ 37,545 | $ 78,280 | $ 14,497 | ||||||||||||||||||||||||||||||
NASDAQ CORPORATE GOVERNANCE
The Registrant is a foreign private issuer, and its common shares are listed on the NASDAQ.
NASDAQ Rule 5615(a)(3) permits a foreign private issuer to follow its home country practice in lieu of the requirements of the Rule 5600 Series, the requirement to distribute annual and interim reports set forth in Rule 5250(d), and the Direct Registration Program requirement set forth in Rules 5210(c) and 5255; provided, however, that such a company shall comply with the Notification of Material Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640), have an audit committee that satisfies Rule 5605(c)(3), and ensure that such audit committee’s members meet the independence requirement in Rule 5605(c)(2)(A)(ii).
The Registrant has reviewed the NASDAQ corporate governance requirements and confirms that except as described below, the Registrant is in compliance with the NASDAQ corporate governance standards in all significant respects:
Shareholder Meeting Quorum Requirement: The Registrant does not follow Rule 5620(c). Under Rule 5620(c) of the NASDAQ Marketplace Rules, a listed company that is not a limited partnership must provide in its by-laws for a quorum of not less than 33 1/3% of the outstanding shares of the company's common voting stock in respect of all meetings of the holders of its common stock. The Registrant’s Bylaws provide that a quorum for the transaction of business at a meeting of Shareholders is two persons who are, or who represent by proxy, Shareholders entitled to vote at the meeting who hold, in aggregate, at least twenty five percent of the votes attached to the outstanding Common Shares. This quorum requirement is consistent with the laws, customs, and practices in Canada.
Further information about the Registrant’s governance practices is included on the Registrant’s website.
MINE SAFETY DISCLOSURE
Not applicable.
UNDERTAKING
The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the SEC staff, and to furnish promptly, when requested to do so by the SEC staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.
CONSENT TO SERVICE OF PROCESS
The Registrant has previously filed with the SEC a written consent to service of process on Form F-X. Any change to the name or address of the Registrant’s agent for service shall be communicated promptly to the SEC by amendment to the Form F-X referencing the file number of the Registrant.
ADDITIONAL INFORMATION
Additional information relating to the Registrant may be found on the SEDAR+ System for Electronic Document Analysis and Retrieval at www.sedarplus.ca and on the SEC’s Electronic Data Gathering, Analysis and Retrieval (EDGAR) system at www.sec.gov.
SIGNATURES
Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.
DATED the 29th day of January, 2026. | ||||||||
| HIGH TIDE INC. | ||||||||
| By: | /s/ Raj Grover | |||||||
| Name: | Raj Grover | |||||||
| Title: | Founder, President and Chief Executive Officer | |||||||
EXHIBIT INDEX
| EXHIBIT | DESCRIPTION OF EXHIBIT | |||||||
| 97 | Clawback Policy ((incorporated herein by reference to Exhibit 97 to the annual report on Form 40-F (File No. 001-40258), as amended, initially filed with the Securities and Exchange Commission on January 29, 2025) | |||||||
| 99.1 | Audited Consolidated Financial Statement for the Fiscal year ended October 31, 2025 | |||||||
| 99.2 | Management’s Discussion and Analysis for the year ended October 31, 2025 | |||||||
| 99.3 | The Registrant’s Annual Information Form for the fiscal year ended October 31, 2025 | |||||||
| 99.4 | Certification by the Chief Executive Officer of the Registrant pursuant to Rule 13a-14(a) or 15d-14 of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||
| 99.5 | Certification by the Chief Financial Officer of the Registrant pursuant to Rule 13a-14(a) or 15d-14 of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||
| 99.6 | Certification by the Chief Executive Officer of the Registrant pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||
| 99.7 | Certification by the Chief Financial Officer of the Registrant pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||
| 99.8 | Consent of Davidson & Company, PCAOB ID No. | |||||||
| 99.9 | Consent of Consent of Ernst & Young LLP, PCAOB ID No. | |||||||
| 101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | |||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
FAQ
What is High Tide Inc. (HITI) filing in this Form 40-F?
High Tide Inc. filed its annual report on Form 40-F under the MJDS, presenting Canadian-style disclosure. The filing packages its Annual Information Form, audited IFRS financial statements, and MD&A for the fiscal year ended October 31, 2025, along with required certifications and consents.
How many High Tide (HITI) shares were outstanding at year-end 2025?
High Tide reports 87,235,986 common shares outstanding as of October 31, 2025. This share count provides investors with the equity base used in per-share measures and reflects the company’s capital structure at the end of its fiscal year.
What are High Tide’s (HITI) total contractual obligations?
High Tide discloses total contractual obligations of C$214,478 thousand as of October 31, 2025. This includes accounts payable, taxes, notes, loans, secured debentures, a junior secured convertible loan, and undiscounted lease obligations, with amounts spread across short-term and multi‑year maturities.
Which accounting standards does High Tide (HITI) use in its financials?
High Tide prepares its consolidated financial statements under IFRS as issued by the IASB, subject to Canadian auditing standards. The company notes these IFRS financials may differ from U.S. GAAP and therefore may not be directly comparable to many U.S. issuers’ statements.
What key risks related to cannabis and hemp does High Tide (HITI) describe?
High Tide outlines extensive risks tied to cannabis and hemp regulation, especially Delta-8 and Delta-9 THC products. These include potential changes in U.S. federal and state laws, enforcement actions, shifting hemp definitions, and consequences that could affect operations and stock exchange listings.
Does High Tide (HITI) have an auditor attestation on internal controls?
High Tide does not include an auditor attestation on internal control over financial reporting. It qualifies as an emerging growth company under the JOBS Act, which exempts it from Section 404(b) of Sarbanes-Oxley requiring such external ICFR attestations.
How does High Tide (HITI) handle Nasdaq corporate governance requirements?
As a foreign private issuer, High Tide generally follows Canadian governance practices while meeting core Nasdaq rules. It differs on quorum, using a 25% quorum standard for shareholder meetings, but maintains a fully independent, financially literate audit committee chaired by an identified financial expert.
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