[SCHEDULE 13G/A] High Tide Inc. SEC Filing

Rhea-AI Filing Summary

SNDL Inc. reports ownership of 3,493,274 common shares of High Tide Inc., representing 4.0% of the 87,111,205 shares the issuer reported outstanding as of September 15, 2025. The filing indicates SNDL has sole voting and sole dispositive power over those 3,493,274 shares and that the holdings were not acquired to influence control of the issuer. The Schedule 13G/A lists SNDL's principal office in Edmonton, Alberta, and includes a formal certification signed by Matthew Husson, General Counsel & Corporate Secretary, dated October 1, 2025. The filing also states SNDL disclaims affirmation that it is the beneficial owner for purposes of Sections 13(d) or 13(g).

Positive

• Transparent disclosure of share count and voting/dispositive power for 3,493,274 shares
• Clear percentage basis provided: 4.0% of 87,111,205 shares outstanding as of September 15, 2025
• Signed certification by General Counsel confirms procedural completeness

Negative

• Stake below 5%, limiting immediate material influence on control
• Filer disclaims beneficial ownership for certain statutory purposes, reducing clarity on economic intent

Insights

Financial Analyst

TL;DR: SNDL's 4.0% stake is a visible minority holding with sole voting and dispositive power but below the 5% reportable threshold for some disclosures.

The filing documents a non-control stake of 3,493,274 shares, equal to 4.0% of High Tide's reported outstanding shares. Reporting sole voting and dispositive power indicates SNDL can make voting decisions for these shares, which is relevant for shareholder composition analysis. The explicit disclaimer that SNDL does not assert beneficial ownership for certain statutory purposes limits interpretive conclusions about intent or strategic objectives. For investors, this is a clear disclosure of a modest, non-controlling position.

Corporate Governance Expert

TL;DR: Governance impact is limited; the stake is disclosed transparently and SNDL explicitly denies an intent to influence control.

The Schedule 13G/A shows procedural compliance: identity of filer, address, share count, voting/dispositive powers, percentage calculation basis and a certification. The 4.0% holding is below 5%, and the filing affirms the shares were not acquired to influence control, which suggests no immediate threat to board control or takeover dynamics. The signed certification provides the expected legal attestation for accuracy.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

High Tide Inc.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

42981E401

(CUSIP Number)

09/26/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 42981E401

1

Names of Reporting Persons

SNDL Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ALBERTA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,493,274.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,493,274.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,493,274.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: High Tide Inc.
(b)	Address of issuer's principal executive offices: 11127 - 15 Street N.E., Unit 112 Calgary, Alberta Canada T3K 2M4
Item 2.
(a)	Name of person filing: SNDL Inc.
(b)	Address or principal business office or, if none, residence: #101, 17220 Stony Plain Road NW Edmonton, Alberta Canada T5S 1K6
(c)	Citizenship: Alberta, Canada
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 42981E401
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,493,274.00
(b)	Percent of class: 4.0%. (Calculated based on 87,111,205 common shares reported by the Issuer to be outstanding as of September 15, 2025.)
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,493,274.00
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3,493,274.00
	(iv) Shared power to dispose or to direct the disposition of: 0 Neither the filing of this Schedule 13G nor the information contained herein shall be deemed to constitute an affirmation by SNDL Inc. that it is the beneficial owner of the Shares referred to herein for purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, or for any other purpose, and such beneficial ownership is expressly disclaimed.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

SNDL Inc.

Signature:	/s/ Matthew Husson
Name/Title:	Matthew Husson / General Counsel & Corporate Secretary
Date:	10/01/2025

FAQ

How many High Tide (HITI) shares does SNDL disclose owning?

SNDL discloses owning 3,493,274 common shares of High Tide.

What percentage of High Tide does SNDL's holding represent?

The filing states the holding represents 4.0% of the 87,111,205 shares outstanding reported as of September 15, 2025.

Does SNDL claim it intends to influence control of High Tide?

No. The Schedule 13G/A certifies the shares were not acquired to change or influence control of the issuer.

When was the Schedule 13G/A signed and by whom?

The filing was signed on October 1, 2025 by Matthew Husson, General Counsel & Corporate Secretary of SNDL Inc.

Does SNDL report shared voting or dispositive power over the shares?

No. The filing reports sole voting power and sole dispositive power for all 3,493,274 shares and zero shared power.