High Tide Welcomes Health Canada’s Steps to Create Regulatory Pathway Regarding the Use of Non-Prescription CBD Products

Press Release

July 29, 2022

Company’s Existing International CBD Brand Portfolio Positions it Well to Service Canadian Wellness Market

Calgary, AB − High Tide Inc. (“High Tide” or the “Company”) (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, welcomes the decision by Health Canada to begin consultations and gather stakeholder feedback regarding the development of a potential regulatory pathway that would permit cannabidiol (“CBD”) as a medicinal ingredient in certain health products, regulated under the Food and Drugs Act (Canada), which would not require a prescription. The consultation will seek input on regulatory or policy changes pertaining to non-prescription health products containing CBD, including those intended for human use and/or animal use. This decision to begin consultations followed the release of the Report of the Science Advisory Committee on Health Products Containing Cannabis, which detailed a series of research-informed recommendations that are intended to guide Health Canada’s development of regulations to permit the sale of non-prescription CBD products in certain over the counter settings.

“I am encouraged to see that Health Canada is taking these long-awaited steps towards the creation of regulations which will allow Canadian consumers to safely access non-prescription health products containing CBD. Although Canada was an early mover in modernizing laws and regulations covering cannabinoids, we have since been surpassed by numerous countries including the U.K., U.S., and Australia in making non-psychoactive CBD health products more broadly accessible to consumers. This has prevented Canadian companies from capitalizing on growth opportunities related to CBD, and has also driven some consumers towards illicit and unregulated sources of CBD,” said Raj Grover, President and Chief Executive Officer of High Tide.

“As the owner of three of the world’s most popular CBD brands, High Tide has extensive experience in the international CBD space, providing consumers in multiple countries with access to safe and high-quality CBD health products. Our U.K.-based subsidiary, Blessed CBD, serves consumers in Germany and the U.K. through its e-commerce platform as well as through Amazon U.K., while our Wisconsin-based subsidiary FAB CBD sells hemp-derived CBD products for both human and pet use through its popular e-commerce platform in the U.S. Additionally, our Colorado-based subsidiary, NuLeaf Naturals, manufactures its products in its cGMP-certified facility and sells them across the U.S. through multiple distribution channels, including over 250 Sprouts Farmers Market locations. High Tide is well-positioned to replicate our success in the international CBD space in Canada, and we look forward to actively engaging with Health Canada throughout their consultation as we advocate for a more accessible CBD market for Canadians,” added Mr. Grover.

ABOUT HIGH TIDE

High Tide is a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets. The Company is the largest Canadian retailer of recreational cannabis as measured by revenue, with 131 current locations spanning Ontario, Alberta, British Columbia, Manitoba, and Saskatchewan. The Company is also North America’s first cannabis discount club retailer, under the Canna Cabana banner, which is the single-largest cannabis retail brand in Canada with additional locations under development across the country. High Tide’s portfolio also includes retail kiosk and smart locker technology – Fastendr™. High Tide has been serving consumers for over a decade through its established e-commerce platforms including Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com and more recently in the hemp-derived CBD space through Nuleafnaturals.com, FABCBD.com, BlessedCBD.co.uk,, BlessedCBD.de, and Amazon UK, as well as its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. High Tide was featured in the third annual Report on Business Magazine’s ranking of Canada’s Top Growing Companies in 2021 and was named as one of the top 10 performing diversified industries stocks in the 2022 TSX Venture 50™. 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.

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

CONTACT INFORMATION

Media Inquiries

Omar Khan
Senior Vice President – Corporate and Public Affairs
High Tide Inc.
[email protected]

Investor Inquiries

Vahan Ajamian
Capital Markets Advisor
High Tide Inc.
[email protected]

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