“I'm proud of our team delivering such a strong quarter in a challenging business environment. This past quarter's results, showcasing 34% sequential revenue growth and 80% sequential increase in Adjusted EBITDA, re-affirms our exponential, yet sustained growth trajectory. We continue to execute on our business plan quarter after quarter by strategically expanding our business in Canada and internationally through organic growth and accretive M&A across our diversified ecosystem," said Raj Grover, president and CEO of High Tide. 

• Revenue increased to $72.2 million in the first quarter of 2022 compared to $38.3 million in the same quarter last year. Sequentially, revenue increased by 34% compared to the fourth quarter of 2021.
• Gross profit increased by 56% to $23.0 million in the first quarter of 2022 compared to $14.8 million in the same quarter last year. Sequentially, gross profit increased by 31% compared to the fourth quarter of 2021.
• Gross profit margin in the first quarter of 2022 was 32% compared to 39% in the same quarter last year. Sequentially, gross profit margin decreased by 1% compared to the fourth quarter of 2021.
• Adjusted EBITDA¹ for the first quarter of 2022 was $3.0 million compared to $4.6 million for the same quarter last year. Sequentially, Adjusted EBITDA increased by 80% compared to the fourth quarter of 2021.
• “With these results, we have now achieved the second-highest quarterly revenue figure ever reported by a Canadian cannabis company that reports in Canadian dollars, and with our growth plans for the remainder of this year, we remain confident in further meaningful increases to our revenue profile," Grover said. "From same-store sales increases to the rapid growth in our Cabana Club loyalty program, including generating higher consolidated gross margins through our complimentary ecosystem, we continue to raise the bar on our operational execution. Our recent entry into Germany positions us well to take advantage of significant growth opportunities in Europe’s largest cannabis market." 
• First Fiscal Quarter 2022 – Operational Highlights:
• Membership in the Cabana Club loyalty program increased to over 381,000 members as of January 31, 2022, from 245,000 at the launch of the Company’s discount club model.
• The Company opened 6 new Canna Cabana locations: 3 in Saskatchewan, 2 in Alberta, and 1 in Ontario.
• On November 29, 2021, the Company acquired an 80% interest in NuLeaf Naturals LLC, with an option to acquire the remaining 20% within three years of closing.
• The Company announced a definitive agreement to acquire 100% of Bud Room Inc., including Fastendr™ retail kiosk and smart locker technology, on January 5, 2022. The Company expects to have at least 15 additional Canna Cabana locations equipped with this technology by the end of April.