High Tide Inc.

Segmented operations:

During the year ended October 31, 2025, the Company updated its reporting segments to reflect its current operating structure following the acquisition of Remexian. The Company now reports the following three operating segments:

•Bricks-and-mortar, which include the Company’s Canadian and German bricks-and-mortar locations, inclusive of the Canadian warehouse which supports the distribution of consumption accessories and related items to the Canadian stores. In addition, corporate overhead has been allocated to this reporting segment.

•E-commerce, which include the Company’s U.S. and international e-commerce subsidiaries. In addition, corporate overhead has been allocated to this reporting segment.

•Medical cannabis distribution, which include the medical cannabis distribution activities acquired as part of the Remexian acquisition.

Corporate overhead is allocated to the bricks-and-mortar, medical cannabis distribution and e-commerce segments based on each segment’s percentage of revenue and number of months of results included in the consolidated financial statements in the current fiscal year.

These reporting segments have been identified because they are segments: (a) that engage in business activities from which revenues are earned and expenses are incurred; (b) whose operating results are regularly reviewed by the Company’s chief operating decision maker, identified as the Chief Executive Officer, to make decisions about the resources to be allocated to each segment and to assess performance; and (c) for which discrete financial information is available. In accordance with IFRS 8, the Company’s reporting segments are based on the similarity of goods and services provided and the economic characteristics exhibited by the operating segments.

The accounting policies used for segment reporting are consistent with those applied in the preparation of the Company’s annual audited consolidated financial statements. There have been no changes to the underlying data used to prepare the comparative reporting segments for the prior year.

High Tide Inc.

Management's Discussion and Analysis

For the years ended October 31, 2025 and 2024

(In thousands of Canadian dollars, except share and per share amounts or otherwise stated)