High Tide Further Strengthens its Balance Sheet as Over $7 Million of Debentures Convert into Equity

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High Tide Further Strengthens its Balance
Sheet as Over $7 Million of Debentures
Convert into Equity

CALGARY, AB, Feb. 1, 2021 /CNW/ - High Tide Inc. ("High Tide" or the "Company") (TSXV: HITI) (OTCQB: HITIF) (FRA:
2LY), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, is
pleased to announce that during the first quarter of fiscal 2020 ending January 2021, various holders of convertible
debentures, totaling $7,365,000 have converted their debt into common shares of High Tide in accordance with the terms of
the various convertible debentures.

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(https://mma.prnewswire.com/media/1430070/High_Tide_Inc__High_Tide_Further_Strengthens_its_Balance_Sheet_a.html)

"Our balance sheet keeps getting stronger," said Raj Grover, President and Chief Executive Officer of High Tide. "We
announced on January 7, 2021, that a third lender agreed to amend an existing debt facility to extend the maturity date by
more than a year and simultaneously lower the applicable interest rate, and that these transactions improved over $40
million in debt facilities. Today we are pleased to announce that an additional $7.4 million of debt has converted into
common shares in yet another sign that the market is beginning to better appreciate the prospects of our business and our
exciting growth ahead. In addition to having a lower overall debt load, these conversions should save the Company just
under $900,000 in forgone interest costs." added Mr. Grover.

ABOUT HIGH TIDE

High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption
accessories. The Company is the largest Canadian retailer of recreational cannabis as measured by revenue, with 69
current locations spanning Ontario, Alberta, Manitoba and Saskatchewan. High Tide's retail segment features the Canna
Cabana, KushBar, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis banners, with additional
locations under development across the country. High Tide has been serving consumers for over a decade through its
numerous consumption accessory businesses including e-commerce platforms Grasscity.com and CBDcity.com, and its
wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous
Brandz. 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. Key industry investors in High Tide include Aphria Inc.
(TSX:APHA) (NYSE:APHA) and Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB).

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements", within the meaning of applicable securities laws. These
statements include, but are not limited to statements regarding the potential mineralization and resources, exploration
results, and future plans and objectives. Generally, these forward-looking statements can be identified by the use of
forward-looking terminology 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 state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be
                                                                                                                               /

achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such
statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the
actual results, use of proceeds, level of activity, performance or achievements of High Tide to be materially different from
those expressed or implied by such forward-looking statements, including but not limited to risks related to: risks associated
with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and
regulatory developments involving the retail cannabis markets; inability to access sufficient capital from internal and external
sources, and/or inability to access sufficient capital on favourable terms; the retail cannabis industries generally; income tax
and regulatory matters; the ability of High Tide to implement its business strategy; competition; currency and interest rate
fluctuations; the COVID-19 pandemic nationally and globally and the response of governments to the COVID-19 pandemic
in respect of the operation of retail stores and other risks. Although management of High Tide has attempted to identify
important factors that could cause actual results to differ materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance
that such statements 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. The
Company does not undertake to update any forward-looking statements that are incorporated by reference herein, whether
as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the
United States of America. The securities have not been and will not be registered under the United States
Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United
States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state
securities laws, or an exemption from such registration is available.

SOURCE High Tide Inc.

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News published on 1 february 2021 at 06:00 and distributed by:

                            (http://www.cnw.ca/fr/)

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