High Tide Announces CAD$5M Subordinated Debt Financing

CALGARY, AB, June 22, 2022 /PRNewswire/ – 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, is pleased to announce that it has closed a short-term debt financing from an arm’s length credit provider (the “Lender“) for CAD$5 million (the “Loan“). The Company has chosen to proceed with a small debt facility at this time as the Company’s proposed non-dilutive credit facilities with ConnectFirst Credit Union for CAD$30 million (as previously announced on April 18, 2022) has been delayed until July 2022. The Company issued the Lender a non-convertible subordinated secured debenture of the Company (the “Debenture“).1 The Debenture matures on June 21, 2023 and bears interest at a fixed rate of 10% per annum, payable quarterly. The Company shall have a right to prepay part of or the entire principal amount of the Debentures at par plus accrued and unpaid interest at any time by providing a minimum of 5 days and a maximum 60 days notice to the Lender.