High Tide : 2Q24 Financial Package PDF

Exhibit 99.1

Condensed Interim Consolidated

Financial Statements

For the three and six months ended April 30, 2024 and 2023

(Stated in thousands of Canadian dollars, except share and per share amounts)

(Unaudited)

High Tide Inc.

Condensed Interim Consolidated Financial Statements

For the three and six months ended April 30, 2024 and 2023

Condensed Interim Consolidated Financial Statements for the three and six months ended April 30, 2024 and 2023.

The accompanying unaudited condensed interim consolidated financial statements of High Tide Inc. ("High Tide" or the "Company") have been prepared by and are the responsibility of the Company's management and have been approved by the Audit Committee and Board of Directors of the Company.

Approved on behalf of the Board:

(Signed) "Harkirat (Raj) Grover"	(Signed) "Nitin Kaushal"
President and Chair of the Board	Director and Chair of the Audit Committee

High Tide Inc.

Condensed Interim Consolidated Statements of Financial Position

As at April 30, 2024 and October 31, 2023 (Unaudited - In thousands of Canadian dollars)

	Notes	2024	2023
		$	$
Assets
Current assets
Cash and cash equivalents		34,540	30,121
Marketable securities		725	141
Trade and other receivables	11	4,104	7,573
Inventory	10	28,115	25,974
Prepaid expenses and deposits	9	4,895	4,836
Total current assets		72,379	68,645
Non-current assets
Property and equipment	7	27,208	27,142
Net investment - lease		-	179
Right-of-use assets	25	34,521	30,643
Long term prepaid expenses and deposits	9	2,206	3,307
Intangible assets and goodwill	8	98,148	103,485
Total non-current assets		162,083	164,756
Total assets		234,462	233,401
Liabilities
Current liabilities
Accounts payables and accrued liabilities	13	21,193	20,902
Deferred revenue		2,024	1,361
Interest bearing loans and borrowings	15	14,565	16,141
Current portion of notes payable	14	14,223	136
Convertible debentures	16	890	8,708
Current portion of lease liabilities	25	7,797	7,214
Put option liability	12	1,130	3,675
Total current liabilities		61,822	58,137
Non-current liabilities
Notes payable	14	361	12,508
Lease liabilities	25	29,791	27,823
Deferred tax liability		279	1,267
Total non-current liabilities		30,431	41,598
Total liabilities		92,253	99,735
Shareholders' equity
Share capital	18	296,301	288,027
Warrants	20	7,121	12,740
Contributed surplus		36,564	30,749
Convertible debentures - equity		192	717
Accumulated other comprehensive income		5,689	5,257
Accumulated deficit		(206,103)	(205,934)
Equity attributable to owners of the Company		139,764	131,556
Non-controlling interest	28	2,445	2,110
Total shareholders' equity		142,209	133,666
Total liabilities and shareholders' equity		234,462	233,401

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High Tide Inc.

Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

For the three and six months ended April 30, 2024 and 2023

(Unaudited - In thousands of Canadian dollars, except share and per share amounts)

		Three months ended	Six months ended
	Notes	2024	2023	2024	2023
		$	$	$	$
Revenue	6, 23	124,259	118,136	252,327	236,212
Cost of sales		(88,960)	(86,567)	(181,034)	(172,461)
Gross profit		35,299	31,569	71,293	63,751
Expenses
Salaries, wages and benefits		(15,429)	(13,940)	(31,332)	(28,242)
Share-based compensation	19	(549)	(1,532)	(1,344)	(2,968)
General and administration		(5,559)	(6,191)	(11,165)	(13,688)
Professional fees		(1,995)	(2,684)	(4,066)	(5,112)
Advertising and promotion		(1,154)	(1,048)	(1,976)	(2,537)
Depreciation and amortization	7, 8, 25	(7,505)	(7,699)	(14,353)	(15,685)
Interest and bank charges		(1,121)	(1,117)	(2,278)	(2,082)
Total expenses		(33,312)	(34,211)	(66,514)	(70,314)
Income (loss) from operations		1,987	(2,642)	4,779	(6,563)
Other income (expenses)
Gain (loss) on extinguishment financial liability		314	(78)	79	(60)
(Loss) gain on revaluation of marketable securities		-	19	(77)	27
Finance and other costs	17	(3,026)	(2,194)	(5,284)	(4,672)
Gain on revaluation of put option liability	12	110	1,288	410	2,549
(Loss) gain on debentures		240	-	(515)	-
Gain (loss) on foreign exchange		5	(2)	-	13
Other gains		(337)	-	(337)	-
Total other expenses		(2,694)	(967)	(5,724)	(2,143)
Loss before taxes		(707)	(3,609)	(945)	(8,706)
Income tax (expense) recovery		236	1,737	(5)	1,395
Deferred income tax recovery		642	304	1,116	1,882
Net income (loss)		171	(1,568)	166	(5,429)
Other comprehensive income (loss)
Translation difference on foreign subsidiary		1,169	533	432	(2,173)
Total comprehensive income (loss)		1,340	(1,035)	598	(7,602)
Net income (loss) attributed to:
Owners of the company		(25)	(1,544)	(365)	(5,323)
Non-controlling interest	28	196	(24)	531	(106)
		171	(1,568)	166	(5,429)
Comprehensive income (loss) attributed to:
Owners of the company		592	(811)	(205)	(7,687)
Non-controlling interest		748	(224)	803	85
		1,340	(1,035)	598	(7,602)
Loss per share
Basic and diluted	21	(0.00)	(0.02)	(0.00)	(0.07)

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High Tide Inc.

Condensed Interim Consolidated Statements of Changes in Equity For the three and six months ended April 30, 2024 and 2023 (Unaudited - In thousands of Canadian dollars)

					Equity	Accumulated
					portion of	other		Attributable
				Contributed	convertible	comprehensive	Accumulated	to owners of
Note		Share capital	Warrants	surplus	debt	income (loss)	deficit	the Company	NCI	Total
		$	$	$	$	$	$	$	$	$
Opening balance, November 1, 2022		279,513	15,497	23,051	717	5,665	(168,093)	156,350	5,683	162,033
Acquisition - Jimmy's Cannabis		4,932	-	-	-	-	-	4,932	-	4,932
Acquisition of non-controlling interest - FABCBD		729	-	-	-	-	1,469	2,198	(1,469)	729
Issuance of shares through ATM		2,442	-	-	-	-	-	2,442	-	2,442
Issued to pay fees in shares		278	-	-	-	-	-	278	-	278
Share-based compensation		-	-	5,034	-	-	-	5,034	-	5,034
Share issuance costs		(28)	-	-	-	-	-	(28)	-	(28)
Exercise options		161	-	(93)	-	-	-	68	-	68
Warrants expired		-	(2,757)	2,757	-	-	-	-	-	-
Partner distributions		-	-	-	-	-	-	-	(462)	(462)
Cumulative translation adjustment		-	-	-	-	2,027	-	2,027	-	2,027
Adjustment for foreign exchange on impairment		-	-	-	-	(2,435)	-	(2,435)	-	(2,435)
Net loss for the period		-	-	-	-	-	(39,310)	(39,310)	(1,642)	(40,952)
Balance, October 31, 2023		288,027	12,740	30,749	717	5,257	(205,934)	131,556	2,110	133,666
Opening balance, November 1, 2023
Issued to pay fees in shares	18	1,331	-	-	-	-	-	1,331	-	1,331
Purchase of Queen of bud - paid in shares	18	900	-	-	-	-	-	900	-	900
Acquisition of non-controlling interest - NuLeaf	18	-	-	-	-	-	196	196	(196)	-
Issuance of share for settlement of convertible debentures	18	5,025	-	-	-	-	-	5,025	-	5,025
Issuance of shares through ATM	18	3	-	-	-	-	-	3	-	3
Revaluation of Convertible Debt	16	-	-	-	(525)	-	-	(525)	-	(525)
Clear gain/loss of settlement	18	-	-	-	-	-	-	-	-	-
Share-based compensation	18	-	-	1,344	-	-	-	1,344	-	1,344
Share issuance costs	18	(27)	-	-	-	-	-	(27)	-	(27)
RSUs vested	18	929	-	(929)	-	-	-	-	-	-
Warrants exercised	20	79	(28)	28	-	-	-	79	-	79
Warrants expired	20	-	(5,591)	5,591	-	-	-	-	-	-
Options exercised		34	-	-	-	-	-	34	-	34
Settlement of escrow shares		-	-	(219)	-	-	-	(219)	-	(219)
Cumulative translation adjustment		-	-	-	-	432	-	432	-	432
Net loss for the period		-	-	-	-	-	(365)	(365)	531	166
Balance, April 30, 2024		296,301	7,121	36,564	192	5,689	(206,103)	139,764	2,445	142,209

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High Tide Inc.

Condensed Interim Consolidated Statements of Cash Flows

For the six months ended April 30, 2024 and 2023

(Unaudited - In thousands of Canadian dollars, except share and per share amounts)

	Notes	2024	2023
		$	$
Operating activities
Net income (loss)		166	(5,429)
Adjustments for items not effecting cash and cash equivalents
Income tax (expense) recovery		5	(1,395)
Deferred income tax recovery		(1,116)	(1,882)
Accretion expense	17	2,025	2,227
Lease investment write-off		179	-
Fee for services and interest paid in shares and warrants		-	278
Depreciation and amortization	7, 8, 25	14,353	15,685
Share-based compensation	19	1,344	2,968
(Gain) loss on extinguishment financial liability		(79)	60
Loss (gain) on revaluation of marketable securities		77	(27)
Gain on revaluation of put option liability	12	(410)	(2,549)
Gain (loss) on extinguishment of debenture		515	-
Gain (loss) on foreign exchange		-	(13)
Other gains		336	-
		17,395	9,923
Changes in non-cash working capital
Trade and other receivables		3,469	(1,517)
Inventory		(2,141)	(4,089)
Prepaid expenses and deposits		1,042	4,314
Accounts payables and accrued liabilities		(321)	(5,875)
Deferred revenue		237	724
Net cash provided by operating activities		19,681	3,480
Investing activities
Purchase of property and equipment	7	(3,994)	(2,540)
Purchase of intangible assets	8	(283)	(254)
Proceeds from the sale of marketable securities		(54)	-
Business combinations, net of cash acquired		-	270
Net cash used in investing activities		(4,331)	(2,524)
Financing activities
Repayment of interest bearing loans and borrowings	15	(1,576)	(1,337)
Proceeds from interest bearing loans net of issue costs	15	-	2,673
Repayment of notes payable		(142)	-
Repayment of convertible debentures	16	(2,852)	(1,347)
Lease liability payments	25	(5,652)	(5,406)
Share issuance costs	18	(27)	(28)
Partner distributions		-	(163)
Proceeds from equity financing through ATM	18	3	1,894
Warrants exercised	20	79	-
Options exercised	19	34	161
Net cash used in financing activities		(10,133)	(3,553)
Effect of foreign exchange on cash		(798)	-
Net increase (decrease) in cash		4,419	(2,597)
Cash and cash equivalents, beginning of period		30,121	25,084
Cash and cash equivalents, end of period		34,540	22,487

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High Tide Inc.

Notes to the Condensed Interim Consolidated Financial Statements

For the three and six months ended April 30, 2024 and 2023

(Unaudited - In thousands of Canadian dollars, except share and per share amounts)

1. Nature of operations

High Tide Inc. (the "Company" or "High Tide") is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The Company's shares are listed on the Nasdaq Capital Market ("Nasdaq") under the symbol "HITI"(listed as of June 2, 2021), the TSX Venture Exchange ("TSXV") under the symbol "HITI", and on the Frankfurt Stock Exchange ("FSE") under the securities identification code 'WKN: A2PBPS' and the ticker symbol "2LYA". The address of the Company's corporate and registered office is # 112 - 11127 15 Street NE, Calgary, Alberta T3K 2M4.

High Tide does not engage in any U.S. cannabis-related activities as defined by the Canadian Securities Administrators Staff Notice 51-352.

2. Basis of preparation

1. Statement of compliance

These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34 Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB"). They are condensed as they do not include all of the information required for full annual financial statements, and they should be read in conjunction with the audited annual consolidated financial statements ("annual consolidated financial statements") of the Company for the year ended October 31, 2023 which are available on SEDAR at www.sedarplus.ca and with the SEC at www.sec.gov.

These condensed interim consolidated financial statements were approved and authorized for issue by the Board of Directors on June 13, 2024.

1. Basis of measurement

These condensed interim consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments which are measured at fair value. The accounting policies set out below have been applied consistently by the Company and its wholly owned subsidiaries for the periods presented.

1. Currencies and foreign exchange

The Company's condensed interim consolidated financial statements are presented in Canadian dollars, which is the functional and presentation currency of the Company and its Canadian subsidiaries. The functional currency of the Company's United States ("U.S.") subsidiaries is the U.S. dollar ("USD"), of the Company's European subsidiaries is the Euro ("EUR"), and of the Company's United Kingdom subsidiaries is the British Pound Sterling ("GBP"). Transactions denominated in currencies other than the functional currency are translated at the rate prevailing at the date of transaction. Monetary assets and liabilities that are denominated in foreign currencies are translated at the rate prevailing at each reporting date. Income and expense amounts are translated at the dates of the transactions.

In preparing the Company's condensed interim consolidated financial statements, the financial statements of the foreign subsidiaries are translated into Canadian dollars. The assets and liabilities of foreign subsidiaries are translated into Canadian dollars using exchange rates at the reporting date. Revenues and expenses of foreign operations are translated into Canadian dollars using average foreign exchange rates. Translation gains and losses resulting from the consolidation of operations into the Company's functional currency, are recognized in other comprehensive income in the condense interim consolidated statement of income (loss) and other comprehensive income (loss) and as a separate component of shareholders' equity on the consolidated statement of changes in equity.

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High Tide Inc.

Notes to the Condensed Interim Consolidated Financial Statements

For the three and six months ended April 30, 2024 and 2023

(Unaudited - In thousands of Canadian dollars, except share and per share amounts)

1. Basis of consolidation

Subsidiaries are entities controlled by High Tide Inc. Control is achieved when the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the condensed interim consolidated statements of loss and other comprehensive loss from the effective date of acquisition and up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the annual consolidated financial statements of subsidiaries to bring their accounting policies into line with those used by the Company. Intra-group balances and transactions, and any unrealized gains or losses or income and expenses arising from intra-group transactions are eliminated in preparing the condensed interim consolidated financial statements.

Subsidiaries	Percentage Ownership	Functional Currency
Canna Cabana Inc.	100 %	Canadian Dollar
2680495 Ontario Inc.	100 %	Canadian Dollar
Saturninus Partners GP	50 %	Canadian Dollar
Valiant Distribution Canada Inc.	100 %	Canadian Dollar
META Growth Corp.	100 %	Canadian Dollar
NAC Thompson North Ltd. Partnership	49 %	Canadian Dollar
NAC OCN Ltd. Partnership	49 %	Canadian Dollar
HT Global Imports Inc.	100 %	Canadian Dollar
2049213 Ontario Inc.	100 %	Canadian Dollar
1171882 B.C. Ltd.	100 %	Canadian Dollar
High Tide BV (Grasscity)	100 %	European Euro
Valiant Distribution Inc.	100 %	U.S. Dollar
Smoke Cartel USA, Inc.	100 %	U.S. Dollar
Fab Nutrition, LLC	100 %	U.S. Dollar
Halo Kushbar Retail Inc.	100 %	Canadian Dollar
Nuleaf Naturals LLC	100 %	U.S. Dollar
DHC Supply, LLC	100 %	U.S. Dollar
DS Distribution Inc.	100 %	U.S. Dollar
Enigmaa Ltd.	80 %	British Pound Sterling

3. Accounting policies

The significant accounting policies applied in the preparation of the condensed interim consolidated financial statements for the three and six months ended April 30, 2024, and 2023 are consistent with those applied and disclosed in Note 3 of the Company's annual consolidated financial statements for the year ended October 31, 2023.

For comparative purposes, the Company has reclassified certain items on the comparative condensed interim consolidated statements of income (loss) and comprehensive income (loss) to conform with current period's presentation.

4. Significant accounting judgement, estimates and assumptions

The estimates and assumptions are reviewed on an ongoing basis. Revisions in accounting estimates are recognized in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years. Significant judgements, estimates, and assumptions within these condensed interim consolidated financial statements are consistent as those applied to the annual consolidated financial statements for the year ended October 31, 2023 in Note 4.

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High Tide Inc.

Notes to the Condensed Interim Consolidated Financial Statements

For the three and six months ended April 30, 2024 and 2023

(Unaudited - In thousands of Canadian dollars, except share and per share amounts)

5. Business combinations

In accordance with IFRS 3, Business Combinations, these transactions meet the definition of a business combination and, accordingly, the assets acquired, and the liabilities assumed have been recorded at their respective estimated fair values as of the acquisition date.

Total consideration	$
Common Shares	4,932
Working Capital Adjustment	352
	5,284
Purchase price allocation
Cash	622
Inventory	308
Prepaid expenses	11
Property, plant and equipment	111
Right of use asset	129
Intangible assets - business license rights	1,487
Goodwill	3,416
Accounts payable and accrued liabilities	(318)
Lease liabilities	(130)
Income tax payables	(110)
Deferred tax liability	(242)
	5,284

On December 29, 2022, the Company closed the acquisition of 100% of the equity interest of 1171882 B.C. Ltd., operating as Jimmy's Cannabis Shop BC ("Jimmy's") which operates two retail cannabis stores in British Columbia. Pursuant to the terms of the Arrangement, the consideration was comprised of 2,595,533 common shares of the Company having an aggregate value of (i) $4,932 in shares and (ii) working capital adjustment of $352.

In accordance with IFRS 3, Business Combinations ("IFRS 3"), the substance of this transaction constituted a business combination. The purchase price was allocated based on the Company's estimated fair value of the identifiable net assets acquired on the acquisition date. Management finalized its purchase price allocation for the fair value of identifiable intangible assets, income taxes and the allocation of goodwill. The goodwill is primarily related to the opportunities to grow the business, expanded access to capital and greater financial flexibility. Goodwill is not deductible for tax purposes. For the year ended October 31, 2023, Jimmy accounted for $4,660 in revenues and $203 in net loss.

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High Tide Inc.

Notes to the Condensed Interim Consolidated Financial Statements

For the three and six months ended April 30, 2024 and 2023

(Unaudited - In thousands of Canadian dollars, except share and per share amounts)

6. Revenue from contracts with customers

	2024	2023	2024	2023	2024	2023
For the three months ended April 30	Bricks-and-	Bricks-and-	E-	E-
	Mortar	Mortar	commerce	commerce	Total	Total
Primary geographical markets (i)	$	$	$	$	$	$
Canada	115,130	103,606	-	-	115,130	103,606
USA	-	-	8,716	13,661	8,716	13,661
International	-	-	413	869	413	869
Total revenue	115,130	103,606	9,129	14,530	124,259	118,136
Major products and services
Cannabis and CBD products	103,852	94,695	4,107	5,477	107,959	100,172
Consumption accessories	2,301	2,273	5,022	9,019	7,323	11,292
Data analytics, advertising and other revenue	8,977	6,638	-	34	8,977	6,672
Total revenue	115,130	103,606	9,129	14,530	124,259	118,136
Timing of revenue recognition	115,130	103,606	9,129	14,530	124,259	118,136
Transferred at a point in time
Total revenue	115,130	103,606	9,129	14,530	124,259	118,136
	2024	2023	2024	2023	2024	2023
For the six months ended April 30	Bricks-and-	Bricks-and-	E-	E-
	Mortar	Mortar	commerce	commerce	Total	Total
	$	$	$	$	$	$
Primary geographical markets (i)
Canada	230,831	203,368	-	-	230,831	203,368
USA	-	-	20,531	30,734	20,531	30,734
International	-	-	965	2,110	965	2,110
Total revenue	230,831	203,368	21,496	32,844	252,327	236,212
Major products and services
Cannabis and CBD products	207,557	185,550	9,310	12,164	216,867	197,714
Consumption accessories	6,699	4,492	12,002	20,628	18,701	25,120
Data analytics, advertising and other revenue	16,575	13,326	184	52	16,759	13,378
Total revenue	230,831	203,368	21,496	32,844	252,327	236,212
Timing of revenue recognition
Transferred at a point in time	230,831	203,368	21,496	32,844	252,327	236,212
Total revenue	230,831	203,368	21,496	32,844	252,327	236,212

1. Represents revenue based on geographical locations of the customers who have contributed to the revenue generated in the applicable segment.
2. During the fiscal year 2024, the Company changed segment allocation and reporting, see Note 23.

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