High tide releases audited 2023 financial results featuring record fourth quarter revenue of $127.1 million, record adjusted ebitda of $8.4 million and record free cash flow of $5.7 million, respectively

This news release constitutes a "designated news release" for the purposes of the company's prospectus supplement dated august 31, 2023, to its short form base shelf prospectus dated august 3, 2023 . the company increased its positive free cash flow run rate from $4.1 million in the third fiscal quarter of 2023 to $5.7 million in the fourth fiscal quarter of 2023, representing a sequential increase of 40% current annual revenue run rate is approaching $510 million, maintaining high tide's position as canada's top revenue-generating cannabis company 1 the company celebrated its 15th consecutive quarter and its 5th straight quarter of record 2  positive adjusted ebitda 3 same-store sales increased 13% year-over-year and 3% sequentially the company maintains its position as the largest non-franchised cannabis retailer in canada, with 163 current locations and 4.9 million total customers across canada, the united states and europe cabana club membership grew to over 1.28 million members as of today, representing an increase of 35% year-over-year and 16% since september 14, 2023 the company grew its cabana elite paid membership program at its fastest pace since inception to over 28,000 members as of today, representing an increase of 367% year-over-year and 49% since september 14, 2023 during the fourth fiscal quarter of 2023, canna cabana held over 19% of the cannabis retail market share in alberta and 9% in ontario.
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