High Tide Inc 2025年度报告

FORM40-F ☐Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934 or ☒Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended October31, 2025 Commission File Number: 001-40258 HIGH TIDEINC.(Exact name of registrant as specified in its charter) N/A(Translation of Registrant's name into English (if applicable)) Alberta, Canada(Province or other jurisdiction of incorporation or organization) 5990(Primary Standard Industrial Classification Code Number (if applicable)) N/A(I.R.S. Employer Identification Number (if applicable)) Unit 112, 11127 – 15 Street N.E.Calgary, AlbertaCanada T3K 2M4(403) 770-9435 (Address and telephone number of Registrant’s principal executive offices) CCS Global Solutions, Inc.530 Seventh Avenue, Suite 508New York, New York 10018(800) 300-5067 (Name, address (including zip code) and telephone number (including area code)of agent for service in the United States) Securities registered or to be registered pursuant to Section 12(b) of the Act. Securities registered or to be registered pursuant to Section 12(g) of the Act.None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.None For annual reports, indicate by check mark the information filed with this Form: ☒Annual information form☒Audited annual financial statements Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of theclose of the period covered by the annual report. The number of common shares of the issuer outstanding as of October 31, 2025 was 87,235,986. Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant wasrequired to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes☒ NO☐ Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of RegulationS-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrantwas required to submit and post such files). Yes☒ Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of theExchange Act. ☒Emerging growth company If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicateby check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards †provided pursuant to Section 13(a)of the Exchange Act.☐ †The term “new or revised financial accounting standard” refers to any update issued by the FinancialAccounting Standards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’sassessment of the effectiveness of its internal control over financial reporting under Section 404(b) of theSarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued itsaudit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financialstatements of the registrant included in the filing reflect the correction of an error to previously issued financialstatements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysisof incentive-based compensation received by any of the registrant’s executive officers during the relevantrecovery period pursuant to §240.10D-1(b).☐ EXPLANATORY NOTE High Tide Inc. (the “Corporation,” “Registrant,” or “High Tide”) is a “foreign private issuer” as defined in Rule3b-4 under Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is a Canadian issuereligible to file its annual report (“Annual Report”) pursuant to Section 13 of the Exchange Act on Form 40-Fpursuant to the multi-jurisdictional disclosure system (the “MJDS”) adopted by the United States Securities andExchange Commission (the “SEC”). The Corporation's common shares are listed on the TSX Venture Exchangeand the Nasdaq Capital Market (“NASDAQ”) under the trading symbol “HITI”. In this annual report, references to “we”, “our”, “us”, the “Corporation,” the “Registrant,” or “High Tide”, meanHigh Tide Inc. and our wholly-owned subsidiaries, unless the context suggests otherwise. FORWARD LOOKING STATEMENTS Certain statements contained in this Annual Report and in the documents incorporated by reference in thisAnnual Report, constitute “forward-looking information” and “forward-looking statements” (together “forward-looking statements”) within the meaning of applicable sec