SCHEDULE: SNDL Inc. Discloses 4.0% Passive Stake in High Tide Inc.

SNDL Inc. has filed an amended Schedule 13G, disclosing a 4.0% passive ownership stake in High Tide Inc. common shares.

Summary

• SNDL Inc. reported beneficial ownership of 3,493,274 common shares of High Tide Inc.
• This ownership represents 4.0% of High Tide Inc.'s outstanding common shares.
• The calculation is based on 87,111,205 common shares of High Tide Inc. reported as outstanding as of September 15, 2025.
• SNDL Inc. holds sole voting power and sole dispositive power over all 3,493,274 shares.
• The filing indicates a passive investment, with SNDL Inc. certifying that the securities were not acquired to change or influence control of High Tide Inc.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership, indicating a neutral sentiment. It does not contain performance metrics or strategic shifts that would significantly alter sentiment.

Positives

• SNDL Inc.'s investment indicates confidence in High Tide Inc.'s business prospects.
• The passive nature of the investment suggests a stable, non-interfering shareholder for High Tide Inc.

Negatives

• No specific negatives are detailed in this beneficial ownership disclosure.

Risks

• SNDL Inc. expressly disclaims beneficial ownership of the shares for purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, or for any other purpose, despite filing the Schedule 13G.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding future performance or strategic plans for either company, as it is a disclosure of current beneficial ownership.

Management Comments

• Matthew Husson, General Counsel & Corporate Secretary of SNDL Inc., certified that, to the best of his knowledge and belief, the securities were not acquired and are not held for the purpose or effect of changing or influencing the control of High Tide Inc.

Industry Context

Both High Tide Inc. and SNDL Inc. operate within the Canadian cannabis industry. This filing indicates a passive investment by one established cannabis company in another, which could be viewed as a strategic positioning or a vote of confidence in the sector's growth, without implying a direct merger or acquisition intent given the passive nature of the 13G filing.

Comparison to Industry Standards

• Not applicable as this filing reports a passive beneficial ownership stake, not operational or financial performance results that can be benchmarked against industry standards or specific comparable companies.

Related Party Transactions

• SNDL Inc. holds a 4.0% equity stake in High Tide Inc., establishing an investment relationship between the two entities.

Stakeholder Impact

• Shareholders of High Tide Inc. are informed of SNDL Inc.'s significant, albeit passive, ownership stake.
• SNDL Inc. shareholders are informed of the company's investment in High Tide Inc.

Next Steps

• No specific future actions, events, or milestones are mentioned in this beneficial ownership filing.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of a passive beneficial ownership stake below the 5% threshold. It does not contain new financial results, strategic announcements, or operational updates that would fundamentally alter the investment thesis for either High Tide Inc. or SNDL Inc. As such, it provides an informational update rather than a catalyst for a 'buy' or 'sell' recommendation. A 'hold' recommendation reflects the status quo, awaiting further operational or financial news.

Keywords

SNDL Inc., High Tide Inc., Beneficial Ownership, Schedule 13G, Passive Investment, Common Shares, Cannabis Industry, Equity Stake