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High Tide Inc. (HITI) operates as a vertically-integrated company in the Canadian cannabis market, focusing on the design, manufacture, and distribution of cannabis accessories and alternative lifestyle products. High Tide also engages in the retailing of cannabis products through its extensive network of retail stores and online platforms.
Founded in 2009 and headquartered in Calgary, Canada, High Tide initially went by the name High Tide Ventures Inc. before rebranding to High Tide Inc. in October 2018. The company has made significant strides in the industry, particularly with its Canna Cabana retail cannabis stores. As of May 2024, High Tide operates 172 Canna Cabana locations, making it the largest non-franchised cannabis retail chain in Canada.
The company's business is divided into two main segments: retail and wholesale. On the retail front, High Tide's Canna Cabana locations offer a unique cannabis discount club model. This model was first introduced in North America in 2021 and has since become a significant revenue driver. The company's retail innovation also extends to its Fastendr™ technology, which integrates retail kiosks and smart lockers to enhance the customer shopping experience.
High Tide's e-commerce operations are equally robust, with a suite of leading accessory sites like Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com. These platforms have seen substantial growth, especially during significant cannabis events like '4/20'.
In the wholesale segment, High Tide supplies the cannabis category through Valiant™, ensuring that retail stores and e-commerce platforms are well-stocked with high-quality products. The company also engages in licensing through Famous Brandz™, continually pushing the boundaries of cannabis culture with innovative products and strategic partnerships.
High Tide has earned numerous accolades, including being named one of Canada’s Top Growing Companies by the Globe and Mail's Report on Business Magazine for three consecutive years (2021-2023). The company was also listed as one of the top 10 performing diversified industries stocks in the 2022 and 2024 TSX Venture 50.
Recently, High Tide has been active in expanding its market reach and influence. The company welcomed the start of cannabis legalization in Germany and signed a non-binding letter of intent with the Berlin-based Sanity Group to leverage synergies in the German market. Additionally, High Tide continues to make strategic moves in the U.S. market, especially with the potential reclassification of cannabis to a Schedule III substance, which could open new avenues for business growth.
For the latest updates, High Tide has announced its upcoming participation in key industry events like the International Cannabis Business Conference in Berlin and the Benzinga Cannabis Capital Conference in Hollywood, Florida. The company will also release its financial and operational results for the quarter ended April 30, 2024, on June 13, 2024, followed by a webcast to discuss these results.
For more information, visit www.hightideinc.com, and for investment performance, check out the High Tide profile pages on SEDAR+ and EDGAR.
High Tide (Nasdaq: HITI) announced the opening of two new Canna Cabana stores in Hinton, Alberta and Pembroke, Ontario, bringing their total Canadian locations to 191. The Hinton store, located at Parks West Mall, will begin selling recreational cannabis products and accessories tomorrow, while the Pembroke location will initially sell accessories from December 22nd, with cannabis sales to follow.
The company has achieved its 2024 goal of opening 20-30 new stores, successfully launching 29 locations across Canada. High Tide now operates 84 stores in Alberta and 76 in Ontario, with plans to expand to 300 locations nationwide in the coming years. The expansion has been funded through strong free cash flow without using cash reserves.
High Tide Inc. (Nasdaq: HITI) announced the opening of its 75th Canna Cabana store in Ontario, located in Richmond. This marks the company's 189th cannabis retail location in Canada. The new store, situated at 5921 Perth Street, will begin operations on December 14, 2024, in a shopping area anchored by major retailers including a provincial liquor store and national chains.
The location benefits from low competitive density and favorable cannabis demographics. CEO Raj Grover expressed excitement about the company's global Cabana Club launch and its potential impact on the e-commerce space. Additionally, the company granted 918,688 restricted share units to officers, directors, and consultants under its Omnibus Plan.
High Tide (Nasdaq: HITI) announces global expansion of its Cabana Club membership program to the United States, European Union, and United Kingdom. The company is adding international snacks and confectionery to its existing e-commerce offerings of CBD products and consumption accessories. The global e-commerce snacks market is projected to reach US$113 billion this year with 14% annual growth, potentially reaching US$218 billion by 2029. The expanded Cabana Club will offer members lowest price guarantees and single login access across platforms. International ELITE memberships are being offered at a 50% discount for the first year at $15, €15, and £15 respectively.
High Tide Inc. (Nasdaq: HITI) has opened its second Canna Cabana store in Scarborough, Ontario, marking the company's 188th location in Canada and 74th in Ontario. The new store, located at 2432 Eglinton Avenue East, is situated in a busy shopping complex near the Kennedy GO Train and subway station. The location will serve approximately 20,000 residents within a one-kilometer radius and is part of High Tide's strategy to secure prime real estate in high-traffic areas. This represents the company's 11th store in Toronto and second in Scarborough, a borough with over 630,000 residents.
High Tide (Nasdaq: HITI) announced the opening of its third Canna Cabana store in Hamilton, Ontario, marking the company's 187th location in Canada and 73rd in Ontario. The new store, located at 1508 Upper James Street in a former GameStop location, will serve an area with over 150,000 people within a 5-kilometer radius. The opening contributes to High Tide's achievement of 25 new stores across Canada this year, including 19 in Ontario, exceeding their minimum target of 20 new stores. The company plans to focus on underserviced and high-potential markets in Ontario while developing new e-commerce initiatives.
High Tide Inc (Nasdaq: HITI) has completed the final tranche of its $15 million subordinated debt facility, issuing 5,000 debentures at $900 each. The debentures will mature on July 31, 2029, with a 12% annual fixed interest rate payable quarterly. The facility was drawn in two tranches: $10 million previously drawn on July 31, 2024, and the final $5 million now completed. The proceeds will be used for debt repayment maturing on December 31, 2024, business development, and working capital. The debentures are secured by company assets and rank second to existing senior debt.
High Tide Inc. (Nasdaq: HITI) announced the opening of its first Canna Cabana store in Kingston, Ontario, scheduled for October 31st, 2024. Located at 97 Bath Road, this will be the company's 186th Canna Cabana location in Canada and 72nd in Ontario. The store is strategically positioned in a power centre near major retailers and Queen's University, serving a population of over 50,000 within a three-kilometer radius. Kingston, home to over 30,000 post-secondary students across three institutions, represents a new market for High Tide's expansion of its ELITE & Cabana Club community.
High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA) has announced the opening of its 185th Canna Cabana retail cannabis store in Canada. The new location, situated at 3406 Dundas Street W, Toronto, Ontario, will begin operations on Sunday, October 13. This marks the company's 71st store in Ontario and 11th in Toronto.
The new store is located in the Runnymede neighborhood, an area with a population density exceeding 150,000 residents within a three-kilometer radius. It is part of a retail shopping plaza anchored by a national grocery chain and other local businesses.
Raj Grover, Founder and CEO of High Tide, expressed pride in the company's rapid expansion, especially in light of competitors facing financial difficulties. He also emphasized the company's focus on organic growth and its robust construction pipeline for future store openings throughout 2024 and into 2025.
High Tide Inc. (Nasdaq: HITI) has opened a new Canna Cabana retail cannabis store at 201 Danforth Avenue, Toronto, Ontario. This marks the 70th Canna Cabana location in Ontario and the 184th in Canada. The store is strategically located in Toronto's Greektown, a vibrant neighborhood known for its summer festivals and high foot traffic. With a population density of nearly 250,000 residents within a three-kilometre radius, the store is well-positioned to serve both locals and tourists.
Raj Grover, Founder and CEO of High Tide, expressed enthusiasm about the new location, highlighting its potential to attract new ELITE and Cabana Club members. The company plans to evaluate additional retail opportunities in Toronto, focusing on densely populated areas to expand its reach in one of North America's largest and fastest-growing population centers.
High Tide Inc. (Nasdaq: HITI) has been ranked 87th out of 417 companies in the 2024 Report on Business ranking of Canada's Top Growing Companies, with a three-year revenue growth rate of 486%. This marks the fourth consecutive year the company has made the list. High Tide's CEO, Raj Grover, attributes this success to their innovative retail model and operational outperformance, noting that the company has reached a 12% market share in the five provinces where they operate. The company's annualized run rate now exceeds $525 million, with net income reaching $0.8 million last quarter. Grover expressed enthusiasm for potential expansion into emerging legal cannabis markets such as Germany and the US.
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