High Tide Makes the Report on Business Annual Ranking of Canada';s Top Growing Companies for Fourth Consecutive Year
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.
High Tide Inc. (Nasdaq: HITI) è stata classificata 87ª su 417 aziende nella classifica 2024 del Report on Business delle aziende in più rapida crescita del Canada, con un tasso di crescita dei ricavi su tre anni del 486%. Questo segna il quarto anno consecutivo in cui l'azienda è presente nella lista. Il CEO di High Tide, Raj Grover, attribuisce questo successo al loro modello di vendita al dettaglio innovativo e alla superiorità operativa, osservando che l'azienda ha raggiunto un 12% di quota di mercato nelle cinque province in cui opera. Il tasso di fatturato annualizzato supera ora i 525 milioni di dollari, con un reddito netto che ha raggiunto 800.000 dollari nell'ultimo trimestre. Grover ha espresso entusiasmo per la potenziale espansione nei mercati emergenti della cannabis legale come Germania e Stati Uniti.
High Tide Inc. (Nasdaq: HITI) ha sido clasificada 87ª de 417 empresas en el informe 2024 de Report on Business sobre las principales empresas de crecimiento de Canadá, con una tasa de crecimiento de ingresos de tres años del 486%. Esto marca el cuarto año consecutivo que la empresa figura en la lista. El CEO de High Tide, Raj Grover, atribuye este éxito a su modelo de comercio minorista innovador y al rendimiento operativo, señalando que la empresa ha alcanzado una cuota de mercado del 12% en las cinco provincias donde opera. La tasa de ingresos anualizada ahora supera los 525 millones de dólares, con un ingreso neto que alcanzó 800,000 dólares el último trimestre. Grover expresó entusiasmo por la posible expansión a mercados emergentes de cannabis legal como Alemania y EE. UU.
High Tide Inc. (Nasdaq: HITI)는 2024년 비즈니스 보고서 캐나다 성장 기업 순위에서 417개 기업 중 87위로 선정되었으며, 3년간 수익 성장률이 486%에 달합니다. 이는 회사가 연속 4년째 목록에 오른 것입니다. High Tide의 CEO, Raj Grover는 이 성공을 혁신적인 소매 모델과 운영 성과에 기인하며, 회사가 운영하는 5개 주에서 12%의 시장 점유율에 도달했다고 말했습니다. 회사의 연환산 수익률은 현재 5억 2500만 달러를 초과하며, 지난 분기 순이익은 80만 달러에 달했습니다. Grover는 독일 및 미국과 같은 신흥 합법적 대마초 시장으로의 잠재적 확장에 대한 열정을 expressed.
High Tide Inc. (Nasdaq: HITI) a été classée 87ème sur 417 entreprises dans le rapport 2024 sur les entreprises en croissance du Canada, avec un taux de croissance des revenus sur trois ans de 486%. Cela marque la quatrième année consécutive que l'entreprise figure dans la liste. Le PDG de High Tide, Raj Grover, attribue ce succès à leur modèle de vente au détail innovant et à leurs performances opérationnelles, notant que l'entreprise a atteint une part de marché de 12% dans les cinq provinces où elle opère. Le taux de revenus annualisé dépasse désormais 525 millions de dollars, avec un revenu net atteignant 800 000 dollars le trimestre dernier. Grover a exprimé son enthousiasme pour une expansion potentielle sur des marchés émergents du cannabis légal comme l'Allemagne et les États-Unis.
High Tide Inc. (Nasdaq: HITI) wurde im 2024 Report on Business unter 417 Unternehmen auf Platz 87 eingestuft, mit einer Drei-Jahres-Umsatzwachstumsrate von 486%. Dies stellt das vierte Jahr in Folge dar, in dem das Unternehmen auf der Liste steht. Der CEO von High Tide, Raj Grover, führt diesen Erfolg auf ihr innovatives Einzelhandelsmodell und die operative Überlegenheit zurück und merkt an, dass das Unternehmen in den fünf Provinzen, in denen es tätig ist, einen Marktanteil von 12% erreicht hat. Der jährlich hochgerechnete Umsatz übersteigt jetzt 525 Millionen Dollar, während der Nettogewinn im letzten Quartal 800.000 Dollar erreichte. Grover äußerte Begeisterung über die potenzielle Expansion in aufstrebende Märkte für legales Cannabis wie Deutschland und die USA.
- Ranked 87th out of 417 companies in Canada's Top Growing Companies list
- Three-year revenue growth rate of 486%
- 12% market share in five operating provinces
- Annualized run rate exceeding $525 million
- Net income of $0.8 million in the last quarter
- Potential expansion into emerging legal cannabis markets
- None.
Insights
High Tide's inclusion in the Report on Business ranking of Canada's Top Growing Companies for the fourth consecutive year is a positive indicator of the company's consistent performance. The 486% three-year revenue growth rate is impressive, albeit lower than the previous year's 1,040%. This suggests a maturing growth trajectory, which is expected as companies scale.
Key financial highlights include:
- Annualized run rate exceeding
$525 million - Net income of
$0.8 million in the last quarter 12% market share in five operating provinces
The transition from aggressive top-line growth to free cash flow generation is a positive sign of operational efficiency. This financial health positions High Tide well for expansion into potential new markets like Germany and the US. However, investors should monitor the slowing growth rate and assess whether it's a natural progression or a sign of market saturation.
High Tide's ranking at 87th out of 417 companies in Canada's Top Growing Companies list demonstrates its strong position in the competitive cannabis retail sector. The company's "innovative and disruptive retail model" appears to be yielding results, as evidenced by its market share and financial performance.
Key market insights:
- Consistent presence in the ranking for four years indicates sustained growth
- Operational outperformance translating to market share gains
- Potential for international expansion into emerging markets
The cannabis industry is rapidly evolving and High Tide's ability to adapt and grow in this environment is noteworthy. The company's focus on free cash flow generation while maintaining growth is a strategy that could provide stability in a volatile sector. Investors should watch for High Tide's moves in potential new markets, as successful expansion could significantly impact future growth prospects.
The Company Placed 87th out of 417 Companies, With a Three-Year Growth Rate of
This follows the Company's 2023 ranking of 38th out of 425 companies, with a three-year growth rate of 1,
"For the fourth consecutive year,
"I'm also very pleased that our annualized run rate now exceeds
"Our annual ranking of
"The Globe and Mail congratulates this year's
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ABOUT HIGH TIDE
High Tide, Inc. is the leading community-grown, retail-forward cannabis enterprise engineered to unleash the full value of the world's most powerful plant and is the second-largest cannabis retailer globally by store count1. High Tide (HITI) is uniquely-built around the cannabis consumer, with wholly-diversified and fully-integrated operations across all components of cannabis, including:
Bricks & Mortar Retail: Canna Cabana™ is the largest cannabis retail chain in
Retail Innovation: Fastendr™ is a unique and fully automated technology that employs retail kiosks to facilitate a better buying experience through browsing, ordering and pickup.
Consumption Accessories: High Tide operates a suite of leading accessory e-commerce platforms across the world, including Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com.
Brands: High Tide's industry-leading and consumer-facing brand roster includes Queen of Bud™, Cabana Cannabis Co™, Daily High Club™, Vodka Glass™, Puff Puff Pass™, Dopezilla™, Atomik™, Hue™, Evolution™ and more.
CBD: High Tide continues to cultivate the possibilities of consumer CBD through Nuleafnaturals.com, FABCBD.com, blessedcbd.de and blessedcbd.co.uk.
Wholesale Distribution: High Tide keeps that cannabis category stocked with wholesale solutions via Valiant™.
Licensing: High Tide continues to push cannabis culture forward through fresh partnerships and license agreements under the Famous Brandz™ name.
High Tide consistently moves ahead of the currents, having been named one of
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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1 As reported by ATB Capital Markets based on store counts as of February 8, 2024
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking information" and "forward-looking statements within the meaning of applicable securities legislation. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. The forward-looking statements herein include, but are not limited to, statements regarding: our annualized revenue run rate, continued revenue growth, and our ability to enter the German and US market. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. Although the Company believes that the expectations reflected in these statements are reasonable, such statements are based on expectations, factors, and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including but not limited to the risk factors discussed under the heading "Non-Exhaustive List of Risk Factors" in Schedule A to our current annual information form, and elsewhere in this press release, as such factors may be further updated from time to time in our periodic filings, available at www.sedarplus.ca and www.sec.gov, which factors are incorporated herein by reference. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results, or otherwise, or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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SOURCE High Tide Inc.
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