High Tide Reports Financial Results for Third Fiscal Quarter Featuring Record Revenue and Adjusted EBITDA, Along With Positive Free Cash Flow and Net Income
High Tide Inc. (NASDAQ: HITI) reported outstanding Q3 2025 financial results, achieving record performance across key metrics. The company posted record revenue of $149.7 million, up 14% year-over-year, and record Adjusted EBITDA of $10.6 million.
Notable achievements include positive free cash flow of $7.7 million (up 148% YoY), positive net income of $832,000, and strong same-store sales growth of 7.4%. The company's Canna Cabana retail network expanded to 207 stores and captured 12% market share across five provinces. High Tide also completed a strategic acquisition of a 51% stake in Remexian, establishing a presence in Germany's medical cannabis market.
The company's Cabana Club loyalty program grew to over 2.15 million members in Canada and 6.15 million globally. With an annualized revenue run rate of approximately $600 million, High Tide remains the highest revenue-generating cannabis company reporting in Canadian dollars.
["Record quarterly revenue of $149.7M, up 14% YoY and 9% sequentially","Record Adjusted EBITDA of $10.6M, marking 22nd consecutive positive quarter","Free cash flow increased 148% YoY to $7.7M","Same-store sales growth of 7.4%, highest in two years","Strategic expansion into German market through 51% acquisition of Remexian","Market share increased to 12% from 11% year-over-year","Strong loyalty program growth with 2.15M Canadian members, up 39% YoY","Impressive retail metrics with $1,735 sales per square foot"]High Tide Inc. (NASDAQ: HITI) ha riportato risultati finanziari eccezionali nel terzo trimestre 2025, registrando una performance record sui principali indicatori. L’azienda ha registrato un fatturato record di 149,7 milioni di dollari, in crescita del 14% su base annua, e un EBITDA Rettificato record di 10,6 milioni di dollari.
Tra i traguardi rilevanti figurano un flusso di cassa libero positivo di 7,7 milioni di dollari (in aumento del 148% YoY), un utile netto positivo di 832.000 dollari e una forte crescita delle vendite nello stesso punto vendita del 7,4%. La rete al dettaglio Canna Cabana dell’azienda è salita a 207 negozi e ha conquistato una quota di mercato del 12% in cinque province. High Tide ha inoltre completato una strategica acquisizione del 51% di Remexian, instaurando una presenza nel mercato della cannabis medicinale in Germania.
Il programma fedeltà Cabana Club è cresciuto a oltre 2,15 milioni di membri in Canada e 6,15 milioni a livello globale. Con un tasso di fatturato annualizzato di circa 600 milioni di dollari, High Tide resta l’azienda di cannabis con i ricavi più elevati tra quelle che riportano in dollari canadesi.
High Tide Inc. (NASDAQ: HITI) informó resultados financieros sobresalientes en el 3er trimestre de 2025, logrando un rendimiento récord en métricas clave. La compañía registró un ingreso récord de 149,7 millones de dólares, un 14% más que hace un año, y un EBITDA ajustado récord de 10,6 millones de dólares.
Entre los logros destaca un flujo de efectivo libre positivo de 7,7 millones de dólares (un incremento del 148% interanual), un beneficio neto positivo de 832.000 dólares y un sólido crecimiento de ventas iguales a tienda del 7,4%. La red minorista Canna Cabana se expandió a 207 tiendas y capturó una participación de mercado del 12% en cinco provincias. High Tide también completó la adquisición estratégica del 51% de Remexian, estableciendo presencia en el mercado de cannabis medicinal de Alemania.
El programa de fidelidad Cabana Club creció a más de 2,15 millones de miembros en Canadá y 6,15 millones a nivel global. Con una tasa de ingresos anualizada de aproximadamente 600 millones de dólares, High Tide sigue siendo la empresa de cannabis con mayores ingresos reportados en dólares canadienses.
High Tide Inc. (NASDAQ: HITI)는 2025년 3분기 금융 실적에서 주요 지표들에서 기록적인 성과를 달성했습니다. 회사는 사상 최대 매출 1억 4,970만 달러를 기록했고 이는 전년 동기 대비 14% 증가했으며 조정 EBITDA 1,060만 달러의 기록를 달성했습니다.
주요 성과로는 자유현금흐름 770만 달러(전년 대비 148% 증가), 순이익 83만 2,000달러, 그리고 같은 매장 매출 성장률 7.4%가 있습니다. 회사의 Canna Cabana 소매망은 207개 매장으로 확장되었고 다섯 개 주에서 12%의 시장점유율을 확보했습니다. High Tide는 또한 Remexian의 지분 51%를 전략적으로 인수해 독일의 의약용 대마초 시장에 진출했습니다.
카바나 클럽 로열티 프로그램은 캐나다에서 210만 명 이상, 전세계적으로 615만 명으로 성장했습니다. 약 6억 달러대의 연간 매출 가속도로 High Tide는 캐나다 달러로 보고되는 대마초 기업 중 가장 높은 매출을 계속 보유하고 있습니다.
High Tide Inc. (NASDAQ: HITI) a publié des résultats financiers du troisième trimestre 2025 exceptionnels, affichant une performance record sur les indicateurs clés. La société a enregistré un chiffre d’affaires record de 149,7 millions de dollars, en hausse de 14% sur un an, et un EBITDA ajusté record de 10,6 millions de dollars.
Parmi les réalisations notables figurent un flux de trésorerie disponible positif de 7,7 millions de dollars (croissance de 148% sur un an), un bénéfice net positif de 832 000 dollars et une forte croissance des ventes comparables de 7,4%. Le réseau de détail Canna Cabana s’est étendu à 207 magasins et a capté une part de marché de 12% dans cinq provinces. High Tide a également mené à bien l’acquisition stratégique de 51% de Remexian, établissant une présence sur le marché allemand du cannabis médical.
Le programme de fidélité Cabana Club a dépassé les 2,15 millions de membres au Canada et 6,15 millions à l’échelle mondiale. Avec un chiffre d’affaires annualisé d’environ 600 millions de dollars, High Tide demeure l’entreprise de cannabis générant les revenus les plus élevés rapportés en dollars canadiens.
High Tide Inc. (NASDAQ: HITI) hat beeindruckende Finanzergebnisse für das dritte Quartal 2025 gemeldet und eine Rekordleistung in den wichtigsten Kennzahlen erzielt. Das Unternehmen verzeichnete einen Rekordumsatz von 149,7 Millionen USD, ein Plus von 14% gegenüber dem Vorjahr, sowie einen Rekord-adjusted EBITDA von 10,6 Millionen USD.
Zu den bemerkenswerten Leistungen gehören positiver freier Cashflow von 7,7 Millionen USD (Anstieg um 148% YoY), positives Nettoergebnis von 832.000 USD und starkes Umsatzwachstum der Same-Store-Sales von 7,4%. Das Canna Cabana Einzelhandelsnetzwerk wuchs auf 207 Filialen und errang einen Marktanteil von 12% in fünf Provinzen. High Tide schloss außerdem eine strategische Übernahme von 51% an Remexian ab, wodurch eine Präsenz auf dem deutschen medizinischen Cannabismarkt geschaffen wurde.
Das Cabana Club Treueprogramm wuchs auf über 2,15 Millionen Mitglieder in Kanada und 6,15 Millionen weltweit. Mit einer jährlichen Umsatzlaufleistung von ca. 600 Mio. USD bleibt High Tide das ertragsstärkste Cannabisunternehmen, das in kanadischen Dollar berichtet.
High Tide Inc. (NASDAQ: HITI) أعلنت عن نتائج مالية استثنائية للربع الثالث من 2025، حيث حققت أداءً قياسيًا في المؤشرات الرئيسية. سجلت الشركة إيرادات قياسية قدرها 149.7 مليون دولار، بارتفاع 14% على أساس سنوي، و EBITDA معدل مُعدل قياسي قدره 10.6 مليون دولار.
من الإنجازات الملحوظة تدفق نقدي حر إيجابي قدره 7.7 مليون دولار (ارتفاع 148% على أساس سنوي)، صافي دخل إيجابي 832,000 دولار، ونمو قوي في مبيعات المتاجر المماثلة بنسبة 7.4%. توسعت شبكة Canna Cabana للبيع بالتجزئة إلى 207 المتاجر وحققت حصة سوقية قدرها 12% عبر خمس مقاطعات. كما أكملت High Tide استحواذًا استراتيجيًا على 51% من Remexian، مما أتاح وجودًا في سوق القنب الطبي في ألمانيا.
نما برنامج الولاء Cabana Club ليصل إلى أكثر من 2.15 مليون عضو في كندا و6.15 مليون عالميًا. مع معدل إيرادات سنوي يقارب 600 مليون دولار، تظل High Tide أعلى شركة قنب تقاريرًا بالدولار الكندي.
High Tide Inc.（纳斯达克股票代码：HITI） 公布了2025年第三季度出色的财政业绩，在关键指标上实现创纪录的表现。公司实现创纪录的收入1.497亿美元，同比增长14%，并且经调整的息税折旧摊销前利润（EBITDA）创纪录，为1060万美元。
重要成就包括自由现金流为770万美元，较上年同期增长148%，净利润为83.2万美元，以及同店销售增长率7.4%。公司旗下Canna Cabana零售网络扩展至207家门店，在五个省份占据约12%的市场份额。High Tide还完成了对Remexian的51%控股的战略收购，在德国的医用大麻市场建立了存在。
公司的Cabana Club忠诚度计划在加拿大超过215万名成员，全球总数达到615万名。
公司实现的年化收入规模约为6亿美元，High Tide仍然是以加拿大元计价的、收入最高的大麻公司。
- None.
- General and administration expenses increased to 4.4% of revenue from 3.7% YoY
- Nine-month free cash flow declined 34% YoY to $10.7M
- Nine-month net income showed a loss of $4.7M compared to $991K profit previous year
- Gross profit margin remained flat at 27% YoY
Insights
High Tide reports stellar Q3 with record revenue/EBITDA, positive net income, and free cash flow growth of 148% YoY while expanding internationally.
High Tide delivered a remarkably strong quarter with record revenue of
The company's financial health shows significant improvement across multiple metrics. Free cash flow surged
High Tide achieved positive net income of
Their retail performance metrics are particularly notable. Same-store sales increased
The Cabana Club loyalty program now exceeds 2.15 million members (up
Most strategically significant is their acquisition of a
With
- Same-Store Sales Were Up
7.4% Year Over Year, the Fastest Growth Rate in Two Years - The Company Reports
$7.7 Million 148% Year Over Year, and57% Sequentially - The Company Reports Positive Net Income of
$832 1% Year Over Year and Marked a Meaningful Reversal Versus a Net Loss of$2.8 Million - During May 2025 and June 2025, Canna Cabana Held a
12% Share of the Cannabis Retail Market Across the Five Provinces in Which the Company Has a Presence, Up From11% in the Previous Year1 - High Tide Remains the Highest Revenue Generating Cannabis Company Reporting in Canadian Dollars.2 Q3 Annualized Revenue Run Rate Was Approximately
$600 Million
1 Based on publicly available store count data for May 2025 and June 2025 in the five Canadian provinces where Canna Cabana operates and as per publicly available data from Statistics Canada and provincial regulators |
2 Based on reporting by New Cannabis Ventures as of August 13, 2025. For the New Cannabis Ventures' senior listing, segmented cannabis-only sales must generate more than |
"I'm thrilled to share that this has been our most powerful quarter to date across nearly every financial metric, including record revenue and adjusted EBITDA, along with positive free cash flow and net income. Importantly, we also delivered our strongest same store sales growth in two years, which helped propel an
"The cherry on top of these results is the recent closing of our acquisition of a majority stake in Remexian, which positions us as a major player in
"Top Canadian cannabis brands have already started to come onboard exclusively with High Tide, which will further fuel our momentum. With Remexian's financial strength and operational leadership now part of the High Tide family, I've never been more confident in our ability to accelerate growth both at home and abroad," added Mr. Grover
2025 Third Fiscal Quarter – Financial Highlights:
- Revenue was a record
$149.7 million $131.7 million 14% year over year, representing the fastest growth rate in seven quarters. Revenue was up9% sequentially during the three months ended July 31, 2025. The Company notes that its core bricks-and-mortar segment revenue increased by18% year over year and10% sequentially. - Gross profit was a record
$40.1 million 13% year over year and sequentially. - Gross profit margin was
27% for the three months ended July 31, 2025, which was consistent year over year and up from26% sequentially. The margins in the Company's core bricks-and-mortar segment, which generates97% of its revenue, increased sequentially for the third consecutive quarter. - Adjusted EBITDA was a record
$10.6 million 11% year over year and32% sequentially. - The Company generated
$7.7 million 148% year over year and57% sequentially. Over the past four quarters, the Company has generated$16.6 million - General and administration expenses represented
4.4% of revenue in the three months ended July 31, 2025, which compared to3.7% during the previous year, and4.2% sequentially. - Salaries, wages, and benefits represented
12.2% of revenue in the three months ended July 31, 2025, which improved from12.7% year over year and sequentially, and represented the lowest level in the last seven quarters. - Income from operations was a record
$3.7 million 22% year over year and301% sequentially. - During the third fiscal quarter, the Company generated net income of
$0.8 million 1% year over year and marked a meaningful reversal versus a net loss of$2.8 million - Cabanalytics Business Data and Insights platform, advertising revenue, and other revenue, which includes management fees, interest income, and rental income, was a record
$12.0 million $9.0 million 32% year over year and6% sequentially. - Cash and cash equivalents as at July 31, 2025 totaled
$63.8 million 81% year over year, and84% sequentially. Note that during the third fiscal quarter, the Company raised$25.2 million
2025 Third Fiscal Quarter – Retail Highlights:
- Canna Cabana remains the largest cannabis retail brand in the country with 207 stores across
British Columbia ,Alberta ,Saskatchewan ,Manitoba , andOntario . - Canadian Cabana Club membership has surpassed 2.15 million, an increase of
39% year over year and13% sequentially. The Company has also exceeded 115,000 ELITE members inCanada , an increase of102% year over year and19% sequentially – once again setting a new record in the pace of onboarding ELITE members. - Global Cabana Club membership has surpassed 6.15 million. This includes 123,600 ELITE members, which grew by
18% sequentially. - Average Canna Cabana store generated 2.1x revenue versus peers.3
- Same-store sales were up
7.4% year over year in the third fiscal quarter of 2025, the fastest growth rate in two years. Since the launch of its discount club model in October 2021 to June 2025, same store sales at Canna Cabana are up137% while the average operator has experienced a2% decline.4 - Canna Cabana reached a
12% market share, up from11% in the previous year.5 - Canna Cabana had a shrink rate of just
0.2% during the three months ended July 31, 2025. - Annualized retail sales per square foot were
$1,735
3 For the month of June 2025, based on publicly available store count data in the five Canadian provinces where Canna Cabana operates and as per publicly available data from Statistics Canada and provincial regulators |
4 Calculated by chaining monthly data, and based on publicly available store count data in the five Canadian provinces where Canna Cabana operates and as per publicly available data from Statistics Canada and provincial regulators |
5 For the months of May and June 2025, based on publicly available store count data in the five Canadian provinces where Canna Cabana operates and as per publicly available data from Statistics Canada and provincial regulators |
6 Data sourced from most recent public filings of the mentioned retailers |
Third Fiscal Quarter 2025 – Operational Highlights (May 1, 2025 – July 31, 2025):
- The Company opened seven new Canna Cabana locations across
Ontario ,Manitoba and Alberta—Brantford,Cornwall ,Calgary ,Sherwood Park ,Toronto ,Winnipeg , andDrayton Valley . - At an annual general and special meeting of shareholders, each of the Company's five nominees proposed by management was elected as a director of the Company. Shareholders of the Company also ratified management's proposed shareholder rights plan.
- The Company closed on a
$30 million
Subsequent Events (August 1, 2025 - Present):
- The Company opened four new Canna Cabana locations across
Ontario and Saskatchewan—Saskatoon,Lasalle ,Burlington , and London—bringing the total Canna Cabana store count to 207 locations acrossCanada . - The Company announced and subsequently closed its acquisition of a
51% interest in Remexian Pharma GmbH ("Remexian") for an estimated purchase price of€26.4 million , allowing the Company to enter the fast growing German medical cannabis market. The Company has a five-year option to acquire the remaining49% equity interest in Remexian at any time after 24 months from the closing date.
CANNABIS BRANDS WHITE LABEL UPDATE
The Company notes that as of September 8, 2025, it sells 75 cannabis and accessory SKUs across both of its flagship Queen of Bud and Cabana Cannabis Co. brands. Below is a breakdown of the current Queen of Bud and Cabana Cannabis Co. products available in the Company's store network.
Queen of Bud and Cabana Cannabis Co.
SKUs Available in Canna Cabana Stores
Brand | Product | SKUs | Last 12 Months Sales |
Queen of Bud | Cannabis | 18 | $ 2,298,868.00 |
Accessories | 26 | $ 698,993.00 | |
Cabana Cannabis Co. | Cannabis | 7 | $ 2,460,345.00 |
Accessories | 24 | $ 935,500.00 | |
Total | 75 | $ 6,393,706.00 |
Selected financial information for the third quarter ended July 31, 2025:
(Expressed in thousands of Canadian Dollars)
Three months ended July 31 | Nine Months Ended July 31 | |||||||||||
2025 | 2024 | Change | 2025 | 2024 | Change | |||||||
$ | $ | ∆ | $ | $ | ∆ | |||||||
Free cash flow(i) | 7,682 | 3,092 | 148 % | 10,678 | 16,083 | (34) % | ||||||
Net cash provided by operating activities | 10,650 | 6,213 | 71 % | 19,588 | 25,895 | (24) % | ||||||
Revenue | 149,690 | 131,685 | 14 % | 429,955 | 384,011 | 12 % | ||||||
Gross profit | 40,091 | 35,454 | 13 % | 111,002 | 106,747 | 4 % | ||||||
Gross profit margin(ii) | 27 % | 27 % | — % | 26 % | 28 % | (2) % | ||||||
Total expenses | (36,352) | (32,399) | 12 % | (106,264) | (98,913) | 7 % | ||||||
Total expenses as a % of revenue | 24 % | 25 % | (1) % | 25 % | 26 % | (1) % | ||||||
Income from operations | 3,739 | 3,055 | 22 % | 4,738 | 7,834 | (40) % | ||||||
Adjusted EBITDA(iii) | 10,643 | 9,614 | 11 % | 25,794 | 30,090 | (14) % | ||||||
Adjusted EBITDA as a percentage of revenue(iv) | 7 % | 7 % | — % | 6 % | 8 % | (2) % | ||||||
Net income (loss) | 832 | 825 | 1 % | (4,693) | 991 | |||||||
Basic and diluted income (loss) per share | 0.01 | 0.01 | (0.06) | - | ||||||||
(i) The Company defines free cash flow as net cash provided by (used in) operating activities minus sustaining capex minus lease liability payments. Sustaining Capex is defined as leasehold improvements and maintenance spending required in the existing business. The most directly comparable financial measure is net cash provided by operating activities, as disclosed in the consolidated statement of cash flows. It should not be viewed as a measure of liquidity or a substitute for comparable metrics prepared in accordance with IFRS. |
(ii) Gross profit margin - a non-IFRS financial measure. Gross profit margin is calculated by dividing gross profit by revenue. |
(iii) Adjusted EBITDA - a non-IFRS financial measure. A reconciliation of the Adjusted EBITDA to Net income (loss) is found in the chart below. |
(iv) Adjusted EBITDA as a percentage of revenue - a non-IFRS financial measure. This metric is calculated as adjusted EBITDA divided by revenue. |
The reconciling items between net earnings, EBITDA, and Adjusted EBITDA are as follows:
2024 | 2023 | |||||||
Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | |
Net (loss) Income | 832 | (2,836) | (2,689) | (4,802) | 825 | 171 | (5) | (31,805) |
Income/deferred tax recovery (expense) | 69 | 46 | 38 | (153) | 671 | (878) | (233) | (4,571) |
Accretion and interest | 1,795 | 1,950 | 2,101 | 2,308 | 1,681 | 1,712 | 1,743 | 1,632 |
Depreciation and amortization | 6,080 | 5,880 | 5,847 | 5,362 | 5,678 | 7,505 | 6,848 | 8,583 |
EBITDA(i) | 8,776 | 5,040 | 5,297 | 2,715 | 8,855 | 8,510 | 8,353 | (26,161) |
Foreign exchange loss (gain) | 120 | 114 | (13) | 5 | 19 | (5) | 5 | (152) |
Transaction and acquisition costs | 881 | 1,616 | 630 | 773 | 12 | 1,314 | 515 | 691 |
Loss (gain) revaluation of put option liability | - | - | - | (88) | (159) | (110) | (300) | 544 |
Other (gain) loss | (1) | 42 | - | 11 | (6) | 337 | - | 37 |
Loss (gain) on extinguishment of debenture | - | - | - | (885) | - | - | - | - |
Impairment loss | - | - | - | 4,964 | - | - | - | 34,265 |
Share-based compensation | 824 | 1,250 | 1,175 | 750 | 881 | 549 | 795 | (284) |
Loss (gain) on revaluation of marketable securities | - | - | - | - | 12 | - | 77 | (13) |
Loss (gain) on revaluation of debenture | 43 | - | - | - | - | (240) | 755 | (505) |
Loss (gain) on extinguishment of financial liability | - | - | - | - | - | (314) | 235 | (60) |
Adjusted EBITDA(i) | 10,643 | 8,062 | 7,089 | 8,245 | 9,614 | 10,041 | 10,435 | 8,362 |
(i) EBITDA and Adjusted EBITDA are non-IFRS financial measures. |
2025 | 2024 | 2023 | ||||||||||||||
Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | |||||||||
Cash flow from operating activities | 8,231 | 4,686 | 4,644 | 6,179 | 8,928 | 8,032 | 9,363 | 7,207 | ||||||||
Changes in non-cash working capital | 2,419 | 3,569 | (3,961) | 3,473 | (2,715) | 4,777 | (2,490) | 2,430 | ||||||||
Net cash provided by operating activities | 10,650 | 8,255 | 683 | 9,652 | 6,213 | 12,809 | 6,873 | 9,637 | ||||||||
Sustaining capex(i) | (460) | (692) | (361) | (533) | (279) | (528) | (511) | (1,080) | ||||||||
Lease liability payments | (2,508) | (2,667) | (2,222) | (3,211) | (2,842) | (2,898) | (2,754) | (2,870) | ||||||||
Free cash flow(ii) | 7,682 | 4,896 | (1,900) | 5,908 | 3,092 | 9,383 | 3,608 | 5,687 | ||||||||
(i) Sustaining capex is a non-IFRS measure |
(ii) Free cash flow is a non-IFRS measure |
OUTLOOK
High Tide's wholly owned subsidiary, Canna Cabana, is the largest cannabis retail brand in
The Company's Cabana Club and ELITE loyalty programs, which remain the largest such cannabis loyalty programs in the world, continue to expand at a rapid pace across
Following the successful launch of its innovative discount club model in its core bricks-and-mortar business, in late 2024, the Company expanded Cabana Club across all its global e-commerce businesses, offering disruptive three-tier pricing. While its e-commerce division is currently tracking behind its initial financial forecasts, the Company notes it represents only
The Company has always managed its affairs with a focus on prudent free cash flow generation, having produced more than
The Company continues to expand its white label cannabis product portfolio between its flagship Queen of Bud and Cabana Cannabis Co. brands, with 25 cannabis SKUs now available across the Canna Cabana store network. The Company continues to work on exciting new white label product offerings that are expected to launch in the coming months.
Regarding its balance sheet, the Company continues to have no meaningful debt maturities for the next two years, has significantly more cash on hand than in the past, and continues to generate meaningful free cash flow from its core bricks-and-mortar operations. As a result, the Company believes it can continue to fund future store growth internally.
WEBCAST LINK FOR TIDE EARNINGS EVENT
The Company will host a webcast and conference call to discuss its audited results and outlook at 11:30 AM (Eastern Time) on Tuesday, September 16, 2025.
https://app.webinar.net/6NDyqVDQLzX
Participants are encouraged to pre-register for the webcast by clicking on the link above prior to the beginning of the live webcast. Three hours after the live webcast, a replay of the webcast will be available at the same link above.
Participants who wish to ask questions during the event may do so through the call-in line, the access information for which is as follows:
North American Toll Free: 1-888-510-2154
International Toll Free (
ATM PROGRAM QUARTERLY UPDATE
Pursuant to the Company's ATM Program that allowed the Company to issue up to
Pursuant to an Equity Distribution Agreement cash commission of
The Company intends to use the net proceeds of the ATM Program at the discretion of the Company, to fund strategic initiatives it is currently developing, to support the growth and development of the Company's existing operations, funding future acquisitions as well as working capital and general corporate purposes.
Common Shares issued pursuant to the ATM Program are issued pursuant to a prospectus supplement dated August 31, 2023 (the "Canadian Prospectus Supplement") to the Company's final base shelf prospectus dated August 3, 2023, filed with the securities commissions or similar regulatory authorities in each of the provinces and territories of
The ATM Program was effective until the earlier of (i) the date that all Common Shares available for issue under the ATM Program have been sold, (ii) the date the Canadian Prospectus Supplement in respect of the ATM Program or Canadian Shelf Prospectus is withdrawn and (iii) the date that the ATM Program is terminated by the Company or Agents.
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. Its wholly owned subsidiary, Canna Cabana, is the second-largest cannabis retail brand globally. High Tide (HITI) is uniquely-built around the cannabis consumer, with wholly-diversified and fully-integrated operations across all components of cannabis, including:
Retail: Canna Cabana™ is the largest cannabis retail chain in
Medical Cannabis Distribution: Remexian Pharma GmbH is a leading German pharmaceutical company built for the purpose of importation and wholesale of medical cannabis products at affordable prices. Among all German medical cannabis procurers, Remexian has one of the most diverse reaches across the globe and is licensed to import from 19 countries including Canada.
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.
CONTACT INFORMATION
Media Inquiries
Carter
Communications and Public Affairs Advisor
High Tide Inc.
cbrownlee@hightideinc.com
403-770-3080
Investor Inquiries
Vahan Ajamian
Capital Markets Advisor
High Tide Inc.
vahan@hightideinc.com
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:
The Company's business objectives and milestones and the anticipated timing of, and costs in connection with, the execution or achievement of such objectives and milestones (including, without limitation, proposed acquisitions, expansions and store openings); the Company's future growth prospects and intentions to pursue one or more viable business opportunities; the development of the Company's business and future activities following the date hereof; expectations relating to market size and anticipated growth in the jurisdictions within which the Company may from time to time operate or contemplate future operations; expectations with respect to economic, business, regulatory, or competitive factors related to the Company or the cannabis industry generally; the market for the Company's current and proposed product offerings, as well as the Company's ability to capture market share; the distribution methods expected to be used by the Company to deliver its product offerings; the Company's strategic investments and capital expenditures, and related benefits; changes in general and administrative expenses; future business operations and activities and the timing and performance thereof; the future tax liability of the Company; the estimated future contractual obligations of the Company; the future liquidity and financial capacity of the Company and its ability to fund its working capital requirements and forecasted capital expenditures; the competitive landscape within which the Company operates and the Company's market share or reach; the Company adding the number of additional cannabis retail store locations the Company proposes to add to the Company's business upon the timelines indicated herein; the Company remaining on a positive growth trajectory; same-store sales continuing to increase; the Company making increases to its revenue profile; the Company completing the development of its cannabis retail stores; the Company's ability to generate positive free cash flow and remain free cash flow positive for the fiscal year; free cash flow allowing the Company to finance its growth with internal cash flows; the Company's ability to maximize shareholder value; the Company's ability to obtain, maintain, and renew or extend, applicable authorizations, including the timing and impact of the receipt thereof; the realization of cost savings, synergies or benefits from the Company's recent and proposed acquisitions; the Company's ability to successfully integrate the operations of any business acquired within the Company's business; the anticipated sales from continuing operations; the ability of the company to use cash generated from existing operations to fund future locations; Cabana Club and ELITE loyalty programs membership continuing to increase; the anticipated changes to and effects of the ELITE program on the business and operations of the Company; the Company hitting its forecasted revenue and sales projections; the intention of the Company to complete any offering of securities of the Company; the aggregate amount of the total proceeds that the Company will receive pursuant to any future offering; the Company's expected use of the net proceeds from the ATM Program and/or any future offering; the listing of Common Shares offered in the ATM Program and/or any future offering; the anticipated effects of the ATM Program and/or any future offering on the business and operations of the Company; the Company's ability to enter emerging legal cannabis jurisdictions, the ability of the Company to capture additional market share in the amount and on the timelines indicated herein; the ability of the Company to add 20-30 stores this calendar year and reach its goals of 300 stores nationwide, and 2.5 million Cabana Club members in
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.
CAUTIONARY NOTE REGARDING FUTURE ORIENTED FINANCIAL INFORMATION
This press release may contain future oriented financial information ("FOFI") within the meaning of applicable securities legislation about prospective results of operations, financial position or cash flows, which is subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above "Cautionary Note Regarding Forward-Looking Statements". FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. FOFI does not purport to present the Company's financial condition in accordance with IFRS as issued by the International Accounting Standards Board, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments as of the applicable date. However, because this information is highly subjective and subject to numerous risks, readers are cautioned not to place undue reliance on the FOFI as necessarily indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such FOFI.
Importantly, the FOFI contained in this press release are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the future pricing for the Company's products, (ii) the future market demand and trends within the jurisdictions in which the Company may from time to time conduct the Company's business, (iii) the Company's ongoing inventory levels, and operating cost estimates, and (iv) the Company's net proceeds from the ATM Program and future financings. The FOFI or financial outlook contained in this press release do not purport to present the Company's financial condition in accordance with IFRS as issued by the International Accounting Standards Board, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled "Cautionary Note Regarding Forward-Looking Statements" and under the heading "Risk Factors" in the Company's public disclosures, FOFI or financial outlook within this press release should not be relied on as necessarily indicative of future results.
Readers are cautioned not to place undue reliance on the FOFI, or financial outlook contained in this press release. Except as required by Canadian securities laws, the Company does not intend, and does not assume any obligation, to update such FOFI.
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SOURCE High Tide Inc.
FAQ
What were High Tide's (HITI) key financial results for Q3 2025?
How many Canna Cabana stores does High Tide operate in 2025?
What is High Tide's market share in Canadian provinces where it operates?
How did High Tide's acquisition of Remexian impact its business?
What is High Tide's Cabana Club membership growth in 2025?
How much free cash flow did High Tide generate in Q3 2025?
