High Tide Reports First Quarter 2025 Financial Results Featuring Record Revenue of $142.5 Million
High Tide Inc. (HITI) reported record Q1 2025 revenue of $142.5 million, up 11% year-over-year and 3% sequentially. The company's brick-and-mortar segment generated $135.7 million, representing 95% of consolidated revenue and 17% growth year-over-year.
Same-store sales increased by 5% year-over-year, showing the fastest growth in four quarters. The Cabana Club loyalty program reached 1.76 million members in Canada, with ELITE memberships exceeding 81,000. The company maintains a significant market share, holding 18% in Alberta and 10% in Ontario.
Financial highlights include a gross profit of $35.4 million with a 25% margin, a net loss of $2.7 million, and Adjusted EBITDA of $7.1 million. The company generated negative free cash flow of $1.9 million in Q1 but maintains $33.3 million in cash and cash equivalents.
High Tide Inc. (HITI) ha riportato un fatturato record per il primo trimestre del 2025 di 142,5 milioni di dollari, in aumento dell'11% rispetto all'anno precedente e del 3% rispetto al trimestre precedente. Il segmento fisico dell'azienda ha generato 135,7 milioni di dollari, rappresentando il 95% del fatturato consolidato e una crescita del 17% anno su anno.
Le vendite nei negozi comparabili sono aumentate del 5% rispetto all'anno precedente, mostrando la crescita più rapida in quattro trimestri. Il programma di fidelizzazione Cabana Club ha raggiunto 1,76 milioni di membri in Canada, con le iscrizioni ELITE che superano le 81.000. L'azienda mantiene una quota di mercato significativa, detenendo il 18% in Alberta e il 10% in Ontario.
I punti salienti finanziari includono un utile lordo di 35,4 milioni di dollari con un margine del 25%, una perdita netta di 2,7 milioni di dollari e un EBITDA rettificato di 7,1 milioni di dollari. L'azienda ha generato un flusso di cassa libero negativo di 1,9 milioni di dollari nel primo trimestre, ma mantiene 33,3 milioni di dollari in liquidità e equivalenti di liquidità.
High Tide Inc. (HITI) reportó ingresos récord de 142,5 millones de dólares en el primer trimestre de 2025, un aumento del 11% en comparación con el año anterior y del 3% secuencialmente. El segmento físico de la empresa generó 135,7 millones de dólares, representando el 95% de los ingresos consolidados y un crecimiento del 17% interanual.
Las ventas en tiendas comparables aumentaron un 5% interanuales, mostrando el crecimiento más rápido en cuatro trimestres. El programa de lealtad Cabana Club alcanzó 1,76 millones de miembros en Canadá, con más de 81,000 membresías ELITE. La empresa mantiene una participación de mercado significativa, con un 18% en Alberta y un 10% en Ontario.
Los aspectos financieros destacados incluyen una ganancia bruta de 35,4 millones de dólares con un margen del 25%, una pérdida neta de 2,7 millones de dólares y un EBITDA ajustado de 7,1 millones de dólares. La empresa generó un flujo de caja libre negativo de 1,9 millones de dólares en el primer trimestre, pero mantiene 33,3 millones de dólares en efectivo y equivalentes de efectivo.
하이 타이드 주식회사 (HITI)는 2025년 1분기 기록적인 매출 1억 4250만 달러를 보고하였으며, 이는 전년 대비 11% 증가하고 전 분기 대비 3% 증가한 수치입니다. 회사의 오프라인 부문은 1억 3570만 달러를 창출하여 통합 매출의 95%를 차지하며, 전년 대비 17% 성장했습니다.
동일 매장 매출은 전년 대비 5% 증가하여 4분기 중 가장 빠른 성장을 보였습니다. 카바나 클럽 충성도 프로그램은 캐나다에서 176만 명의 회원을 기록했으며, ELITE 회원 수는 81,000명을 초과했습니다. 회사는 앨버타에서 18%, 온타리오에서 10%의 상당한 시장 점유율을 유지하고 있습니다.
재무 하이라이트에는 3540만 달러의 총 이익과 25%의 마진, 270만 달러의 순손실, 710만 달러의 조정 EBITDA가 포함됩니다. 회사는 1분기에 190만 달러의 부정적인 자유 현금 흐름을 생성했지만, 3330만 달러의 현금 및 현금성 자산을 보유하고 있습니다.
High Tide Inc. (HITI) a annoncé un chiffre d'affaires record de 142,5 millions de dollars pour le premier trimestre 2025, en hausse de 11% par rapport à l'année précédente et de 3% par rapport au trimestre précédent. Le segment physique de l'entreprise a généré 135,7 millions de dollars, représentant 95% du chiffre d'affaires consolidé et une croissance de 17% d'une année sur l'autre.
Les ventes en magasins comparables ont augmenté de 5% par rapport à l'année précédente, montrant la croissance la plus rapide en quatre trimestres. Le programme de fidélité Cabana Club a atteint 1,76 million de membres au Canada, avec plus de 81 000 adhésions ELITE. L'entreprise conserve une part de marché significative, détenant 18% en Alberta et 10% en Ontario.
Les points saillants financiers incluent un bénéfice brut de 35,4 millions de dollars avec une marge de 25%, une perte nette de 2,7 millions de dollars et un EBITDA ajusté de 7,1 millions de dollars. L'entreprise a généré un flux de trésorerie libre négatif de 1,9 million de dollars au premier trimestre, mais maintient 33,3 millions de dollars en liquidités et équivalents de liquidités.
High Tide Inc. (HITI) berichtete über einen Rekordumsatz von 142,5 Millionen Dollar im ersten Quartal 2025, was einem Anstieg von 11% im Vergleich zum Vorjahr und 3% im Vergleich zum vorherigen Quartal entspricht. Das stationäre Segment des Unternehmens erzielte 135,7 Millionen Dollar, was 95% des konsolidierten Umsatzes und ein Wachstum von 17% im Jahresvergleich ausmacht.
Die Same-Store-Umsätze stiegen im Jahresvergleich um 5% und zeigten das schnellste Wachstum in vier Quartalen. Das Treueprogramm Cabana Club erreichte 1,76 Millionen Mitglieder in Kanada, wobei die ELITE-Mitgliedschaften über 81.000 lagen. Das Unternehmen hält einen signifikanten Marktanteil von 18% in Alberta und 10% in Ontario.
Zu den finanziellen Höhepunkten gehören ein Bruttogewinn von 35,4 Millionen Dollar mit einer Marge von 25%, ein Nettoverlust von 2,7 Millionen Dollar und ein bereinigtes EBITDA von 7,1 Millionen Dollar. Das Unternehmen erzielte im ersten Quartal einen negativen freien Cashflow von 1,9 Millionen Dollar, hält jedoch 33,3 Millionen Dollar in Bargeld und liquiden Mitteln.
- Record quarterly revenue of $142.5M, up 11% YoY
- Brick-and-mortar segment growth of 17% YoY
- Same-store sales increased 5% YoY
- Cabana Club membership grew 33% YoY to 1.76M members
- ELITE membership increased 153% YoY to 81,000
- Net loss of $2.7M compared to break-even previous year
- Adjusted EBITDA declined 32% YoY to $7.1M
- Negative free cash flow of $1.9M in Q1
- Gross margin decreased to 25% from 28% YoY
Insights
High Tide's Q1 results present a mixed financial picture with record
The concerning element is the profitability decline, with Adjusted EBITDA falling
The
Their loyalty program metrics are particularly impressive, with 1.76 million Canadian members (up
The paused German expansion plans warrant monitoring, as international medical cannabis represents a significant diversification opportunity. Overall, High Tide is prioritizing growth and market share over short-term profitability, a reasonable strategy given their strong market position and long-term objectives.
High Tide's retail execution demonstrates exceptional operational strength despite challenging industry conditions. Their same-store sales growth of
The company's market share metrics reveal their dominant positioning—
Their store expansion strategy continues methodically with 8 new locations opened during and shortly after the quarter, bringing their network to 194 stores. The outlined goal of 20-30 additional locations in 2025 while maintaining positive annual free cash flow demonstrates disciplined growth.
The Cabana Club loyalty program represents their most significant competitive moat. The rapid growth in premium ELITE memberships (now 81,000 in Canada) is particularly valuable as these members demonstrate higher purchase frequency and basket size. The strategic decision to expand this program internationally across e-commerce platforms, despite short-term margin compression, aligns with modern retail's emphasis on customer lifetime value over transaction-level profitability.
Their private label initiative with Queen of Bud (29 SKUs launched since acquisition) provides margin expansion opportunities and exclusivity in a highly competitive market. The temporary profitability dip appears to be a calculated trade-off for sustainable market leadership rather than an operational deficiency.
Same store sales increased
Cabana Club loyalty program exceeds 1.76 million members in
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated August 31, 2023, to its short form base shelf prospectus dated August 3, 2023.
- High Tide Remains the Highest Revenue Generating Cannabis Company Reporting in Canadian Dollars1, Delivers Quarterly Revenue of
$142.5 11% Year Over Year,3% Sequentially and Reaches an Annualized Revenue Run Rate Of$570 Million - Revenue Generated in the Company's Bricks-and-Mortar Segment was
$135.7 Million 17% Year Over Year, Representing the Fastest Growth Rate in Five Quarters. The Segment Accounts for95% of The Company's Consolidated Revenue - Same Store Sales in the First Fiscal Quarter Increased By
5% Year Over Year and2% Sequentially. Between October 2021 and December 2024, Same Store Sales at Canna Cabana were up142% , While the Average Operator in the Five Provinces Where the Company Operates has Experienced a4% Decline2 - The Company Surpassed 5.66 Million Global Cabana Club Members. This Includes 85,500 ELITE Members, Which Increased
13% Sequentially. - In Canada Alone, the Company Now Exceeds 1.76 Million Cabana Club Members. Canadian Cabana Club Membership Rates Have Increased by
33% Year Over Year and2% Sequentially. The Company Has Also Exceeded 81,000 ELITE Members inCanada , an Increase of153% Year Over Year and11% Sequentially, Growing at its Fastest Pace Since Inception. - During November and December 2024, Canna Cabana Held an
18% Share of the Cannabis Retail Market inAlberta and10% inOntario . Across the Five Provinces in Which the Company Has a Presence, Canna Cabana Represented an11% Market Share, Which Is Consistent Sequentially3 - The Company Notes it Has Launched 29 Queen of Bud SKUs Since Acquiring the Brand in March 2024, With More Planned Launches Underway
- Annualized Retail Sales Per Square Foot Were
$1,734 2% Sequentially. This Was Higher Than Best-In-Class Retailers Like Wal-Mart, Target, and Canadian Tire4
_________________________________ |
1Based on reporting by New Cannabis Ventures as of February 7, 2025. For the New Cannabis Ventures' senior listing, segmented cannabis-only sales must generate more than |
2Based on publicly available data from Statistics Canada and provincial regulators |
3Based 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 |
4Data sourced from most recent public filings of the mentioned retailers |
2025 First Fiscal Quarter – Financial Highlights:
- Revenue increased to
$142.5 million $128.1 million 11% year over year and3% sequentially - Gross profit was
$35.4 million - Gross profit margin was
25% for the three months ended January 31, 2025, which compared to28% year over year and26% sequentially. The margins in the Company's core bricks-and-mortar segment, which generates95% of its revenue, remained consistent. During the first fiscal quarter, the Company took its Cabana Club loyalty program global across its ancillary e-commerce platforms. As part of this strategy, the Company proactively lowered its gross margins in its E-commerce segment, which it believes will be offset by increased volumes in the quarters to come - The Company generated a net loss of
$2.7 million $4.8 million $0.2 million - Adjusted EBITDA was
$7.1 million $10.4 million 32% year over year and14% sequentially. This was due to the Company accelerating the pace of its organic store openings during 2024, and continuing into 2025. Given the mature and competitive cannabis retail landscape, these new locations experience a longer initial ramp up period, thus impacting EBITDA in the short-term. Additionally, the Company's e-commerce segment was negatively impacted as expected given its new disruptive international loyalty strategy - The Company generated
$(1.9) million $16.5 million - General and administration expenses represented
4.6% of revenue in the three months ended January 31, 2025, which remained relatively consistent when compared to the previous year, and were4.2% sequentially - Salaries, wages, and benefits represented
12.3% of revenue in the three months ended January 31, 2025, which remained relatively consistent when compared to the previous year and sequentially - Cabanalytics Business Data and Insights platform, advertising revenue, and other revenue, which includes management fees, interest income, and rental income, was
$11.3 million $7.6 million 49% year over year and4% sequentially - Cash and cash equivalents in the three months ended January 31, 2025 totalled
$33.3 million $28.7 million 16% year over year and a decrease of29% sequentially. The Company notes that during the quarter it issued$5.0 million $13.0 million
"I am pleased to report yet another quarter featuring record revenue. This continued momentum is supported by our core Canadian bricks-and-mortar business which is generating double digit growth, and continues to get stronger every day. This is demonstrated by the fact that Q1 same store sales experienced their fastest pace of growth in four quarters. At the same time, Canadian Cabana Club membership has exceeded 1.76 million, with ELITE memberships also growing at their fastest rate since the club's inception," said Raj Grover, Founder and Chief Executive Officer of High Tide.
"I also want to address the lower EBITDA number head on. This was due to a purposeful shift in our strategy to win market share in our ancillary business lines, which will provide long-term benefits by expanding our Cabana Club globally and diversifying our customer base. International opportunities in the medical cannabis space are very exciting and can contribute meaningfully to our bottom line acting as a hedge against short to medium-term volatility in our e-commerce platforms. We look forward to leveraging our
White Label Update (Queen of Bud)
The Company notes it has launched 29 Queen of Bud SKUs since acquiring the brand in March 2024, with more planned launches underway. Below is a breakdown of the current Queen of Bud inventory available in our store network.
Queen of Bud SKUs Available in Canna Cabana Stores
Products | SKUs |
Candles | 4 |
Lighters | 11 |
Pre-Rolls | 6 |
Water Pipes | 3 |
Grinders | 5 |
First Fiscal Quarter 2025 – Operational Highlights (November 1, 2024 – January 31, 2025):
- On November 13, 2024, the Company announced the closing of the final tranche of its previously disclosed
$15,000 - On December 31, 2024, the Company repaid the
$13,000 - The Company opened four new Canna Cabana locations in Ontario—Richmond,
Pembroke ,Scarborough and Hamilton—and one new Canna Cabana location inHinton, Alberta - The Company expanded the first of its kind innovative Cabana Club membership program across the entirety of
the United States (U.S. ) through cabanaclubusa.com, as well as the European Union (E.U.) and theUnited Kingdom (U.K. ) through cabanaclub.eu, with total Cabana Club membership now reaching over 5.66 million
Subsequent Events (February 1, 2025 - Present):
- The Company opened three new Canna Cabana locations in Ontario—located in
Hamilton ,Cambridge and Collingwood—bringing High Tide's Canna Cabana branded retail store count to 194 inCanada , and 79 in the province ofOntario . - The Company was recognized as a Top 50 company by the TSX Venture Exchange for the second consecutive year
- During ongoing due diligence, the Company paused its previously announced acquisition of Purecan GmbH in order to explore alternative arrangements to enter the German medical cannabis market
Selected financial information for the first quarter ended January 31, 2025:
(Expressed in thousands of Canadian Dollars)
Three months ended January 31 | ||||||
2025 | 2024 | Change | ||||
$ | $ | ∆ | ||||
Free cash flow(i) | (1,900) | 3,608 | (153) % | |||
Net cash provided by operating activities | 683 | 6,873 | (90) % | |||
Revenue | 142,461 | 128,068 | 11 % | |||
Gross profit | 35,440 | 35,994 | (2) % | |||
Gross profit margin(ii) | 25 % | 28 % | (3) % | |||
Total expenses | (35,373) | (33,202) | (7) % | |||
Total expenses as a % of revenue | 25 % | 26 % | 1 % | |||
Income from operations | 67 | 2,792 | (98) % | |||
Adjusted EBITDA(iii) | 7,089 | 10,435 | (32) % | |||
Adjusted EBITDA as a percentage of revenue(iv) | 5 % | 8 % | (3) % | |||
Net loss | (2,689) | (5) | ||||
Basic and diluted income (loss) per share | (0.03) | $— | ||||
(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:
2025 | 2024 | 2023 | ||||||
Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | |
Net (loss) Income | (2,689) | (4,802) | 825 | 171 | (5) | (31,805) | (3,717) | (1,568) |
Income/deferred tax recovery (expense) | 38 | (153) | 671 | (878) | (233) | (4,571) | 204 | (2,041) |
Accretion and interest | 2,101 | 2,308 | 1,681 | 1,712 | 1,743 | 1,632 | 1,931 | 1,759 |
Depreciation and amortization | 5,847 | 5,362 | 5,678 | 7,505 | 6,848 | 8,583 | 8,493 | 7,699 |
EBITDA(i) | 5,297 | 2,715 | 8,855 | 8,510 | 8,353 | (26,161) | 6,911 | 5,849 |
Foreign exchange (gain) loss | (13) | 5 | 19 | (5) | 5 | (152) | 31 | 2 |
Transaction and acquisition costs | 630 | 773 | 12 | 1,314 | 515 | 691 | 801 | 435 |
Loss (gain) revaluation of put option liability | - | (88) | (159) | (110) | (300) | 544 | 73 | (1,288) |
Other loss (gain) | - | 11 | (6) | 337 | - | 37 | 18 | - |
Loss (gain) on extinguishment of debenture | - | (885) | - | - | - | - | - | - |
Impairment loss | - | 4,964 | - | - | - | 34,265 | - | - |
Share-based compensation | 1,175 | 750 | 881 | 549 | 795 | (284) | 2,350 | 1,532 |
Loss (gain) on revaluation of marketable securities | - | - | 12 | - | 77 | (13) | - | (19) |
Loss (gain) on revaluation of debenture | - | - | - | (240) | 755 | (505) | - | - |
Loss (gain) on extinguishment of financial liability | - | - | - | (314) | 235 | (60) | - | 78 |
Adjusted EBITDA(i) | 7,089 | 8,245 | 9,614 | 10,041 | 10,435 | 8,362 | 10,184 | 6,589 |
(i) EBITDA and Adjusted EBITDA are non-IFRS financial measures. |
Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | ||||||
Cash flow from operating activities | 4,644 | 6,179 | 8,928 | 8,032 | 9,363 | |||||
Changes in non-cash working capital | (3,961) | 3,473 | (2,715) | 4,777 | (2,490) | |||||
Net cash provided by operating activities | 683 | 9,652 | 6,213 | 12,809 | 6,873 | |||||
Sustaining capex(i) | (361) | (533) | (279) | (528) | (511) | |||||
Lease liability payments | (2,222) | (3,211) | (2,842) | (2,898) | (2,754) | |||||
Free cash flow(ii) | (1,900) | 5,908 | 3,092 | 9,383 | 3,608 |
(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 second-largest cannabis retail brand globally with 194 current operating locations. The Company's objective remains to add another 20-30 locations during calendar 2025, while generating positive free cash flow, as was the case in the previous year. The Company reiterates its long-term goal to reach 300 locations across
The Company's Cabana Club loyalty program continues to expand at a rapid pace across
Following the successful launch of its innovative discount club model in its core business of bricks-and-mortar cannabis stores in
On January 13, 2025, the Company announced its intention to enter into the German medical cannabis market by acquiring a
As expressed by the Company previously, the quantum of free cash flow generated can vary significantly in any given quarter. In the first fiscal quarter, changes in non-cash working capital represented a use of cash of
The Company's balance sheet remains healthy with total debt of
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) tomorrow, Tuesday, March 18, 2025.
https://app.webinar.net/kyn7LBoVo3p
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 allows 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 is 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:
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™ 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.
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; 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 the ATM Program and any additional offering of securities of the Company; the aggregate amount of the total proceeds that the Company will receive pursuant to the ATM Program and/or 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; legislative changes occurring 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.
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