High Tide Reports Fourth Quarter and 2024 Year End Financial Results
High Tide Inc reported record annual revenue of $522.3 million for fiscal year 2024, a 7% increase from the previous year. The company achieved its sixth consecutive quarter of positive free cash flow at $5.9 million, with trailing free cash flow totaling $22.0 million.
The company's Cabana Club loyalty program reached 5.32 million members worldwide, including over 76,000 ELITE members. In Canada alone, membership grew 34% year-over-year to 1.72 million members. High Tide maintained an 11% market share across its operating provinces while representing only 5% of total cannabis retail stores.
Q4 2024 highlights include revenue of $138.3 million (up 9% YoY), gross profit of $35.8 million (up 8% YoY), and a net loss of $4.8 million. The company plans to add 20-30 new locations during calendar 2025 while maintaining positive free cash flow.
High Tide Inc ha riportato un fatturato annuale record di 522,3 milioni di dollari per l'anno fiscale 2024, con un aumento del 7% rispetto all'anno precedente. L'azienda ha raggiunto il sesto trimestre consecutivo di flusso di cassa libero positivo di 5,9 milioni di dollari, con un flusso di cassa libero totale di 22,0 milioni di dollari.
Il programma di fedeltà Cabana Club dell'azienda ha raggiunto 5,32 milioni di membri in tutto il mondo, inclusi oltre 76.000 membri ELITE. Solo in Canada, l'iscrizione è cresciuta del 34% anno su anno, arrivando a 1,72 milioni di membri. High Tide ha mantenuto una quota di mercato dell'11% nelle province in cui opera, rappresentando solo il 5% dei negozi al dettaglio di cannabis totali.
I punti salienti del Q4 2024 includono un fatturato di 138,3 milioni di dollari (in aumento del 9% rispetto all'anno precedente), un profitto lordo di 35,8 milioni di dollari (in aumento dell'8% rispetto all'anno precedente) e una perdita netta di 4,8 milioni di dollari. L'azienda prevede di aprire 20-30 nuove sedi durante il calendario 2025, mantenendo al contempo un flusso di cassa libero positivo.
High Tide Inc reportó ingresos anuales récord de 522.3 millones de dólares para el año fiscal 2024, un aumento del 7% respecto al año anterior. La compañía logró su sexto trimestre consecutivo de flujo de caja libre positivo de 5.9 millones de dólares, con un flujo de caja libre total de 22.0 millones de dólares.
El programa de lealtad Cabana Club de la empresa alcanzó 5.32 millones de miembros en todo el mundo, incluidos más de 76,000 miembros ELITE. Solo en Canadá, la membresía creció un 34% año tras año, alcanzando 1.72 millones de miembros. High Tide mantuvo una participación de mercado del 11% en sus provincias operativas, representando solo el 5% de las tiendas de cannabis minoristas totales.
Los aspectos destacados del Q4 2024 incluyen ingresos de 138.3 millones de dólares (un aumento del 9% interanual), una ganancia bruta de 35.8 millones de dólares (un aumento del 8% interanual) y una pérdida neta de 4.8 millones de dólares. La empresa planea agregar de 20 a 30 nuevas ubicaciones durante el calendario 2025, manteniendo un flujo de caja libre positivo.
하이 타이드 주식회사는 2024 회계 연도에 5억 2천 2백 30만 달러의 연간 수익을 기록하여 전년 대비 7% 증가했습니다. 회사는 여섯 번째 연속 긍정적인 자유 현금 흐름 분기를 590만 달러로 달성했으며, 총 자유 현금 흐름은 2200만 달러에 달했습니다.
회사의 카바나 클럽 로열티 프로그램은 전 세계에서 532만 명의 회원을 확보했으며, 이 중 76,000명 이상의 ELITE 회원이 포함되어 있습니다. 캐나다에서는 회원 수가 전년 대비 34% 증가하여 172만 명에 도달했습니다. 하이 타이드는 운영 중인 주에서 11%의 시장 점유율을 유지하며, 총 대마초 소매점의 5%만 차지하고 있습니다.
2024년 4분기 주요 사항으로는 1억 3천 8백 30만 달러의 수익(전년 대비 9% 증가), 3580만 달러의 총 이익(전년 대비 8% 증가), 480만 달러의 순손실이 포함됩니다. 회사는 2025년 달력 연도 동안 20-30개의 새로운 매장을 추가할 계획이며, 긍정적인 자유 현금 흐름을 유지할 것입니다.
High Tide Inc a annoncé un chiffre d'affaires annuel record de 522,3 millions de dollars pour l'exercice 2024, soit une augmentation de 7 % par rapport à l'année précédente. L'entreprise a atteint son sixième trimestre consécutif de flux de trésorerie libre positif à 5,9 millions de dollars, avec un flux de trésorerie libre total de 22,0 millions de dollars.
Le programme de fidélité Cabana Club de l'entreprise a atteint 5,32 millions de membres dans le monde, y compris plus de 76 000 membres ELITE. Rien qu'au Canada, l'adhésion a augmenté de 34 % d'une année sur l'autre, atteignant 1,72 million de membres. High Tide a maintenu une part de marché de 11 % dans ses provinces d'exploitation tout en ne représentant que 5 % des magasins de cannabis au détail au total.
Les faits marquants du T4 2024 comprennent un chiffre d'affaires de 138,3 millions de dollars (en hausse de 9 % en glissement annuel), un bénéfice brut de 35,8 millions de dollars (en hausse de 8 % en glissement annuel) et une perte nette de 4,8 millions de dollars. L'entreprise prévoit d'ajouter 20 à 30 nouveaux sites au cours de l'année calendrier 2025, tout en maintenant un flux de trésorerie libre positif.
High Tide Inc berichtete von einem Rekordumsatz von 522,3 Millionen Dollar für das Geschäftsjahr 2024, was einem Anstieg von 7 % im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte sein sechstes aufeinanderfolgendes Quartal mit positivem Free Cash Flow in Höhe von 5,9 Millionen Dollar, wobei der kumulierte Free Cash Flow insgesamt 22,0 Millionen Dollar betrug.
Das Cabana Club Treueprogramm des Unternehmens erreichte weltweit 5,32 Millionen Mitglieder, darunter über 76.000 ELITE-Mitglieder. Allein in Kanada wuchs die Mitgliedschaft im Jahresvergleich um 34 % auf 1,72 Millionen Mitglieder. High Tide hielt einen Marktanteil von 11 % in den Betriebsprovinzen und machte nur 5 % der gesamten Einzelhandelsgeschäfte für Cannabis aus.
Die Highlights des Q4 2024 umfassen einen Umsatz von 138,3 Millionen Dollar (ein Anstieg von 9 % im Vergleich zum Vorjahr), einen Bruttogewinn von 35,8 Millionen Dollar (ein Anstieg von 8 % im Vergleich zum Vorjahr) und einen Nettoverlust von 4,8 Millionen Dollar. Das Unternehmen plant, im Kalenderjahr 2025 20-30 neue Standorte zu eröffnen und dabei den positiven Free Cash Flow aufrechtzuerhalten.
- Record annual revenue of $522.3 million, up 7% YoY
- Six consecutive quarters of positive free cash flow, totaling $22.0 million trailing
- Gross profit increased 9% to $142.5 million
- Strong loyalty program growth with 5.32 million members globally
- 11% market share across operating provinces with only 5% of store count
- Cash and cash equivalents reached record $47.3 million, up 57% YoY
- Net loss of $3.8 million for fiscal year 2024
- Q4 Adjusted EBITDA decreased 1% YoY and 14% sequentially
- Increased salary costs as percentage of revenue (12.5% vs 11.6% previous year)
- Q4 net loss of $4.8 million
Insights
High Tide's FY2024 results reveal a compelling growth story marked by strategic execution and operational excellence. The company achieved several noteworthy milestones:
- Record annual revenue of
$522.3M demonstrates strong market leadership, maintaining its position as Canada's highest-revenue cannabis retailer - Operational efficiency improvements reflected in general and administrative expenses decreasing to
4.2% of revenue from5.5% last year - Strong cash position of
$47.3M , up57% YoY, provides ample liquidity for expansion - Sustained positive free cash flow generation of
$22M trailing four quarters validates business model viability
The company's strategic positioning is particularly impressive with
The planned entry into Germany's medical cannabis market through Purecan acquisition represents a significant growth catalyst, leveraging existing relationships with Canadian producers while diversifying revenue streams into a high-margin medical market.
The improved balance sheet structure, with no major debt maturities until September 2027, positions the company well for continued organic growth through new store openings while maintaining positive free cash flow.
The Company Generates Record Annual Revenue of
The Company's Flagship Cabana Club Loyalty Program Has Now Reached 5.32 Million Members Worldwide Including Over 76,000 ELITE Members
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 Dollars for the Third Consecutive Year1, Delivers Quarterly Revenue of
$138.3 9% Year Over Year,5% Sequentially and Reaches an Annualized Revenue Run Rate Exceeding$550 Million - The Company Has Over 1.72 Million Members of the Cabana Club in
Canada , an Increase of Over34% Year Over Year and11% Sequentially. The Company Has Reached 73,000 ELITE Members inCanada , an Increase of161% Year Over Year and28% Sequentially - Same Store Sales in the Fourth Fiscal Quarter Increased By
0.4% Year Over Year and3% Sequentially. Over the Last Three Years, Same Store Sales at Canna Cabana are up130% , While the Average Operator in the Five Provinces Where the Company Operates has Experienced a5% Decline2 - The Company Generated
$5.9 Million $22.0 Million - During the Fourth Fiscal Quarter, Canna Cabana Held a
19% 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 During the Fourth Fiscal Quarter, Which is Consistent With the11% Market Share During the Third Fiscal Quarter as Per Revised Data From Statistics Canada. The Company Notes That It Only Represented5% of the Total Cannabis Retail Store Count in Those Provinces During the Fourth Fiscal Quarter3 - Annualized Retail Sales Per Square Foot Were
$1,699 2% Sequentially. This Was Higher Than Best-In-Class Retailers Like Wal-Mart, Target, and Canadian Tire4
2024 Fiscal Year and Fourth Fiscal Quarter – Financial Highlights:
- Revenue increased to
$522.3 million $487.7 million 7% . In the fourth fiscal quarter, revenue was a record$138.3 million 9% year over year and5% sequentially - Gross profit increased to
$142.5 million $131.3 million 9% . In the fourth fiscal quarter, gross profit was a record$35.8 million 8% year over year and1% sequentially - Gross profit margin was
27% for the year ended October 31, 2024, which was consistent with the previous year. Gross profit margin for the fourth fiscal quarter was26% , compared to26% year over year and27% sequentially - The Company generated a net loss of
$3.8 million $41.0 million $1.2 million $6.7 million $4.8 million $31.8 million $0.8 million $0.2 million $2.5 million - Adjusted EBITDA, was a record
$38.3 million $30.6 million $8.2 million 1% year over year and14% sequentially due to the initial ramp up period associated with new organic store openings which accelerated throughout 2024 - Adjusted EBITDA margin was
7% for the year, which increased from6% during the previous year. Adjusted EBITDA margin in the fourth fiscal quarter was6% , compared to7% year over year, and7% sequentially - Given the strong cost controls the Company has been implementing, general and administration expenses represented
4.2% of revenue in the year ended October 31, 2024, which improved from5.5% during the previous year. General and administration expenses in the fourth fiscal quarter represented4.2% of revenue, compared to5.3% year over year and3.7% sequentially - Salaries, wages, and benefits represented
12.5% of revenue in the year ended October 31, 2024, versus11.6% in the previous year, driven mainly by a large increase in organic store openings during the year, which have heightened staffing requirements to launch operations and ramp up to maturity. Salaries, wages and benefits represented12.4% of revenue during the fourth fiscal quarter, compared to11.6% year over year and12.7% sequentially - Cabanalytics Business Data and Insights platform, advertising revenue, and other revenue, which includes management fees, interest income, and rental income, was
$36.7 million $27.4 million $10.9 million 48% year over year and21% sequentially - Cash and cash equivalents in the year ended October 31, 2024 totaled
$47.3 million $30.1 million 57% from the same period last year and34% sequentially. Note that subsequent to the Company's fiscal year end, it paid down$13.0 million
"With the addition of 30 new stores and millions of new Cabana Club members joining our community, fiscal 2024 has been yet another exceptional year for High Tide's growth and momentum," said Raj Grover, Founder and Chief Executive Officer of High Tide. "I'm thrilled to announce that we delivered another record-breaking financial performance, generating
"On December 2nd, we marked the international debut of our Cabana Club membership program, expanding into exciting markets outside of
"We are strategically leveraging our robust retail ecosystem, complemented by our strong partnerships with licensed producers, to address the growing demand for medical cannabis in
Fourth Fiscal Quarter 2024 – Operational Highlights (August 1 - October 31):
- The Company announced the re-launch of the website of its flagship Canadian bricks-and-mortar retail brand, Canna Cabana, which represents more than 90 per cent of its revenue
- The Company opened four new Canna Cabana stores in
Ontario , including in the townships and cities ofLucan ,Toronto ,Scarborough , andKingston - The Company announced the launch of Queen of Bud branded white label products in
Alberta ,Saskatchewan ,Manitoba andOntario - Fastendr retail kiosks have been installed in over
95% of all Canna Cabana locations - The Company announced the closing of the initial tranche of its previously disclosed
$15 million
Subsequent Events (November 1, 2024 - Present):
- The Company announced the closing of the final tranche of its previously disclosed
$15 million - On December 30, 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, building on its existing international customer base of over 4 million - The Company announced its entrance into the fast growing German medical cannabis market by signing a definitive agreement to acquire
51% of Purecan GmbH ("Purecan")—a profitable, import-oriented pharmaceutical wholesaler based inFrankfurt that holds a license to import medical cannabis intoGermany and is preparing to launch a telemedicine portal for medical cannabis patients
Selected financial information for the fourth quarter ended October 31, 2024:
(Expressed in thousands of Canadian Dollars)
Three months ended October 31 | Audited Year Ended October 31 | |||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | |||||||
$ | $ | ∆ | $ | $ | ∆ | |||||||
Free cash flow(i) | 5,908 | 5,687 | 4 % | 21,991 | 6,940 | 217 % | ||||||
Cash from operating activities | 9,652 | 9,637 | — % | 35,546 | 20,661 | 72 % | ||||||
Revenue | 138,295 | 127,105 | 9 % | 522,306 | 487,669 | 7 % | ||||||
Gross profit | 35,755 | 32,984 | 8 % | 142,502 | 131,314 | 9 % | ||||||
Gross profit margin(ii) | 26 % | 26 % | — % | 27 % | 27 % | — % | ||||||
Total operating expenses | (38,586) | (67,188) | 43 % | (137,499) | (172,739) | 20 % | ||||||
(Loss) income from operations | (2,832) | (34,204) | 92 % | 5,003 | (41,425) | 112 % | ||||||
Adjusted EBITDA(iii) | 8,245 | 8,362 | (1) % | 38,335 | 30,636 | 25 % | ||||||
Adjusted EBITDA margin(iv) | 6 % | 7 % | (1) % | 7 % | 6 % | 1 % | ||||||
Net loss | (4,802) | (31,805) | 85 % | (3,811) | (40,952) | 91 % | ||||||
Basic and diluted income (loss) per share | (0.06) | (0.39) | 85 % | (0.05) | (0.53) | 90 % | ||||||
(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 margin - a non-IFRS financial measure. This metric is calculated as adjusted EBITDA divided by revenue. |
The following is a reconciliation of Adjusted EBITDA to Net Loss:
2024 | 2023 | |||||||
Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
Net Income (loss) | (4,802) | 825 | 171 | (5) | (31,805) | (3,717) | (1,568) | (3,862) |
Income/deferred tax (recovery) expense | (153) | 671 | (878) | (233) | (4,571) | 204 | (2,041) | (1,236) |
Accretion and interest | 2,308 | 1,681 | 1,712 | 1,743 | 1,632 | 1,931 | 1,759 | 1,814 |
Depreciation and amortization | 5,362 | 5,678 | 7,505 | 6,848 | 8,583 | 8,493 | 7,699 | 7,986 |
EBITDA | 2,715 | 8,855 | 8,510 | 8,353 | (26,161) | 6,911 | 5,849 | 4,702 |
Foreign exchange (gain) lose | 5 | 19 | (5) | 5 | (152) | 31 | 2 | (15) |
Finance and other costs | 773 | 12 | 1,314 | 515 | 691 | 801 | 435 | 664 |
(Gain) loss revaluation of put option liability | (88) | (159) | (110) | (300) | 544 | 73 | (1,288) | (1,261) |
Other loss (gain) | 11 | (6) | 337 | - | 37 | 18 | - | - |
Gain on extinguishment of put option | (885) | - | - | - | - | - | - | - |
Impairment loss | 4,964 | - | - | - | 34,265 | - | - | - |
Share-based compensation | 750 | 881 | 549 | 795 | (284) | 2,350 | 1,532 | 1,436 |
Loss (gain) on revaluation of marketable securities | - | 12 | - | 77 | (13) | - | (19) | (8) |
(Gain) loss on revaluation of debenture | - | - | (240) | 755 | (505) | - | - | - |
(Gain) loss on extinguishment of financial liability | - | - | (314) | 235 | (60) | - | 78 | (18) |
Adjusted EBITDA(i) | 8,245 | 9,614 | 10,041 | 10,435 | 8,362 | 10,184 | 6,589 | 5,500 |
(i) Adjusted EBITDA is a non-IFRS financial measure | |
Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | ||||||
Cash flow from operating activities | 6,179 | 8,928 | 8,032 | 9,363 | 7,207 | |||||
Changes in non-cash working capital | 3,473 | (2,715) | 4,777 | (2,490) | 2,430 | |||||
Net cash provided by operating activities | 9,652 | 6,213 | 12,809 | 6,873 | 9,637 | |||||
Sustaining capex(i) | (533) | (279) | (528) | (511) | (1,080) | |||||
Lease liability payments | (3,211) | (2,842) | (2,898) | (2,754) | (2,870) | |||||
Free cash flow(ii) | 5,908 | 3,092 | 9,383 | 3,608 | 5,687 |
(i) Sustaining capex is a non-IFRS measure, which is calculated by subtracting growth capex from total capex purchases. | |
(ii) Free cash flow is a non-IFRS measure |
OUTLOOK
Through its Canna Cabana brand, High Tide is the largest cannabis retailer in
The Company's Cabana Club loyalty program continues to expand at a rapid pace across
After seeing the success of the launch of its innovative discount club model in its core business of bricks-and-mortar cannabis stores in
Earlier this month, the Company announced its intention to enter into the fast growing German medical cannabis market by signing an agreement to acquire a
The Company also continues to monitor developments related to consumer research model projects in
The Company has been free cash flow positive over the past six quarters, having generated approximately
As a result of a series of transactions undertaken in 2024 to reduce its debt, the Company has entered calendar 2025 with a significantly improved balance sheet with no debt maturities until September 2027 which offers meaningful flexibility and positions the Company quite well to continue using cash generated from existing operations to fund future locations.
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, Thursday, January 30, 2025.
https://app.webinar.net/6v1PZkWZ3wJ
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 and is the second-largest cannabis retailer globally by store count5. 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.
CONTACT INFORMATION
Media Inquiries
Omar Khan
Chief Communications and Public Affairs Officer
High Tide Inc.
omar@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 remain free cash flow positive; free cash flow allowing the Company to finance its growth with internal cash flows; the Company achieving sustained growth while remaining free cash flow positive; 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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2 Based on publicly available data from Statistics Canada and provincial regulators | |
3 Based on publicly available store count data in the five Canadian provinces where Canna Cabana operates and as per revised publicly available data from Statistics Canada and provincial regulators | |
4 Data sourced from most recent public filings of the mentioned retailers | |
5 As reported by ATB Capital Markets based on store counts as of February 8, 2024 |
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SOURCE High Tide Inc.
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