High Tide Reports Second Quarter 2026 Financial Results Featuring Record Revenue of $179.3MM, and Adjusted EBITDA of $13.9MM
Rhea-AI Summary
High Tide (Nasdaq:HITI) reported record Q2 2026 revenue of $179.3 million, up 30% year over year, marking a fourth straight quarterly high. Gross profit was $48.4 million with an improved 27% gross margin. Adjusted EBITDA reached a record $13.9 million, up 73%.
The company generated $1.5 million in free cash flow and achieved positive net income versus prior losses. German subsidiary Remexian delivered record $31.6 million revenue with 27% margin, while Canna Cabana loyalty membership grew 39% to 2.65 million. High Tide also secured $40 million in senior secured credit facilities from Bank of Montreal.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Positive
- Revenue $179.3M in Q2 2026, up 30% year over year
- Adjusted EBITDA $13.9M, up 73% year over year and 21% sequentially
- Gross profit $48.4M; consolidated gross margin improved to 27%
- Income from operations $6.1M, up 554% year over year
- Free cash flow $1.5M in Q2; $13.4M over past four quarters
- Remexian revenue $31.6M with 27% gross margin and >14% German share
- Cabana Club membership 2.65M, up 39%; ELITE members 178,000, up 84%
- $40M senior secured credit facilities approved by Bank of Montreal
Negative
- Free cash flow down 70% year over year to $1.5M in Q2 2026
- Net cash from operating activities down 46% year over year to $4.4M
- Operating expenses up 29% year over year to $35.3M
- Same-store sales down 1.2% year over year in Q2 2026
- Annualized retail sales per square foot down 5% year over year and 6% sequentially
- Cash and equivalents fell sequentially from $46.4M to $36.5M
News Market Reaction – HITI
On the day this news was published, HITI gained 12.00%, reflecting a significant positive market reaction. Argus tracked a peak move of +11.8% during that session. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $21M to the company's valuation, bringing the market cap to $197.77M at that time. Trading volume was elevated at 2.1x the daily average, suggesting notable buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Peers on Argus
HITI is down 0.86% with mixed peers: WGRX -0.85%, SCNX -3.84%, HKPD +1.47%, SSY +9.31%, PETS flat. Moves are not clearly sector-driven.
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 17 | Q1 2026 earnings | Positive | -1.6% | Record Q1 2026 revenue, gross profit, and $11.5M Adjusted EBITDA. |
| Jan 29 | Q4 2025 & FY results | Positive | -8.2% | Record Q4 revenue and Adjusted EBITDA with >$650M run-rate. |
| Sep 15 | Q3 2025 earnings | Positive | +0.8% | Record revenue and Adjusted EBITDA with positive free cash flow. |
| Jun 16 | Q2 2025 earnings | Positive | +1.4% | Q2 2025 revenue growth, free cash flow, and 12% market share. |
| Mar 17 | Q1 2025 earnings | Positive | -14.8% | Record Q1 2025 revenue with growing loyalty membership base. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have generally been strong fundamentally but often saw muted or negative price reactions, with only 2 of 5 recent earnings days trading higher.
Over the past five earnings cycles, High Tide has repeatedly delivered record revenue and rising Adjusted EBITDA, while expanding its Canna Cabana network and German medical cannabis footprint. Events on Mar 17, 2025, Jun 16, 2025, Jan 29, 2026, and Mar 17, 2026 all highlighted new highs in revenue or EBITDA and loyalty growth, yet price reactions were often modest or negative, setting context for today’s strong Q2 2026 print.
Historical Comparison
In the last five earnings releases, HITI’s average next-day move was -4.5% despite consistently reporting record revenue and rising Adjusted EBITDA.
Earnings releases show a steady progression of record quarterly revenue and Adjusted EBITDA, growing Cabana Club membership, and increasing contribution from the German Remexian medical cannabis business.
Regulatory & Risk Context
Key Terms
adjusted EBITDA financial
free cash flow financial
gross margin financial
derivative liability financial
non-IFRS financial measure financial
EBITDA financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
The Company Also Reports Positive Free Cash Flow and Net Income
The Company's German Medical Cannabis Subsidiary, Remexian Pharma GmbH (Remexian) Generated Record Revenue of
- The Company Has Secured Credit Approval with Bank of Montreal for
$40M M of Senior Secured Credit Facilities to Fuel Further Non-Dilutive Growth - Canadian Cabana Club Membership Now Exceeds 2.65 Million, Up
39% Compared to the Previous Year - ELITE Members in
Canada Have Surpassed 178,000, Up84% Compared to the Previous Year - High Tide Remains the Highest Revenue Generating Cannabis Company Reporting in Canadian Dollars,1 and Continues to Hold a Leading
12% Share of the Cannabis Retail Market Across the Five Provinces in Which the Company Has a Presence2
"Our second quarter results highlight the strength of High Tide's diversified growth strategy and our ability to execute at a high level across multiple geographies. Through the continued integration of Remexian, we have expanded our supply chain capabilities, eliminated unnecessary intermediaries, and are procuring biomass at materially lower costs than Remexian could on its own, enabling us to achieve key operational and financial objectives approximately 90 days ahead of our internal expectations," said Raj Grover, Founder and Chief Executive Officer of High Tide.
"Meanwhile, our core Canadian bricks-and-mortar business continues to outperform the broader cannabis retail sector across virtually every meaningful metric. This has resulted in High Tide reporting significantly higher income from operations, sustained positive free cash flow, and net income. As we look ahead, although we are already the leaders in both
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1 Based on public company reporting |
2 Based on publicly available store count data for February 2026 and March 2026 in the five Canadian provinces where Canna Cabana operates and as per publicly available data from Statistics Canada and provincial regulators |
Second Fiscal Quarter 2026 – Financial Highlights:
- Revenue was a record
$179.3 million $137.8 million 30% compared to last year, representing the fastest growth rate in 11 quarters. Revenue was up1% sequentially during the three months ended April 30, 2026. Despite the quarter being seasonally slowest and having three fewer days, this was the fourth consecutive quarter marking a new all-time high in revenue.
- Gross profit was a record
$48.4 million 36% compared to the previous year and up9% sequentially.
- Gross margin was
27% for the three months ended April 30, 2026, which was up from26% a year ago, and up 200 basis points compared to25% sequentially. The second fiscal quarter of 2026 marked an eight-quarter high in consolidated gross margin. The margins in the Company's medical cannabis distribution segment were27% in the second fiscal quarter, which was more than double the first fiscal quarter's level of12% .
- Adjusted EBITDA was yet another record of
$13.9 million 73% compared to last year, marking the fastest growth rate in nine quarters, and up21% sequentially despite there being three fewer days in the quarter.
- The Company generated
$1.5 million $4.9 million $2.9 million $8.8 million $13.4 million
- General and administration expenses represented
4.0% of revenue in the three months ended April 30, 2026, which improved from4.2% during the previous year, and4.1% sequentially, and was the lowest level in seven quarters.
- Salaries, wages, and benefits represented
11.9% of revenue in the three months ended April 30, 2026, which improved from12.7% during the previous year, and compared to11.8% sequentially.
- Income from operations was a record
$6.1 million 554% compared to last year, and up157% sequentially.
- During the second fiscal quarter, the Company generated positive net income, which represented significant improvements from a net loss of
$2.8 million $0.4 million $0.6 million $(2.9) million $(2.1) million
- During the second fiscal quarter, adjusted for changes in non-cash derivative liability, earnings per fully diluted share were
$0.01 $(0.04) $(0.02)
- Cash and cash equivalents, including restricted cash, as at April 30, 2026 totaled
$36.5 million $34.7 million $46.4 million
Second Fiscal Quarter 2026 – Retail Highlights:
- Canadian Cabana Club membership has surpassed 2.65 million, an increase of
39% compared to last year, and3% sequentially. In the last twelve months, the Cabana Club added 750,00 new members. Cabana Club remains the largest cannabis loyalty program globally. The Company has also exceeded 178,000 ELITE members inCanada , an increase of84% from the previous year and10% sequentially.
- The average Canna Cabana store generated 1.9x revenue versus peers.3
- Same-store sales were (
1.2% ) compared to last year in the second fiscal quarter of 2026. Based on public filings and the intelligence the Company has gathered, it believes that it nevertheless outperformed its publicly traded and privately held peers. Since the launch of its discount club model in October 2021, same store sales at Canna Cabana are up161% while the average operator has experienced a7% decline in sales.4
- Canna Cabana maintained a
12% market share, consistent with the previous year.5 Excluding British Columbia, where all cannabis retailers are capped at eight stores, Canna Cabana's market share was14% , up from13% in the previous year.
- For the 12 months ended March 2026, total industry sales in the five provinces where the Company operates were up
3% year over year. In contrast, total Canna Cabana sales were up13% during this period.
- Canna Cabana had a shrink rate of
0.2% during the three months ended April 30, 2026. This marked an improvement from0.3% during each of the three months ended January 31, 2026, and April 30, 2025.
- Excluding stores open less than six months which are still ramping up, annualized retail sales per square foot were
$1,620 5% lower compared to the previous year and6% sequentially, largely due to the three fewer days in the quarter. This was higher than many best-in-class international retailers.
___________________________________ |
3 For the month of March 2026, 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 February 2026 and March 2026, 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 |
Second Fiscal Quarter 2026 – Operational Highlights (February 1, 2025 – April 30, 2026):
- The Company opened three new Canna Cabana locations in Ontario—Scarborough,
Sarnia and Caledonia—bringing the total Canna Cabana store count to 221 locations acrossCanada .
- The Company announced the appointment of Kathleen Skerrett and Menashe Kestenbaum as directors of the Company, and the appointment of David Wallach and Filip Ernest as members of the Company's Advisory Board.
- The Company's wholly owned
U.S . hemp-derived CBD subsidiary, NuLeaf Naturals, announced its intention to pursue participation in theU.S . Centers for Medicare & Medicaid Services Innovation Center's Beneficiary Engagement Incentive pilot program as a supplier of eligible hemp-derived CBD products, and began engaging with participating organizations.
Subsequent Events (May 1, 2026 - Present):
- The Company opened new Canna Cabana locations in
Toronto andWelland , and announced a new location inCalgary alongside a definitive agreement to acquire four stores inOntario , which will bring the total Canna Cabana store count to 228 locations acrossCanada .
- The Company secured credit approval from Bank of Montreal for
$40M M of credit facilities as its new senior lender.
- Certain officers, directors, and consultants, led by the Company's President and Chief Executive Officer, in the aggregate, acquired 90,882 common shares in the capital of High Tide on the open market between May 6, 2026, and May 8, 2026, at an average price of
$3.39
Second Fiscal Quarter 2026 – Medical Cannabis Update
- During the second fiscal quarter of 2026, Remexian distributed a record 7.6 tonnes of medical cannabis into the German market, marking the highest quarterly distribution volume in the company's history. Volumes increased
49% compared to the previous year and21% sequentially.
- The segment generated record revenue of
$31.6 million $25.0 million
- During the second fiscal quarter of 2026, Remexian generated gross margin of
27% , more than doubling the12% Remexian generated during the first fiscal quarter of 2026.
- Remexian's market share of tonnage distributed in
Germany now exceeds14% for the three months ended March 2026, building on its upward trajectory from6.5% for the three months ended September 2025 and10.3% for the three months ended December 2025.6
___________________________________ |
6 Market share estimate based on total BfArM import data |
Note that Q4 2025 revenue and gross margin include two months of contribution from Remexian.
Selected financial information for the Three Months Ended April 30, 2026:
(Expressed in thousands of Canadian Dollars)
Three months ended April 30, | Six months ended April 30, | ||||||||||
2026 | 2025 | Change | 2026 | 2025 | Change | ||||||
$ | $ | ∆ | $ | $ | ∆ | ||||||
Free cash flow(i) | 1,482 | 4,896 | (70) % | 4,421 | 2,996 | 48 % | |||||
Net cash provided by operating activities | 4,433 | 8,255 | (46) % | 10,293 | 8,938 | 15 % | |||||
Revenue | 179,296 | 137,804 | 30 % | 357,625 | 280,265 | 28 % | |||||
Gross profit | 48,391 | 35,471 | 36 % | 92,800 | 70,911 | 31 % | |||||
Gross profit margin(ii) | 27 % | 26 % | 1 % | 26 % | 25 % | 1 % | |||||
Adjusted gross margin(iii) | 27 % | 26 % | 1 % | 26 % | 25 % | 1 % | |||||
Operating expense(iv) | (35,267) | (27,409) | 29 % | (68,909) | (55,760) | 24 % | |||||
Operating expense as a % of revenue(v) | 20 % | 20 % | — % | 19 % | 20 % | (1) % | |||||
Total expenses | (42,294) | (34,539) | 22 % | (84,332) | (69,912) | 21 % | |||||
Income from operations | 6,097 | 932 | 554 % | 8,468 | 999 | 748 % | |||||
Adjusted EBITDA(vi) | 13,916 | 8,062 | 73 % | 25,373 | 15,151 | 67 % | |||||
Adjusted EBITDA as a percentage of revenue(vii) | 8 % | 6 % | 2 % | 7 % | 5 % | 2 % | |||||
Net income (loss) | 24 | (2,836) | — % | (328) | (5,525) | — % | |||||
Adjusted net income (loss) before fair value | 565 | (2,898) | — % | (1,516) | (5,706) | — % | |||||
Adjusted basic and diluted income (loss) per share(ix) | 0.01 | (0.04) | — % | (0.02) | (0.07) | — % | |||||
i. | Free cash flow is a non-IFRS financial measure prepared based on the calculation below. |
ii. | Gross margin is a non-IFRS financial measure. Gross margin is calculated by dividing gross profit by revenue. |
iii. | Adjusted gross margin is a non-IFRS financial measure. Adjusted gross margin is calculated by dividing adjusted gross profit by revenue. Adjusted gross profit is calculated by excluding the inventory fair value from gross profit. |
iv. | Operating expense is a non-IFRS measure and includes salaries, wages and benefits, general & administration, professional fees, advertising & promotion, and interest & bank charges. |
v. | Operating expense as a % of revenue is a non-IFRS financial measure. This metric is calculated as operating expense divided by revenue. |
vi. | Adjusted EBITDA is a non-IFRS financial measure. A reconciliation of the Adjusted EBITDA to Net income (loss) is found below. |
vii. | Adjusted EBITDA as a percentage of revenue is a non-IFRS financial measure. This metric is calculated as adjusted EBITDA divided by revenue. |
viii. | Adjusted net (loss) income before fair value change in derivative liability is a non-IFRS financial measure which is calculated by subtracting fair value change in derivative liability from net loss. |
ix. | Adjusted basic and diluted income (loss) per share is a non-IFRS financial measure and calculated as adjusted net income (loss) before fair value change in derivative liability divided by weighted average number of common shares. |
The reconciling items between net earnings, EBITDA, and Adjusted EBITDA are as follows:
2026 | 2025 | 2024 | ||||||
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | |
Net (loss) Income | 24 | (352) | (46,711) | 832 | (2,836) | (2,689) | (4,802) | 825 |
Income/deferred tax recovery (expense) | 295 | 40 | (178) | 69 | 46 | 38 | (153) | 671 |
Accretion and interest | 3,151 | 3,155 | 1,213 | 1,795 | 1,950 | 2,101 | 2,308 | 1,681 |
Depreciation and amortization | 6,146 | 8,026 | 6,503 | 6,080 | 5,880 | 5,847 | 5,362 | 5,678 |
EBITDA(i) | 9,616 | 10,869 | (39,173) | 8,776 | 5,040 | 5,297 | 2,715 | 8,855 |
Inventory fair value | 792 | 690 | 865 | — | — | — | — | — |
Foreign exchange (gain) loss | (212) | (144) | 333 | 120 | 114 | (13) | 5 | 19 |
Transaction and acquisition costs | 2,077 | 2,958 | 2,682 | 881 | 1,616 | 630 | 773 | 12 |
Other (gain) loss | — | — | (41) | (1) | 42 | — | (874) | 6 |
Impairment loss | — | — | 23,564 | — | — | — | 4,964 | — |
Share-based compensation | 881 | 370 | 668 | 824 | 1,250 | 1,175 | 750 | 881 |
Loss (gain) on fair value change in derivative liability | 762 | (3,286) | 23,516 | 43 | — | — | (88) | (159) |
Adjusted EBITDA(i) | 13,916 | 11,457 | 12,414 | 10,643 | 8,062 | 7,089 | 8,245 | 9,614 |
Adjusted EBITDA margin(ii) | 8 % | 6 % | 8 % | 7 % | 6 % | 5 % | 6 % | 7 % |
Adjusted EBITDA - trailing twelve months | 48,430 | 42,576 | 38,208 | 34,039 | 33,010 | 34,989 | 38,335 | 38,452 |
i. | EBITDA and Adjusted EBITDA are non-IFRS financial measures. |
ii. | Adjusted EBITDA margin is a non-IFRS financial measure. This metric is calculated as Adjusted EBITDA divided by revenue. |
2026 | 2025 | 2024 | ||||||
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | |
Cash flow from operating activities | 8,752 | 5,486 | 6,599 | 8,231 | 4,686 | 4,644 | 6,179 | 8,928 |
Changes in non-cash working capital | (4,319) | 374 | (2,321) | 2,419 | 3,569 | (3,961) | 3,473 | (2,715) |
Net cash provided by operating activities | 4,433 | 5,860 | 4,278 | 10,650 | 8,255 | 683 | 9,652 | 6,213 |
Sustaining capex(i) | (289) | (286) | (345) | (460) | (692) | (361) | (533) | (279) |
Lease liability payments | (2,662) | (2,635) | (2,610) | (2,508) | (2,667) | (2,222) | (3,211) | (2,842) |
Free cash flow(ii) | 1,482 | 2,939 | 1,323 | 7,682 | 4,896 | (1,900) | 5,908 | 3,092 |
Free cash flow - trailing twelve months | 13,426 | 16,840 | 12,001 | 16,586 | 11,996 | 16,483 | 21,991 | 21,770 |
i. | Sustaining capex is a non-IFRS measure. |
ii. | Free cash flow is a non-IFRS measure. |
OUTLOOK
Bricks-and-Mortar Retail
High Tide's wholly owned subsidiary, Canna Cabana, is the largest cannabis retail chain in
White Label Initiatives
The Company continues to expand its white label cannabis product portfolio under its flagship Queen of Bud and Cabana Cannabis Co. brands, reaching 41 SKUs across the Canna Cabana store network as at the end of the second fiscal quarter. The Company is also developing several new offerings to further grow its white label portfolio. Currently, white label cannabis SKUs represent approximately
Cabana Club & ELITE
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
Remexian continued to gain share of the German medical cannabis market during the second fiscal quarter of 2026, reaching
The Company's conviction in the long-term opportunity for its
Federal reform in the
The Company continues to engage with multiple counter parties in the
ATM PROGRAM QUARTERLY UPDATE
The Company has not issued equity via an ATM Program for the last five fiscal quarters.
During the six months ended April 30, 2025, the Company issued an aggregate of 11,600 Common Shares over the Nasdaq or TSXV, for aggregate gross proceeds of
On August 11, 2025, the Company filed a final short form base shelf prospectus in all Canadian provinces and territories and a corresponding shelf registration statement with the
As at the date the financial statements were authorized for issue, no securities had been issued under the shelf and no at-the-market distribution agreement or prospectus supplement had been entered into.
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, June 16, 2026.
https://app.webinar.net/49ONKGgKpM6
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 (
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 Canada with 228 domestic locations and 1 international location. The Company's Canadian bricks-and-mortar operations span British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario, holding a growing
Medical Cannabis Distribution: Remexian Pharma GmbH is a leading German pharmaceutical company, with a
High Tide consistently moves ahead of the currents, having been named one of Canada's Top Growing Companies by the Globe and Mail's Report on Business in 2025 for the fifth consecutive year and was recognized as a top 50 company by the TSX Venture Exchange (the "TSXV") in 2022, 2024 and 2025. High Tide was also ranked number one in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023. To discover the full impact of High Tide, visit www.hightideinc.com. For investment performance, don't miss the High Tide profile pages on SEDAR+ and EDGAR.
Neither the TSXV 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 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 any future offering; the anticipated effects of 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 350 stores nationwide, 1 million ELITE members, and 3 million Cabana Club members in Canada, and to convert
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.