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High Tide Inc. (HITI) operates as a vertically-integrated company in the Canadian cannabis market, focusing on the design, manufacture, and distribution of cannabis accessories and alternative lifestyle products. High Tide also engages in the retailing of cannabis products through its extensive network of retail stores and online platforms.
Founded in 2009 and headquartered in Calgary, Canada, High Tide initially went by the name High Tide Ventures Inc. before rebranding to High Tide Inc. in October 2018. The company has made significant strides in the industry, particularly with its Canna Cabana retail cannabis stores. As of May 2024, High Tide operates 172 Canna Cabana locations, making it the largest non-franchised cannabis retail chain in Canada.
The company's business is divided into two main segments: retail and wholesale. On the retail front, High Tide's Canna Cabana locations offer a unique cannabis discount club model. This model was first introduced in North America in 2021 and has since become a significant revenue driver. The company's retail innovation also extends to its Fastendr™ technology, which integrates retail kiosks and smart lockers to enhance the customer shopping experience.
High Tide's e-commerce operations are equally robust, with a suite of leading accessory sites like Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com. These platforms have seen substantial growth, especially during significant cannabis events like '4/20'.
In the wholesale segment, High Tide supplies the cannabis category through Valiant™, ensuring that retail stores and e-commerce platforms are well-stocked with high-quality products. The company also engages in licensing through Famous Brandz™, continually pushing the boundaries of cannabis culture with innovative products and strategic partnerships.
High Tide has earned numerous accolades, including being named one of Canada’s Top Growing Companies by the Globe and Mail's Report on Business Magazine for three consecutive years (2021-2023). The company was also listed as one of the top 10 performing diversified industries stocks in the 2022 and 2024 TSX Venture 50.
Recently, High Tide has been active in expanding its market reach and influence. The company welcomed the start of cannabis legalization in Germany and signed a non-binding letter of intent with the Berlin-based Sanity Group to leverage synergies in the German market. Additionally, High Tide continues to make strategic moves in the U.S. market, especially with the potential reclassification of cannabis to a Schedule III substance, which could open new avenues for business growth.
For the latest updates, High Tide has announced its upcoming participation in key industry events like the International Cannabis Business Conference in Berlin and the Benzinga Cannabis Capital Conference in Hollywood, Florida. The company will also release its financial and operational results for the quarter ended April 30, 2024, on June 13, 2024, followed by a webcast to discuss these results.
For more information, visit www.hightideinc.com, and for investment performance, check out the High Tide profile pages on SEDAR+ and EDGAR.
High Tide has signed a letter of intent with Sanity Group to capitalize on potential cannabis legalization in Germany. The company reported a staggering 97% revenue increase to $356.9 million for the fiscal year ending October 31, 2022, and achieved an adjusted EBITDA of $14.6 million, marking the 11th consecutive quarter of positive adjusted EBITDA. High Tide also generated a remarkable 50% same-store sales growth year-over-year in Q4 2022, alongside a gross profit increase of 58%. However, it incurred a non-cash impairment charge of $48.6 million primarily linked to CBD market slowdowns.
High Tide Inc. (Nasdaq: HITI) announced it will release its financial and operational results for Q4 and the fiscal year ended October 31, 2022, on January 30, 2023. A webcast discussing these results will be held on January 31 at 11:30 AM ET. The Company appointed Omar Yar Khan as Chief Communications and Public Affairs Officer, effective immediately. Additionally, High Tide granted 25,000 incentive stock options to an employee, exercisable at the closing price prior to the announcement, with a three-year expiration. High Tide operates the largest non-franchised cannabis retail chain in Canada.
High Tide Inc. (NASDAQ: HITI) has opened its first Canna Cabana store in
High Tide Inc. (HITI) reported exceptional growth in 2022, becoming Canada’s top revenue-generating cannabis company, achieving CAD$248.6 million in revenue for the nine months ending July 31, 2022, up from CAD$127.3 million in 2021. The company opened its 150th Canna Cabana location in Etobicoke, Ontario, marking significant expansion. High Tide’s Cabana Club loyalty program now boasts over 900,000 members. The company also secured a CAD$19 million credit facility and entered the U.S. cannabis seed market, signifying a robust strategy for future growth.
High Tide Inc. (HITI) has completed its acquisition of 100% of Jimmy’s Cannabis Shop BC for
High Tide has successfully completed the acquisition of Jimmy's Cannabis Shop BC for $5.3 million, enhancing its retail presence in British Columbia. This acquisition includes two cannabis retail stores, significantly increasing High Tide's total store count to 149 locations across Canada. For the trailing four months ending May 31, 2022, the acquired stores generated an annualized revenue of $5.4 million and an annualized Adjusted EBITDA of $1.0 million. This transaction is valued at 5.25x the annualized Adjusted EBITDA.
High Tide has expanded its retail footprint with the opening of two new Canna Cabana stores in North York and Winnipeg, increasing its total locations to 147 across Canada. The North York store is strategically located near major retailers and York University, while the Winnipeg store is situated in a busy shopping mall. High Tide's retail approach emphasizes high-traffic locations, with per-store sales in Ontario exceeding the provincial average. The company is on track to reach its goal of 150 stores by the end of 2022.
High Tide Inc. (Nasdaq: HITI) announced the opening of its 145th Canna Cabana cannabis retail location in Stittsville, Ontario, marking its 47th store in the province. This new store, situated in a suburban area with a strong technology and public service workforce, is aimed at expanding High Tide's market presence. The CEO, Raj Grover, emphasized the company's commitment to rapid expansion in successful markets, particularly in Ottawa, where existing stores have exceeded performance expectations. High Tide continues to innovate within the cannabis retail space, reflecting a robust growth strategy.
High Tide has opened two new Canna Cabana retail stores in Ontario, increasing its total store count in the province to 46. The Kitchener store at 235 Ira Needles Blvd is now operational, while the Barrie store at 201 Cundles Road E is set to open shortly. These stores are part of High Tide's strategy to expand its presence across Canada, with a goal of reaching 150 stores by the end of 2022. This expansion highlights High Tide's focus on the growing cannabis market, particularly in regions with strong demographics for cannabis consumption.
High Tide Inc. (HITI) has initiated the sale of cannabis seeds in the United States through its subsidiaries, Grasscity and Smoke Cartel. This move follows a recent ruling by the American DEA classifying cannabis seeds as hemp, allowing for legal sales. The cannabis seeds market is projected to grow from USD 1.3 billion in 2021 to USD 6.5 billion by 2031, with a CAGR of 18.4%. High Tide aims to leverage its strong e-commerce platforms, which have generated substantial traffic, to enhance its market presence and gross margins. Additionally, the Company granted 106,635 restricted share units to directors.
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