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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, a prominent cannabis retailer, is acquiring 100% equity of Jimmy's Cannabis Shop BC for $5.3 Million. This acquisition adds two stores in British Columbia, increasing High Tide's footprint to five locations in the province. The stores generated annualized revenue of $5.4 Million and an Adjusted EBITDA of $1.0 Million for the trailing four months ended May 31, 2022. The purchase price reflects a multiple of 5.25x the annualized Adjusted EBITDA. This strategic move is aimed at enhancing High Tide's market presence and aligns with its growth strategy.
High Tide Inc. (Nasdaq: HITI) announced the successful closure of a $19 million senior secured credit facility with connectFirst Credit Union. This facility, with an initial 5-year term, allows High Tide to expand its operations and open more cannabis retail locations. With a current total of 140 Canna Cabana stores, the company aims to reach 150 by year-end and 200 by the end of 2023. The facility's terms include a low interest rate and financial covenants that High Tide forecasts it will meet comfortably.
High Tide reported a 98% increase in revenue to $95.4 million for the third quarter of 2022, compared to $48.1 million last year. Adjusted EBITDA rose 176% to $4.2 million, marking the tenth consecutive quarter of positive EBITDA. The Cabana Club loyalty program now has over 750,000 members, driving 90% of daily transactions. Despite a 54% increase in gross profit to $25.8 million, the gross margin declined to 27%. The company expects to reach 150 locations by year-end and aims for a revenue run rate exceeding $400 million.
High Tide reports strong third-quarter 2022 results, with revenue surging 98% year-over-year to $95.4 million and adjusted EBITDA increasing 176% to $4.2 million. Same-store sales rose by 46% year-over-year and 18% sequentially. The company aims for a revenue run rate exceeding $400 million and has the largest cannabis retail loyalty program in Canada, now over 750,000 members. Cash on hand as of July 31, 2022, was $18.3 million. The company expects continued growth, including the launch of its Cabana Elite membership and further acquisitions.
High Tide Inc. (NASDAQ: HITI) has successfully completed its acquisition of a retail cannabis location in Niagara Falls for CAD$1.1 Million, marking the closure of its acquisition of a total of nine stores from Choom. The acquisition was finalized through CCAA proceedings and was part of a strategic move to enhance High Tide's market presence. Collectively, the acquired locations are expected to generate annualized revenue of CAD$10.2 million and an Adjusted EBITDA of CAD$1.3 million. The deal was struck at a multiple of 3.8x annualized Adjusted EBITDA.
High Tide Inc. (NASDAQ: HITI) will release its financial results for the quarter ending July 31, 2022, after market close on September 14, 2022. Subsequently, a webcast will be held at 5:30 PM ET to discuss these results. The company reports its Cabana Club loyalty program has grown to over 700,000 members, a significant increase from 245,000 ten months prior, reflecting 185% growth. Additionally, Greg Fleury has left his position as Chief Technology Officer, with responsibilities shifting to Aman Sood, COO.
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