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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 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.
High Tide Inc. (HITI) announced a binding commitment letter with connectFirst Credit Union for a $19 million credit facility. This facility, with a 5-year initial term, is designed to support High Tide's organic growth, working capital, and potential M&A activities. The terms were renegotiated to provide immediate access to funds, with expectations for future growth in the facility size. High Tide anticipates closing this facility in early September 2022 and expects to meet all necessary financial covenants comfortably.
High Tide Inc. (Nasdaq: HITI) has successfully completed the acquisition of eight retail cannabis stores in British Columbia and Alberta for CAD$4.2 million. This acquisition is part of a larger strategy to expand its footprint in the cannabis market, pending regulatory approval for an additional store in Niagara, Ontario. The acquired stores generated an annualized revenue of CAD$10.2 million and an annualized Adjusted EBITDA of CAD$1.3 million for the three months ending April 30, 2022. The purchase price represents a multiple of 3.8x annualized Adjusted EBITDA.
High Tide Inc. (Nasdaq: HITI) has welcomed Health Canada's decision to consult on regulations allowing non-prescription cannabidiol (CBD) products. This initiative aims to improve consumer access to CBD health products in Canada, which has lagged behind countries like the U.K. and Australia. CEO Raj Grover highlighted High Tide's extensive experience with popular CBD brands globally, positioning the company to capitalize on the anticipated regulatory changes. The firm operates multiple international subsidiaries, including Blessed CBD and FAB CBD, emphasizing its readiness to engage with Health Canada for a more accessible CBD market.
High Tide, a leading cannabis retailer, has regained control of three Kushbar retail stores in Alberta after breaching an agreement with Halo Collective. High Tide sold the stores for $5.7 million, of which $3.9 million has been received. The stores are projected to generate an annual revenue of $3.25 million as of June 2022. High Tide plans to transition these stores into its Canna Cabana brand, enhancing operations through their discount club model. In addition, the company is set to issue 500,000 common shares to employees of Smoke Cartel as part of a $2 million earn-out agreement.
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