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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. (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.
High Tide Inc. (NASDAQ: HITI) announced the opening of its first Canna Cabana retail cannabis store in Fort St. John, British Columbia, on July 13, 2022. This marks the Company's 128th store in Canada and its entry into the British Columbia market. The store aims to leverage High Tide's successful discount club model, with plans for further expansion. Recent acquisitions in Vancouver will also enhance their presence in the province, aiming to reach the store cap of 8 locations. High Tide is the largest Canadian retailer of recreational cannabis by revenue.
High Tide has announced that its subsidiary, Blessed CBD, has launched sales of premium hemp-derived CBD products on Amazon UK, including gummies, capsules, and balms. This move broadens Blessed's reach and enhances the company's e-commerce presence. All products are available for next-day delivery via Amazon Prime. Blessed CBD was invited by Amazon to join the platform following compliance checks and Novel Foods Authorization from the UK's Food Standards Agency. Raj Grover, CEO, emphasized this as a growth opportunity for both Blessed and High Tide.
High Tide Inc. (Nasdaq: HITI) has announced a binding agreement to acquire nine cannabis retail stores from Choom Holdings Inc. for CAD$5.1 million. This acquisition includes two stores in Vancouver, six in Alberta, and one in Ontario, targeting expansion into British Columbia and strengthening its presence in Alberta. The stores generated annualized revenue of CAD$10.2 million and CAD$1.3 million in Adjusted EBITDA as of April 30, 2022. The transaction is subject to court and regulatory approvals and underscores High Tide's strategy of growth through acquisitions in the cannabis sector.
High Tide Inc. (NASDAQ: HITI) has opened its 127th Canna Cabana retail cannabis store in Sherwood Park, Alberta, marking its first location in the area. This store offers recreational cannabis products and consumption accessories, catering to over 70,000 residents. High Tide's growth strategy focuses on expanding in underrepresented markets while maintaining a strong presence in Alberta, Canada’s second-largest cannabis market. The company highlights its success in nearby Edmonton and plans to extend further into British Columbia and Ontario.
High Tide Inc. (HITI) has secured CAD$5 million in short-term debt financing from an arm's length lender, reflecting its strategy to fuel growth amid delayed credit facilities. The company issued a non-convertible subordinated secured debenture with a maturity date of June 21, 2023, bearing a 10% annual interest rate. Proceeds will support growth initiatives and corporate operations as High Tide aims to expand its cannabis retail footprint to 150 locations by year-end. The financing is pending TSXV approval.
High Tide has announced that its Canna Cabana retail stores in Ontario will launch a series of Cabana Cannabis Co. branded products this fall, following approvals from the Ontario Cannabis Store. This includes offerings like shatter, THC gummies, pre-rolls, and full-spectrum multicannabinoid tinctures. The company plans to leverage consumer insights from Cabanalytics to enhance its product lineup, aiming for 20-30% of total sales from these new products. With 126 locations across Canada, High Tide is positioned as a leading retail-focused cannabis company.
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