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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) reported significant growth in its second fiscal quarter of 2022, with revenues of $81.0 million, a 98% increase year-over-year. Gross profit surged 51% to $22.7 million, though gross profit margin dropped to 28%. The company achieved an Adjusted EBITDA of $2.4 million, despite facing rising operational costs. Same-store sales rose 23% sequentially, driven by the successful discount club model. High Tide aims to expand to 150 stores by year-end and increase its market share across Canada and internationally.
High Tide has launched its first Cabana Cannabis Co. branded shatter and THC gummies in Saskatchewan, produced via white label partnerships with Heritage Cannabis Holdings and Loosh Brands. The initial offerings include Pink Hawaiian shatter and two flavors of THC gummies. Retail sales for Cabana Cannabis Co. pre-rolls are expected to begin in Saskatchewan next week. High Tide aims to expand its product line into Manitoba and Ontario soon, forecasting that white label sales will represent 20-30% of total sales in the long term.
High Tide has opened its 126th retail cannabis store in Saskatoon, Saskatchewan, marking its first location in the city. This is the company's 10th store in Saskatchewan, responding to a growing market with over 266,000 residents. High Tide's CEO emphasized the expansion aligns with their organic growth strategy and plans to introduce Cabana Cannabis Co. products in the province soon. The Saskatchewan government's favorable regulatory environment supports High Tide's business development, with further store openings anticipated throughout 2022 and into 2023.
High Tide Inc. (Nasdaq: HITI) has opened its 125th retail cannabis store in Blackfalds, Alberta, marking a significant milestone. This new store, located in a community of over 10,000 residents, is the company's 65th in Ontario. High Tide has experienced strong revenue growth through its retail operations, particularly with its discount club model. Additionally, the company has now surpassed 250 child sponsorships through World Vision, reflecting its commitment to corporate social responsibility.
High Tide Inc. (HITI), a prominent retail-focused cannabis company, announced the results of its annual general and special meeting held on June 2, 2022. All five nominees proposed for the board of directors were successfully elected, with votes for ranging from 75.28% to 75.80%. Shareholders also approved fixing the board size at five, reappointing Ernst & Young LLP as auditors, adopting a 20% equity incentive omnibus plan, and approved a bonus share payment to employees. Additionally, the company granted 256,000 stock options to employees under the new plan.
High Tide Inc. (Nasdaq: HITI) announced that its President and CEO, Raj Grover, was awarded the Cannabis Person of the Year at the O'CannaBiz Industry Awards Gala held on June 1, 2022, in Toronto. This recognition acknowledges Grover's significant contributions to the cannabis industry. High Tide also received seven nominations, including for Best Retail Chain and Best Innovative Technology. The company is recognized as Canada's largest non-franchised cannabis retailer with 124 locations across several provinces and a strong e-commerce presence.
High Tide has completed its acquisition of Bud Heaven, a cannabis retailer, for CAD$2.8 Million. The acquisition includes two stores located in Bracebridge, Ontario, which have an annualized revenue of CAD$4.7 Million and an annualized Adjusted EBITDA of CAD$0.8 Million. This purchase price represents 3.5x annualized Adjusted EBITDA as of October 31, 2021. The deal involves issuing 564,092 common shares and a CAD$1 Million cash payment, subject to post-closing adjustments. High Tide aims to expand its cannabis retail presence through this strategic acquisition.
High Tide Inc. (NASDAQ: HITI) announced the launch of the Wellness Club subscription program by its subsidiary, Blessed CBD, in the U.K.. This program offers customizable CBD orders with discounts of 20% for the first purchase and 25% thereafter. It aims to enhance customer loyalty and secure predictable revenue streams. Additionally, NuLeaf Naturals, another subsidiary, has revamped its Subscribe-and-Save program, offering similar customization and lifetime discounts in the U.S.. These initiatives align with High Tide's strategy to grow its customer base and enhance revenues through innovative subscription services.
High Tide Inc. (Nasdaq: HITI) reported that its Cabana Club loyalty program has exceeded 515,000 members, marking a 110% increase since launch. The company opened its 121st retail cannabis store in Kitchener, Ontario. Additionally, it completed the acquisition of Crossroads Cannabis in Woodstock for CAD$0.6 million, boosting its Ontario presence to 40 stores. CEO Raj Grover remains optimistic despite market challenges, emphasizing the company's growth and strong fundamentals, with plans to expand to 150 locations by year-end.
High Tide announced the appointment of Greg Fleury as Chief Technology Officer, effective immediately. He brings over 20 years of experience in digital operations and e-commerce. Fleury aims to enhance High Tide's digital platforms within the cannabis sector. The company will release its second quarter 2022 financial results on June 14, 2022, followed by a webcast at 5:30 PM ET the same day. High Tide is the largest non-franchised Canadian cannabis retailer, boasting 120 locations across four provinces.
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