Welcome to our dedicated page for High Tide news (Ticker: HITI), a resource for investors and traders seeking the latest updates and insights on High Tide stock.
High Tide Inc. (HITI) maintains its position as Canada's leading vertically integrated cannabis retailer through continuous innovation in retail operations and e-commerce solutions. This news hub provides investors and industry observers with essential updates on corporate developments, financial milestones, and strategic initiatives within the evolving cannabis market.
Access authoritative information about HITI's retail expansions, technology implementations like the Fastendr kiosk system, and quarterly performance metrics. Our curated collection features official press releases covering earnings announcements, partnership agreements, product launches, and regulatory compliance updates.
Key focus areas include Canna Cabana store network growth, cannabis accessory innovations, and operational efficiency improvements. Users can track the company's progress in enhancing customer experiences through both physical retail locations and digital platforms while monitoring its competitive positioning within North American markets.
Bookmark this page for streamlined access to verified information about High Tide's business strategies, leadership decisions, and market responses. Regular updates ensure you maintain current awareness of developments affecting this dynamic cannabis enterprise.
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.
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.
