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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 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.
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.
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