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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) reported a remarkable 88% revenue growth to $72.2 million in Q1 2022, marking the second-highest quarterly revenue for a Canadian cannabis company. Gross profit surged 56% to $23.0 million, though the profit margin slipped to 32%. Adjusted EBITDA fell to $3.0 million, down 36% year-over-year, but was up 80% sequentially. The company also saw significant growth in its Cabana Club membership, increasing to over 381,000 members. Retail expansion continues with 113 locations now operational, and plans for further market penetration in Ontario and British Columbia.
High Tide Inc. (HITI) announced the entry of its UK subsidiary, Blessed CBD, into the German market, launching online sales of various CBD products via www.BlessedCBD.de. Germany, projected to capture half of the EU cannabis market by 2024, positions itself as the largest CBD market in Europe. The global CBD demand is expected to hit US$56 billion by 2028. This strategic move aims to diversify High Tide's revenue streams while leveraging their existing infrastructure in Europe.
High Tide Inc. (HITI) announced the launch of its Delivery on Demand program in Alberta, allowing customers to receive orders within two hours. This initiative capitalizes on new regulations enabling private cannabis retailers to offer e-commerce services. Additionally, High Tide opened its 113th retail cannabis store in Waterloo, Ontario, marking its third in a rapidly growing region. The company aims to enhance competition against illicit markets and strengthen its market position in Alberta, further solidifying its status as the largest cannabis retailer in the province.
High Tide Inc. (HITI) has announced the launch of its FAB CBD Subscribe-and-Save discount program in the U.S., aimed at enhancing customer convenience through customizable orders and lifetime discounts of 20%. This initiative is expected to increase the lifetime value of customers and create a predictable recurring revenue stream for the company. CEO Raj Grover highlighted the program as a part of their strategy to leverage acquired businesses for consistent revenue growth, emphasizing future plans including the launch of a similar service in the U.K.
High Tide Inc. has opened its 112th retail cannabis store in Edmonton, Alberta, enhancing its footprint in Canada. This new location focuses on recreational cannabis sales and is strategically placed in a high-traffic area known for its local business community. The launch coincides with the anticipated private sector e-commerce and delivery services in Alberta, potentially increasing customer access to High Tide's offerings. The company plans to announce its first quarter financial results on March 17, 2022, which will provide insight into its operational performance.
High Tide Inc. (HITI) announced the opening of its 112th retail cannabis location at 8927 82 Avenue, Edmonton, Alberta. This store, part of the Canna Cabana brand, will offer recreational cannabis products and consumption accessories. It marks the company's eighth outlet in Edmonton, strategically situated in a popular, well-trafficked area near local businesses and educational institutions. CEO Raj Grover highlighted the positive demographic profile of Edmonton and announced upcoming e-commerce options for Alberta. The company will report its first quarter financial results on March 17, 2022.
High Tide Inc. (HITI) announces the acquisition of four retail cannabis stores under the Crossroads Cannabis brand in Ontario for CAD $2.5 million. The stores are located in Stratford, Woodstock, Hanover, and Markdale, generating annualized revenue of CAD $7.6 million and EBITDA of CAD $0.7 million for the last quarter of 2021. This acquisition, valued at 3.5x EBITDA, is part of High Tide's strategy to consolidate the market and aims to expand its presence in Ontario, targeting 150 stores by the end of 2022.
High Tide Inc. (Nasdaq: HITI) has launched a new cannabis Delivery on Demand service at select Canna Cabana locations across Canada. Customers can enjoy guaranteed delivery within two hours or select an hourly slot for CAD$9.99, with no minimum purchase required. The initial rollout includes stores in Ontario, Manitoba, and Saskatchewan, with plans for expansion to all locations, including Alberta starting March 8th. This initiative aims to enhance customer experience and compete with the illicit market.
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