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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) has signed a non-binding letter of intent with connectFirst Credit Union for CAD$30 million in credit facilities over a 5-year term. The funding will replace the existing credit facility and support ongoing growth, with CAD$15 million allocated for term debt and CAD$15 million for a mergers and acquisitions revolving master line. The new facilities feature low interest rates and financial covenants favorable to the company. High Tide aims to close the facilities by June 2022, contingent on customary pre-disbursement conditions being met.
High Tide Inc. (Nasdaq: HITI) announced its acquisition of Boreal Cannabis Company for CAD$2.2 Million, plus inventory costs. Boreal operates two retail cannabis stores in Alberta, generating annualized revenue of CAD$3.9 Million and an Adjusted EBITDA of CAD$0.6 Million as of January 31, 2022. The purchase reflects a 3.5x valuation of annualized Adjusted EBITDA. This acquisition will push High Tide's store count to over 120 and aims to enhance its market presence in northern Alberta, a key growth region.
High Tide Inc. (NASDAQ: HITI) announced that its UK subsidiary, Blessed CBD, has been added to the Food Standards Agency’s list of permitted CBD products. This marks a significant milestone towards full authorization expected in 2023, enhancing Blessed's reputation in the UK's regulated CBD market. With the UK being the second-largest consumer market for CBD, Blessed CBD is solidifying its market position following its recent expansion into Germany. According to the Association for the Cannabinoid Industry, UK CBD sales reached £690 million in 2021.
High Tide Inc. (HITI) announced that its UK subsidiary, Blessed CBD, is now included in the Food Standards Agency's public list of authorized CBD products, a significant milestone expected to lead to full authorization by 2023. This achievement enhances Blessed CBD's reputation as a compliant and leading brand in the UK’s burgeoning CBD market, which saw sales of £690 million in 2021. The announcement aligns with High Tide's strategy to diversify revenue streams and expands its footprint in Europe, particularly following its entry into the German market.
High Tide Inc. (NASDAQ: HITI) announced a definitive agreement to acquire 100% of Livonit Foods Inc., operating as Bud Heaven, for CAD$2.8 Million. Bud Heaven operates two retail cannabis stores in Ontario, generating annualized revenue of CAD$4.7 Million and EBITDA of CAD$0.8 Million. The acquisition is part of High Tide's strategy to expand its retail presence in Ontario's cottage country, which aligns with its discount club model. The transaction is expected to close pending regulatory approvals, and it represents an attractive 3.5x multiple on Bud Heaven's annualized Adjusted EBITDA.
High Tide Inc. (TSXV: HITI), Canada's largest cannabis retailer, welcomes the Ontario AGCO's decision to amend regulations, effective June 30, allowing retail cannabis licensees to create agreements with Licensed Producers for white label products. This change aims to level the playing field for cannabis retailers and enhance product differentiation. Additionally, High Tide granted 5,000 stock options to employees and announced a transition in its CTO position. As of now, the company operates 113 cannabis stores across Canada, with plans to acquire four more in Ontario, raising its total to 117.
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.
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