Welcome to our dedicated page for High Tide Common Shares news (Ticker: HITI), a resource for investors and traders seeking the latest updates and insights on High Tide Common Shares stock.
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 announced the opening of its 60th Canna Cabana retail cannabis store in Grande Prairie, Alberta, marking a significant milestone with a total of 111 locations across Canada. This store is strategically positioned in a power centre with high traffic volumes, serving a city with a population of 65,000. The CEO emphasized the company's commitment to Alberta's cannabis market and plans to launch e-commerce by March 8, 2022. Additionally, the company will issue 15,122 shares to pay $100,000 in consulting fees for future business development in Saskatchewan.
High Tide Inc. has completed the acquisition of Bud Room Inc. for CAD$3.6 million, gaining ownership of the Fastendr™ retail kiosk and smart locker technology. This technology enhances customer experience and operational efficiency, potentially increasing average basket size by over 20%. High Tide aims to implement Fastendr™ across its Canna Cabana locations and license it to third-party retailers. Bud Room’s current annual revenue exceeds CAD$2.4 million with CAD$500,000 in adjusted EBITDA. CEO Michael Di Duca will remain to innovate the technology, bolstering High Tide's competitive edge in cannabis retail.
High Tide Inc. (NASDAQ: HITI) has filed its audited annual financial statements and management discussions for the years ending October 31, 2021, and 2020, after addressing prior delays. The Company reported revenue growth of 118%, reaching $181.1 million for the fiscal year 2021, with a fourth-quarter revenue of $53.9 million. Despite a net loss of $18.7 million, adjusted EBITDA was reported at $12.5 million. High Tide is on track to file its Q1 2022 financial statement by March 17, 2022, with projected sales exceeding $70 million.
High Tide Inc. (NASDAQ: HITI) announced a delay in filing its audited annual financial statements for the years ending October 31, 2021, and 2020. The company missed the January 31, 2022 deadline due to COVID-19 related personnel challenges. High Tide intends to apply for a Management Cease Trade Order (MCTO) to prevent its management from trading until filing is completed. The firm is working closely with auditors to resolve outstanding tax reconciliations related to its 39 subsidiaries and strategic acquisitions but does not anticipate significant changes in key financial metrics apart from income tax expense and net losses.
High Tide Inc. (HITI) reports significant financial growth for the fiscal year ending October 31, 2021, with revenues soaring 118% to $181.1 million. The fourth quarter revenue rose 12% to $53.9 million. Gross profit increased by 108% to $64.0 million, with a gross profit margin of 35%. The company anticipates first-quarter 2022 revenue exceeding $70 million. High Tide also expanded its international customer base to 3 million, launched a discount club model, and completed several acquisitions. A conference call will further discuss these results and future outlook.
High Tide Inc. (Nasdaq: HITI) announced the opening of two new Canna Cabana retail cannabis stores in Regina, Saskatchewan, increasing its locations to 109 across Canada. The Eastgate Drive store is now open, while the Albert Street store will open on January 27, 2022. These expansions are part of High Tide's strategy to grow from 2 to 5 stores in Regina and achieve a total of 150 retail locations nationwide by the end of 2022. Additionally, the company plans to issue $100,000 in shares as consulting fees and granted 35,000 stock options to consultants.
High Tide Inc. (HITI) has opened its 107th retail cannabis store, Canna Cabana, in Regina, Saskatchewan, making it the third in the city. This expansion is part of its strategy to capitalize on Saskatchewan's favorable regulatory environment for cannabis retail. CEO Raj Grover announced plans for two more Regina locations and highlighted the success of its revamped Cabana Club loyalty program. High Tide is set to release its fourth quarter and fiscal year 2021 financial results on January 27, 2022, followed by a conference call to discuss performance.
High Tide Inc. (TSXV: HITI, Nasdaq: HITI) has opened its 106th retail cannabis store at 905 Rymal Road East in Hamilton, Ontario. This marks the third Canna Cabana location in Hamilton, part of the company's growth strategy to reach at least 150 locations across Canada. The company also reported substantial growth in its Cabana Club loyalty program, now with 359,484 members, up 47% in three months. CEO Raj Grover highlighted plans for continued expansion in underserved markets in Ontario and British Columbia.
High Tide Inc. has announced its acquisition of Bud Room Inc. for CAD$3.6 Million, gaining the Fastendr™ technology, which integrates retail kiosks and smart lockers for improved shopping experiences. The technology is expected to enhance transaction speeds, increase customer spending by over 20%, and reduce operational costs. All Canna Cabana locations will implement this technology, with plans for licensing to third-party retailers across North America. The acquisition aligns with High Tide's strategy to boost its market position and revenue generation in the cannabis sector.
High Tide has announced the acquisition of Bud Room Inc. for CAD$3.6 Million, which includes the Fastendr™ technology designed for retail kiosks and smart lockers. This technology aims to enhance customer experience, improve transaction speeds, and reduce costs. A pilot study revealed that over 60% of users preferred Fastendr™, leading to a 20% increase in spending. High Tide plans to equip all Canna Cabana locations with Fastendr™ and expand its licensing opportunities across North America, thereby potentially diversifying revenue streams.
FAQ
What is the current stock price of High Tide Common Shares (HITI)?
What is the market cap of High Tide Common Shares (HITI)?
What is High Tide Inc.'s primary business?
How many retail locations does High Tide operate?
What is the significance of the Canna Cabana retail model?
What e-commerce platforms does High Tide manage?
What recent international developments involve High Tide?
What awards and recognitions has High Tide received?
What is Fastendr™ technology?
What are High Tide's plans for the U.S. market?
When will High Tide release its next financial results?
What recent changes in Canadian cannabis regulations affect High Tide?
