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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. (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.
High Tide Inc. (HITI) has highlighted significant milestones from 2021, reflecting on a robust growth trajectory. The company's total revenue surged to CAD$127 million for the nine months ending July 31, 2021, compared to CAD$58 million the previous year, with an annualized revenue run rate of approximately CAD$226 million. High Tide's international revenue run rate increased from CAD$11 million to CAD$80 million, aided by six e-commerce acquisitions. Additionally, they opened 48 new retail stores, totaling 105 in Canada, and grew the Cabana Club membership significantly to over 320,000.
High Tide has launched an at-the-market equity offering program allowing the issuance of up to CAD$40 million in common shares. The program enables the company to sell shares at prevailing market prices, subject to regulatory requirements. Proceeds are intended for strategic initiatives, operational growth, and working capital. CEO Raj Grover emphasized the importance of maintaining a healthy balance sheet and the flexibility the program offers for potential capital raising. Sales will occur through a distribution agreement with ATB Capital Markets and remain effective until certain conditions are met.
High Tide has completed its acquisition of an 80% interest in NuLeaf Naturals for
High Tide has completed its largest acquisition to date, acquiring an 80% stake in NuLeaf Naturals for US$31.24 million. The transaction is expected to significantly enhance High Tide's international revenue, boosting it from CAD$10.6 million to CAD$80 million annual run-rate. NuLeaf, known for its premium cannabinoid products, reported US$19.4 million in revenue and US$5.26 million in Adjusted EBITDA for the year ending September 30, 2021. The acquisition aligns with High Tide's strategy of expanding its e-commerce capabilities in the cannabis space.
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