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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. has announced a definitive agreement to acquire 80% of NuLeaf Naturals for
High Tide Inc. (HITI) has announced its acquisition of 80% of NuLeaf Naturals for US$31.24 million, boosting its U.S. revenue run rate by approximately 40% to C$70 million. NuLeaf generated US$19.4 million in revenue with 71% gross margins and 25% adjusted EBITDA margins in the past year. The strategic acquisition aims to enhance High Tide's global CBD presence, leveraging NuLeaf's innovative product lines and manufacturing capabilities. High Tide also anticipates significant cross-selling opportunities, with plans to expand NuLeaf products across its platforms.
On November 9, 2021, High Tide Inc. (HITI) announced the opening of its 104th retail cannabis store in Calgary, Alberta, marking its 58th location in the province. This new Canna Cabana store will serve residents of Calgary and the growing community of Chestermere, offering recreational cannabis products and accessories. The store aims to attract customers from the illicit market by providing steep member discounts and a wide selection. High Tide claims to be the largest cannabis retailer in Alberta and is committed to expanding its presence across Canada.
High Tide Inc. (HITI), Alberta's largest cannabis retailer, supports the proposed Bill 80, which seeks to end the government-run cannabis e-commerce portal, allowing private retailers to handle online sales and home delivery. This transition, expected to occur within 90 days of the bill's passage, aligns Alberta with Ontario and British Columbia's recent policy changes, promoting a free market for cannabis. The company also granted 100,000 stock options to employees and consultants, supporting its growth strategy and employee engagement.
High Tide Inc. (TSXV: HITI, Nasdaq: HITI) has opened two new Canna Cabana retail cannabis stores in Regina, Saskatchewan, and Hamilton, Ontario, bringing its total to 103 locations across Canada. The Regina store is in the Victoria Square Shopping Centre, while the Hamilton store is located in the Meadowlands Power Centre. CEO Raj Grover highlighted the company's focus on providing value to customers with low prices and a wide selection of products. The expansion reflects High Tide's strategy to grow through acquisitions and organic growth, targeting value-conscious consumers.
High Tide Inc. has transitioned all Canna Cabana retail cannabis stores to a discount club model, enhancing its presence in the value segment and claiming the title of North America's largest cannabis discount retailer. The Cabana Club loyalty program offers exclusive low prices and benefits to over 245,000 members. This strategy aims to capture market share from the illicit cannabis sector, which accounts for 40% of sales, and reflects a successful pilot program that showed significant sales increases. High Tide plans to expand this model across Canada and potentially globally, leveraging its in-house brands.
High Tide has finalized its acquisition of an 80% stake in Blessed CBD for £9,064,000, enhancing its global e-commerce footprint. This marks High Tide's fifth e-commerce acquisition in 2021, increasing its e-commerce revenue run-rate from approximately $10.6 million to nearly $60 million. Blessed CBD, a leading CBD brand in the U.K. with significant site traffic, reported £5.1 million in revenue and £2.8 million in EBITDA for the year ending August 2021. The deal also includes options for High Tide to acquire the remaining 20% of Blessed CBD in three years.
High Tide Inc. (HITI) has successfully completed the acquisition of an 80% interest in Enigmaa Ltd., operating as Blessed CBD, for £9,064,000. This strategic move marks High Tide's fifth acquisition in the e-commerce sector in 2021, boosting its annual run-rate e-commerce revenue to nearly $60 million. Blessed CBD, a leading UK direct-to-consumer CBD brand with strong financials, reported revenues of £5.1 million and 81% gross margins. The acquisition solidifies High Tide's presence in the UK market and enhances its e-commerce portfolio.
High Tide Inc. (HITI) has secured a $25 million revolving credit facility with ATB Financial, comprising an initial $10 million and an accordion feature of $15 million. The facility is expected to have an interest rate of less than 6% per annum. High Tide will use these funds for acquisitions and general corporate purposes, enhancing its business growth while minimizing shareholder dilution. As of today, the company's total outstanding debt stands at $27.4 million, of which only $1.6 million matures in the next 12 months.
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