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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 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.
High Tide Inc. (HITI) announced that its subsidiary, Canna Cabana Inc., has received approval from the British Columbia Liquor Distribution Branch to operate in British Columbia. This license allows Canna Cabana to begin site-specific applications, enhancing its presence in Canada's third-most populous province. The BC market for legal cannabis saw $290 million in gross revenues in 2020. High Tide continues to expand, highlighting its commitment to providing a diverse selection of cannabis products.
On Oct 8, 2021, High Tide welcomed the Ontario Government's proposed Supporting People and Businesses Act, aiming to make cannabis delivery and curbside pick-up services permanent. This legislation follows temporary measures initiated during the pandemic that assisted legal cannabis retailers in maintaining operations amid lockdowns. Raj Grover, CEO of High Tide, emphasized the importance of these services in combating illicit market operators while providing safe access to regulated cannabis products. High Tide operates 101 cannabis retail locations across Canada and continues to expand its e-commerce and retail presence.
High Tide Inc. has announced a definitive agreement to acquire 80% of Enigmaa Ltd., operating as Blessed CBD, for £9.06 million. Blessed is a leading UK CBD brand, known for its direct-to-consumer model with £5.1 million in revenue and strong gross margins of 81%. This acquisition aims to enhance High Tide's UK e-commerce presence and capitalize on cross-selling opportunities. The deal is expected to close in October 2021, with an option for High Tide to acquire the remaining 20% in three years, positioning the company for further growth in the EU CBD market.
High Tide has announced the acquisition of 80% of Blessed CBD for £9.06 Million, with an option for an additional 20%. Blessed CBD is a leading U.K. direct-to-consumer CBD brand, generating £5.1 Million in revenue and £2.8 Million in EBITDA for the 12 months ending August 2021. The acquisition aims to strengthen High Tide's presence in the U.K. CBD market and provide cross-selling opportunities across its platforms. High Tide expects to benefit from Blessed's strong margins of 81% gross and 54% EBITDA, while leveraging its expertise to expand into the European market.
High Tide Inc. (HITI) announced its inclusion in The Cannabis Growth ETF (NYSE:BUDX), marking its fourth cannabis ETF partnership since its Nasdaq listing. The company has seen a doubling in equity research analysts covering its operations, growing from two to four. High Tide has surpassed 100 retail stores in Canada and operates multiple e-commerce platforms targeting the U.S. market. Its EBITDA-positive status highlights its ongoing business expansion strategy, enhancing institutional visibility and trading volumes.
High Tide Inc. has opened two new retail cannabis stores in Windsor and Cornwall, Ontario, increasing its total to 101 locations in Canada and 30 in Ontario. September has seen the launch of eight new stores, underlining the company's growth despite pandemic-related challenges. The Windsor store is strategically located in a commercial district, while the Cornwall outlet sits in a prominent retail plaza. To celebrate its 100-store milestone, High Tide will support World Vision by sponsoring two additional children for each new store. The company aims to exceed 200 locations nationally by 2022.
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