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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 reported record revenue of $131.7 million for Q3 2024, a 6% YoY and sequential increase. This marks the 2nd consecutive quarter of positive net income, improving to $0.8 million from $(3.6) million YoY. The company also achieved its 5th consecutive quarter of positive free cash flow at $3.1 million, contributing to a trailing total of $21.8 million. High Tide reached a 12% market share in its operating provinces, up from 10% a year ago.
Other highlights include:
- Gross profit of $35.5 million, a 3% YoY increase.
- Adjusted EBITDA of $9.6 million, an 18th consecutive positive quarter.
- 1.55 million Cabana Club members, up 41% YoY.
- Opening 11 new Canna Cabana locations.
- Cash and cash equivalents of $35.3 million, a record high.
High Tide Inc. (Nasdaq: HITI) has announced the launch of Queen of Bud branded white label products in five Canadian provinces. Starting tomorrow, Canna Cabana stores will offer exclusive Crystal Smoke Eliminating candles in three varieties. Additional products, including Zippo lighters and premium pre-rolls, will be introduced in the coming weeks.
This launch follows High Tide's acquisition of the Queen of Bud brand in March 2024 and Alberta's decision to permit white-label cannabis product sales in May. The company aims to have house brands represent 20-25% of in-store cannabis SKUs within 3-5 years, diversifying revenue streams and potentially improving profit margins.
Upcoming cannabis products include innovative pre-rolls and blunts infused with unique ingredients like rose petals, chamomile, and diamonds. These products will be rolled out across Canna Cabana stores as they are accepted by provincial wholesalers.
High Tide Inc. (Nasdaq: HITI) has announced a joint venture with Positive Intent Events (PIE) to establish a leading position in Canada's emerging cannabis hospitality sector. This move follows Alberta's decision to allow licensed cannabis pop-up stores at adults-only festivals and events. High Tide, with 183 Canna Cabana branded retail stores across Canada, plans to leverage its national brand to deliver retail experiences at various events and venues.
The company aims to bring its innovative discount club model, which has helped achieve nearly 11% market share in operating provinces, to adults-only events such as music festivals, comedy shows, and business conferences. High Tide's CEO, Raj Grover, emphasized the opportunity to bring the Cabana experience directly to events where customers are socializing, offering high-quality products at competitive prices.
High Tide Inc. (Nasdaq: HITI) is set to open its 183rd Canna Cabana retail cannabis store in Lucan, Ontario on September 6, 2024. This marks the company's 69th location in Ontario and the first licensed cannabis store in Lucan. The store is strategically located between London and Grand Bend, in a new retail plaza with major anchor tenants.
CEO Raj Grover emphasized the company's focus on expanding into Ontario's cottage country and underserved areas, aiming for 300 Canna Cabana locations across Canada. High Tide also announced the successful launch of Canna Cabana's next-gen website and upcoming third fiscal quarter filing. Additionally, the company granted 60,000 incentive stock options and cancelled 50,000 options for employees, consultants, and management.
High Tide Inc. (Nasdaq: HITI) is set to re-launch its Canna Cabana website with significant improvements. The new site features a modern design, simplified age verification, faster loading times, and enhanced search functionality. It also offers real-time inventory visibility, nearby availability for out-of-stock items, and an improved live-chat function.
CEO Raj Grover emphasized that this upgrade responds to customer feedback and is part of a broader transformation of High Tide's e-commerce ecosystem. The company aims to align all platforms with the Cabana Club and extend its reach to online shoppers. This move is seen as strengthening High Tide's position in the cannabis retail market, where it has thrived with its discount club model while some competitors have faced financial difficulties.
High Tide Inc. (Nasdaq: HITI) has announced it will release its financial and operational results for Q3 2024 on September 16, 2024, after market close. The company will host a webcast on September 17 at 11:30 AM ET to discuss the results. Additionally, High Tide is opening its 7th Canna Cabana store in Mississauga, Ontario, marking its 182nd location in Canada and 68th in Ontario. The new store is strategically located in a high-traffic retail plaza, catering to high-density residential areas. CEO Raj Grover expressed enthusiasm about the company's growth and upcoming earnings report, highlighting the popularity of their discount club model among ELITE and Cabana Club members.
High Tide Inc. (Nasdaq: HITI) has reached a significant milestone with its Cabana Club loyalty program surpassing 1.5 million members across Canada. The membership has grown by 5% since June 13, 2024, representing an annual growth rate of 37%. Since launching its innovative discount club model in October 2021, the program has seen a 400% increase in membership.
The company has also announced the opening of a new Canna Cabana store in Belleville, Ontario. This marks High Tide's 181st Canna Cabana location in Canada, and the 66th in Ontario. The new store is strategically located in a high-volume shopping plaza, serving a population of over 30,000 within a three-kilometer radius.
High Tide Inc. (Nasdaq: HITI) has announced the initial closing of a $15 million subordinated debt facility. The company issued $10 million in principal subordinate secured debentures in the Initial Tranche, with the remaining $5 million to be drawn in November 2024. The debentures, priced at $900 each, will mature on July 31, 2029, and bear a 12% annual interest rate. In connection with the closing, High Tide issued 230,760 common shares at $3.47 per share to the lenders. The net proceeds will be used for debt repayment, business development, and working capital. This facility provides High Tide with additional financial flexibility to support its growth initiatives in the cannabis retail sector.
High Tide Inc. (Nasdaq: HITI) has expanded its Canna Cabana retail cannabis store network, opening four new locations in Alberta and Ontario. This brings the total number of stores to 180 Canada-wide, with 65 in Ontario. The new stores are strategically located in Calgary, Ottawa, and Stoney Creek, targeting high-traffic areas and densely populated neighborhoods.
The company's growth strategy includes organic expansion and taking over proven locations from competitors through lease takeovers, minimizing buildout costs. Since January 1, High Tide has added 18 new Cabanas to its portfolio and expects to meet or exceed its goal of adding 20-30 new locations this year. CEO Raj Grover emphasized that this growth is primarily funded through strong free cash flow from current operations.
High Tide also announced the grant of 204,000 incentive stock options to employees, consultants, and management, exercisable at the closing price of the Company's common shares on the TSX Venture Exchange.
High Tide announced the results of its annual general and special meeting of shareholders held on July 9, 2024. All five nominees for the board of directors, including Harkirat Raj Grover, Nitin Kaushal, Arthur Kwan, Christian Sinclair, and Andrea Elliott, were elected with significant majorities. Additionally, shareholders approved resolutions to fix the board at five members and reappoint Ernst & Young LLP as the company's auditors.
Votes for the board nominees ranged from 96.70% to 99.61%, while the resolutions for fixing the board at five and reappointing auditors received 99.52% and 99.93% of votes in favor, respectively.
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