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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.
Heritage Cannabis Holdings Corp. (CSE: CANN, OTCQX: HERTF) has launched a private label program (PLP) in partnership with High Tide Inc. (Nasdaq: HITI) to produce Cabana Cannabis Co. branded shatter for distribution across Ontario, Manitoba, Saskatchewan, and Alberta. Heritage, a top three concentrates producer in Canada, aims to leverage its manufacturing expertise to expand its market presence. The agreement's success hinges on listing approval and may lead to further jurisdictional expansions.
High Tide Inc. (HITI) announced two white label partnerships with Heritage Cannabis Holdings and Loosh Inc. to produce its "Cabana Cannabis Co." branded shatter and THC gummies. These products will be distributed across Ontario, Manitoba, Saskatchewan, and Alberta, with potential expansion into other Canadian regions. CEO Raj Grover emphasized a cautious approach to entering the cannabis market. High Tide operates 93 locations and is a leading cannabis retailer in Canada, focusing on customer experience and shareholder value.
High Tide Inc. (HITI) announced the opening of its 93rd cannabis retail store under the Canna Cabana brand in Ajax, Ontario. This store is strategically located in a commercial plaza and serves a growing community of over 100,000 residents. High Tide continues its expansion across Canada, particularly in Ontario, aiming to tap into strong cannabis consumer demographics. The company is recognized as the most profitable Canadian cannabis retailer, boasting a diversified portfolio that includes various brands and established e-commerce platforms.
High Tide Inc. has successfully converted all outstanding META Convertible Debentures into common shares, significantly reducing its total debt from approximately $71 million to $28.4 million, with $10.8 million being non-interest bearing. The company reported that total debt maturities for the next 12 months are $1.6 million. This move is part of High Tide's strategy to strengthen its balance sheet while expanding its e-commerce presence in the U.S. market. CEO Raj Grover emphasized growth in revenues and cash reserves since acquiring META in November 2020.
High Tide Inc. (TSXV: HITI) announced it will release its financial and operational results for Q3 2021 on September 14, 2021, after market close. Following this, a conference call will be held at 6:00 PM ET to discuss these results. Additionally, the company granted 10,000 stock options to a consultant at an exercise price of $10.00 per share. High Tide, a leading cannabis retailer in Canada, operates 91 locations across multiple provinces and aims to maximize shareholder value through its integrated value chain and ecommerce platforms.
High Tide Inc. announced that its shares are now included in the ETFMG Alternative Harvest ETF, the largest ETF targeting the global cannabis industry. This marks the third ETF listing for High Tide within three months since launching on NASDAQ. The company's president, Raj Grover, emphasized that this inclusion reflects High Tide's operational success. Additionally, the Board of Directors approved the grant of 66,666 stock options to employees and consultants, each convertible into common shares upon vesting.
High Tide has successfully acquired DankStop, enhancing its portfolio in the e-commerce market for consumption accessories. The acquisition grants High Tide access to DankStop's 200,000 email subscribers and 335,000 Instagram followers, bolstering its online presence. DankStop generated over US$3 million in revenue in the past year, with a low double-digit EBITDA margin. The acquisition is valued at US$3,850,000 and is expected to significantly increase High Tide's revenue run rate in the U.S. to approximately CAD$55 million.
High Tide Inc. (HITI) announced the opening of its 91st Canna Cabana retail store in Calgary, Alberta, marking a significant milestone in its growth strategy. The new location offers a range of recreational cannabis products for adults, situated in a major commercial area. CEO Raj Grover highlighted the company’s ability to expand despite pandemic challenges and expressed confidence in reaching the 100-store milestone soon. High Tide is recognized as the most profitable Canadian retailer of recreational cannabis as measured by Adjusted EBITDA, with locations across several provinces.
High Tide has successfully completed the acquisition of 102105699 Saskatchewan Ltd., enhancing its retail footprint in Canada. The acquisition adds five cannabis locations in Regina, expanding High Tide's total to 90 locations nationwide, with plans for more in Saskatchewan by year-end. The total consideration for the acquisition amounts to approximately C$2.7 million, consisting of both cash and shares. This strategic move is expected to strengthen High Tide's market position and increase its revenue potential in the growing cannabis industry.
High Tide Inc. (HITI) announced the opening of its 89th retail location in Milton, Ontario, marking the company's 21st store in the province. The Canna Cabana store will sell recreational cannabis products and consumption accessories and is strategically located near major commercial establishments, such as a cinema and restaurants. CEO Raj Grover expressed enthusiasm about expanding in Ontario as pandemic restrictions ease, indicating plans for accelerated store rollouts. High Tide remains a leading retailer in Canada by Adjusted EBITDA, with robust ecommerce operations and multi-branded retail segments.
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