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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 successfully acquired DHC Supply LLC, known as Daily High Club, enhancing its cannabis retail offerings. The deal includes 839,820 High Tide common shares valued at US$6.75 million and US$3.25 million in cash. Daily High Club is a leading retailer with over one million accessories sold and strong social media presence. This acquisition positions High Tide to potentially capitalize on U.S. online cannabis sales if federal legalization occurs. Harrison Baum from Daily High Club joins High Tide as Director of Digital Marketing.
High Tide has announced the acquisition of DankStop for US$3.85 million. This strategic move strengthens High Tide's e-commerce position, adding DankStop's over 200,000 email subscribers and 335,000 Instagram followers. The acquisition is immediately accretive, with DankStop generating over US$3 million in revenue in the last year. Following the deal, High Tide's U.S. revenue run rate will reach approximately CAD$55 million. The transaction is expected to close soon and enhances operational efficiency as DankStop is an existing supplier.
High Tide Inc. (HITI) has opened its 20th cannabis retail store in Ontario, located at 111 Rideau Street, Ottawa. This move aligns with the company's strategy to foster organic growth in profitable areas. High Tide operates 87 retail locations across multiple provinces and emphasizes its strong fundamentals and e-commerce growth. CEO Raj Grover highlighted plans to accelerate brick-and-mortar expansion and seek e-commerce acquisitions in the U.S. The company is recognized as Canada's most profitable cannabis retailer by Adjusted EBITDA.
High Tide has completed the sale of its KushBar cannabis retail stores to Halo Collective for $5.7 million. This deal includes a deposit of $3.5 million in Halo shares, a $1.8 million convertible promissory note, and a potential $400,000 earnout note based on revenue performance. High Tide will continue to oversee Halo’s retail operations and receive ongoing royalties for advisory services. This strategic move allows High Tide to focus on its core business while ensuring financial returns through new revenue streams.
High Tide has successfully closed the sale of its three KushBar retail cannabis stores to Halo for $5.7 million. The payment consists of a $3.5 million deposit in Halo shares, alongside two convertible promissory notes totaling $2.2 million. Halo will continue to engage High Tide for operational oversight and pay ongoing royalties for advisory services. This deal complies with necessary AGLC regulatory approvals. High Tide is recognized as Canada’s most profitable recreational cannabis retailer, currently operating 86 locations across several provinces.
High Tide welcomes the proposed Cannabis Administration and Opportunity Act (CAOA), which aims to federally deschedule cannabis and expunge prior convictions. If passed, this could enhance opportunities for cannabis retail, particularly for High Tide, which is the most profitable Canadian cannabis retailer by Adjusted EBITDA. The Company plans to expand into the U.S. market through e-commerce and physical stores, contingent on CAOA's passage. Currently, High Tide operates 89 locations across Canada and has a robust online presence with nearly 100 million site visits in 2020.
High Tide Inc. (HITI) announced its acquisition of 102105699 Saskatchewan Ltd. for C$2.9 million. This deal includes a portfolio of six retail cannabis locations in Regina, with one operational and five under construction, expected to open by the end of 2021. This acquisition will expand High Tide's footprint in Saskatchewan to ten stores, enhancing its market position. The transaction is subject to approval from the TSX Venture Exchange and the Saskatchewan Liquor and Gaming Authority, and is anticipated to close within 30 days.
High Tide (TSXV: HITI, Nasdaq: HITI) has announced the completion of the acquisition of DHC Supply LLC, operating as Daily High Club, for a total consideration of US$10 million. This includes US$6.75 million valued in High Tide Shares and US$3.25 million in cash. The acquisition, part of High Tide's strategy to expand its online retail capabilities, positions the company to capitalize on potential future U.S. cannabis sales. Harrison Baum joins High Tide as Director of Digital Marketing to enhance global social media efforts.
High Tide has successfully acquired Daily High Club, enhancing its e-commerce presence in the cannabis accessory market. This acquisition adds a significant platform to High Tide's portfolio, featuring 91 million site visits and access to over 15,000 subscription box members. Daily High Club reported net revenue of US$9.4 million and EBITDA of US$1.2 million for the year ending April 2021. The total consideration for the acquisition includes 839,820 High Tide common shares valued at US$6.75 million and US$3.25 million in cash, expected to boost High Tide's revenue run rate in the U.S. to over CAD$50 million.
High Tide Inc. (TSXV: HITI, NASDAQ: HITI) announced the opening of two new Canna Cabana stores in Thunder Bay, Ontario, and Lethbridge, Alberta, increasing its total retail locations to 89 across Canada. Located in high-traffic areas, these stores align with the company's strategy for organic growth in profitable neighborhoods. High Tide aims to expand its operations as pandemic restrictions ease, with additional store openings planned and an emphasis on enhancing its e-commerce presence in the United States.
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