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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. (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.
High Tide reported a 99% increase in revenue for Q2 2021, reaching $40.9 million, compared to $20.6 million in Q2 2020. The gross profit rose 93% to $15.0 million, showcasing a 37% gross profit margin. Adjusted EBITDA was $4.7 million, significantly up from $1.8 million year-over-year. The company’s cash increased to $29.4 million. Expansion efforts include acquiring Smoke Cartel and FABCBD, as well as plans to grow its store count in Ontario. However, net loss reached $12.3 million, indicating challenges remain amidst market disruptions.
High Tide Inc. has announced the acquisition of Daily High Club, a leading e-commerce platform for consumption accessories. This strategic move aims to solidify High Tide's position in the U.S. market, leveraging Daily High Club's 15,000 subscribers and significant social media following. The transaction, valued at US$10 million, includes US$6.75 million in shares and US$3.25 million in cash. Daily High Club generated US$9.4 million in net revenue and US$1.2 million in EBITDA for the year ending April 2021, making this acquisition immediately accretive. High Tide's revenue run rate in the U.S. is now expected to exceed CAD$50 million.
High Tide Inc. (TSXV: HITI, Nasdaq: HITI) announced it will release its financial results for the quarter ended April 30, 2021, after market close on June 28, 2021. These results will be available on SEDAR and the company's website. Following this release, High Tide will host a conference call on June 29, 2021, at 8:30 AM ET, to discuss the financial results and future plans. High Tide is recognized as a leading retail-focused cannabis company in Canada, operating 87 locations across several provinces, and has a strong presence in consumption accessories through its e-commerce platforms.
High Tide Inc. (HITI) announced the conversion of most of its senior secured debt into common shares, facilitating the finalization of a credit facility with a Canadian bank. The company has reduced over $40 million of debt in six months and currently holds $31.6 million total debt, with only $3.8 million due in the next year. Following a $23.6 million equity offering, High Tide's Adjusted EBITDA reached $4.6 million in the latest quarter. Additionally, the company has been included in the AdvisorShares Pure Cannabis ETF (NYSE: YOLO), enhancing visibility among investors.
High Tide Inc. (TSXV: HITI, NASDAQ: HITI) has opened a new Canna Cabana retail store in Calgary, Alberta, marking its 88th location for selling recreational cannabis products and accessories in Canada. This store, located on a high-traffic road, reinforces the company’s position in the Calgary market. CEO Raj Grover emphasized the importance of expanding both their brick-and-mortar and e-commerce operations in North America and Europe. High Tide is recognized as the most profitable Canadian retailer of recreational cannabis based on Adjusted EBITDA.
High Tide Inc. has achieved a significant milestone as the first major publicly traded cannabis retailer to list on the Nasdaq under the ticker symbol HITI. This development is expected to enhance liquidity and attract a broader range of retail and institutional investors globally. The company's strategy focuses on strengthening its integrated value chain, with 87 retail locations across Canada and a portfolio of consumption accessory businesses. High Tide aims to optimize its capital costs and broaden its market appeal through this strategic listing.
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