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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 announced the opening of its first Canna Cabana retail cannabis store in Huntsville, Ontario, set for June 6, 2024. This adds to its total of 172 stores in Canada and 63 in Ontario. Located at 17 Hanes Road, the store is strategically placed in a busy shopping plaza near major retailers. The area attracts 3.2 million seasonal visitors annually, making it a prime location for cannabis sales. CEO Raj Grover highlighted the store's role in expanding their portfolio and leveraging strong free cash flow to accelerate growth in Ontario and other provinces.
High Tide (Nasdaq: HITI) announced it will release its Q2 2024 financial results for the period ending April 30, 2024, on June 13, 2024, after market close. These results will be accessible via SEDAR+, EDGAR, and the company's website.
A webcast to discuss the results, hosted by CEO Raj Grover and CFO Mayank Mahajan, is scheduled for June 14 at 11:30 AM ET. Investors can pre-register for the webcast, and a replay will be available three hours after the live event. Participants can ask questions via local and toll-free call-in lines for both Canada and the United States, as well as a global dial-in option.
High Tide Inc. announced the opening of its 171st Canna Cabana store in Canada, the first in Pickering, Ontario. Situated in a prime retail location, this new store will offer recreational cannabis products and accessories for adult use. With a focus on strategic expansion in high-growth areas like Pickering, High Tide aims to capitalize on the city's population growth and retail opportunities.
High Tide Inc. announced the opening of its 170th Canna Cabana store in Ajax, Ontario, marking the 61st store in the province and the 2nd in Ajax. The new store offers recreational cannabis products and accessories for adult use, situated in a prime location with growth potential. With plans to open more locations between Toronto and Ottawa, High Tide aims to reach 300 stores nationwide.
High Tide Inc. announced the opening of its Canna Cabana retail cannabis store in Owen Sound, Ontario, marking the 60th location in Ontario and 169th in Canada. The strategic location near major retailers is expected to attract customers. The company's Founder and CEO, Raj Grover, expressed excitement for future expansions in 2024, emphasizing strong cash flow generation and rapid growth plans.
High Tide Inc. announced the appointment of Mayank Mahajan as the new Chief Financial Officer, bringing extensive financial expertise across various sectors. The company also granted stock options and restricted share units to officers, directors, and employees. The appointment aims to drive sustainable growth, improve financial accountability, and enhance corporate governance.
High Tide Inc. welcomes the Biden administration's move to reschedule cannabis from Schedule I to Schedule III, potentially allowing companies to deduct business expenses. The company sees this as a historic moment for cannabis reforms in the U.S., aiming to support the growth of a legal sector and displace the illicit market, with positive implications for its international prospects.
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