Welcome to our dedicated page for High Tide Common Shares news (Ticker: HITI), a resource for investors and traders seeking the latest updates and insights on High Tide Common Shares stock.
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) has commenced the search for potential cannabis retail locations in Mississauga, Ontario, following the City Council's recent approval for legal cannabis stores. This decision allows residents to access legal cannabis products locally, reducing reliance on illegal dispensaries. High Tide's CEO, Raj Grover, emphasized the opportunity for expansion in a city of over 800,000, where the company's retail brand, Canna Cabana, can thrive. The company's Cabana Club loyalty program boasts nearly 1 million members, indicating strong community engagement. High Tide anticipates that this move will generate new jobs and encourage investment within Mississauga, showcasing a proactive approach to tackling illicit cannabis sales.
High Tide Inc. (Nasdaq: HITI) announced its virtual presentation at the Sequire Cannabis & Psychedelics Conference on April 5, 2023, at 3:00 PM EDT. Vahan Ajamian, Capital Markets Advisor, will present, showcasing High Tide's leading position in the cannabis retail sector. The company is recognized for its diversified operations, including retail chains like Canna Cabana™, e-commerce platforms, and wholesale distribution. High Tide has been acknowledged as one of Canada's Top Growing Companies in 2021 and 2022, and ranked first in retail by Financial Times in 2023. Registration for the event is available online.
High Tide Inc. (NASDAQ: HITI) announced that its officers, directors, and consultants acquired 258,921 common shares from March 24 to March 29 at an average price of $1.59 per share. This move signifies their confidence in the company's intrinsic value and growth prospects. Following these transactions, insiders and consultants now hold approximately 9.67% of High Tide's outstanding shares. High Tide operates a diversified cannabis enterprise, including retail operations through Canna Cabana, and has been recognized for growth by various publications.
High Tide Inc. (HITI), a leading cannabis retail enterprise, has been recognized as the top company in the retail category and ranked 31st overall in the Financial Times' Americas' Fastest Growing Companies for 2023. This ranking highlights firms based on the highest revenue growth between 2018 and 2021, involving over 7,000 companies across 20 countries. High Tide's revenue surged from approximately
High Tide Inc. (Nasdaq: HITI) reported significant financial growth for Q1 2023, with revenues soaring to $118.1 million, a 64% increase year-over-year. The gross profit reached $32.2 million, marking a 40% rise, while adjusted EBITDA climbed to $5.5 million, an 86% increase from the previous year. The company achieved twelve consecutive quarters of positive adjusted EBITDA and 52% year-over-year growth in same-store sales. Free cash flow improved from a loss of $6.3 million to $2.3 million. High Tide now holds 9% market share in Canadian cannabis retail. The company is focusing on becoming free cash flow positive by year-end.
High Tide Inc. (HITI) has announced its participation in three significant cannabis and finance trade shows between March and May 2023. Key events include the Roth Conference from March 12-14 in Laguna Niguel, CA, where Capital Markets Advisor Vahan Ajamian will engage in discussions about cannabis industry trends. Following that, CEO Raj Grover will participate in the Benzinga Cannabis Capital Conference on April 11-12 in Miami Beach, FL, focusing on retail strategies. Finally, Ajamian will attend the Canaccord Genuity's Global Cannabis Conference on May 18 in New York City, further enhancing High Tide's visibility in the cannabis sector.
High Tide Inc. (HITI) announced it will release its financial results for the quarter ending January 31, 2023, on March 17, 2023, after market close. The webcast to discuss these results will be held on March 20, 2023, at 11:30 AM ET, with CEO Raj Grover and CFO Sergio Patino leading the discussion. Additionally, the company granted 258,000 stock options and 706,250 restricted share units to employees and management. These grants are part of High Tide's efforts to align employee interests with shareholder value and retain key talent.
High Tide Inc. (NASDAQ: HITI) announced the mutual parting of ways with Chief Financial Officer Rahim Kanji, effective February 28, 2023. The company has appointed Sergio Patino as interim CFO, who brings over 20 years of experience, including previous roles in large publicly traded companies. Additionally, High Tide corrected disclosures in its financial statements for fiscal years 2021 and 2022, adjusting typographical errors related to asset values and revenue growth projections. These changes are not expected to materially affect the company's financial position. The amended financial statements can be accessed on their website.
FAQ
What is the current stock price of High Tide Common Shares (HITI)?
What is the market cap of High Tide Common Shares (HITI)?
What is High Tide Inc.'s primary business?
How many retail locations does High Tide operate?
What is the significance of the Canna Cabana retail model?
What e-commerce platforms does High Tide manage?
What recent international developments involve High Tide?
What awards and recognitions has High Tide received?
What is Fastendr™ technology?
What are High Tide's plans for the U.S. market?
When will High Tide release its next financial results?
What recent changes in Canadian cannabis regulations affect High Tide?
