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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. (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.
High Tide has signed a letter of intent with Sanity Group to capitalize on potential cannabis legalization in Germany. The company reported a staggering 97% revenue increase to $356.9 million for the fiscal year ending October 31, 2022, and achieved an adjusted EBITDA of $14.6 million, marking the 11th consecutive quarter of positive adjusted EBITDA. High Tide also generated a remarkable 50% same-store sales growth year-over-year in Q4 2022, alongside a gross profit increase of 58%. However, it incurred a non-cash impairment charge of $48.6 million primarily linked to CBD market slowdowns.
High Tide Inc. (Nasdaq: HITI) announced it will release its financial and operational results for Q4 and the fiscal year ended October 31, 2022, on January 30, 2023. A webcast discussing these results will be held on January 31 at 11:30 AM ET. The Company appointed Omar Yar Khan as Chief Communications and Public Affairs Officer, effective immediately. Additionally, High Tide granted 25,000 incentive stock options to an employee, exercisable at the closing price prior to the announcement, with a three-year expiration. High Tide operates the largest non-franchised cannabis retail chain in Canada.
High Tide Inc. (NASDAQ: HITI) has opened its first Canna Cabana store in
High Tide Inc. (HITI) reported exceptional growth in 2022, becoming Canada’s top revenue-generating cannabis company, achieving CAD$248.6 million in revenue for the nine months ending July 31, 2022, up from CAD$127.3 million in 2021. The company opened its 150th Canna Cabana location in Etobicoke, Ontario, marking significant expansion. High Tide’s Cabana Club loyalty program now boasts over 900,000 members. The company also secured a CAD$19 million credit facility and entered the U.S. cannabis seed market, signifying a robust strategy for future growth.
High Tide Inc. (HITI) has completed its acquisition of 100% of Jimmy’s Cannabis Shop BC for
High Tide has successfully completed the acquisition of Jimmy's Cannabis Shop BC for $5.3 million, enhancing its retail presence in British Columbia. This acquisition includes two cannabis retail stores, significantly increasing High Tide's total store count to 149 locations across Canada. For the trailing four months ending May 31, 2022, the acquired stores generated an annualized revenue of $5.4 million and an annualized Adjusted EBITDA of $1.0 million. This transaction is valued at 5.25x the annualized Adjusted EBITDA.
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