High Tide Stock Price, News & Analysis

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 $8 million to a projected annual run rate nearing $500 million, aided by its expansion to 151 Canna Cabana locations. CEO Raj Grover emphasized the company's commitment to becoming a household name in the Canadian cannabis industry.

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.