Welcome to our dedicated page for High Tide news (Ticker: HITI), a resource for investors and traders seeking the latest updates and insights on High Tide stock.
High Tide Inc. reports developments tied to its cannabis retail, e-commerce and cannabinoid products businesses. The company operates Canna Cabana stores across several Canadian provinces, uses a discount club retail model, and owns online platforms for consumption accessories and hemp-derived CBD products. News commonly covers store openings, financial results, customer-loyalty activity, and the operating performance of its bricks-and-mortar and e-commerce segments.
High Tide updates also address subsidiaries and international activities, including NuLeaf Naturals in U.S. hemp-derived CBD products and Remexian in Germany. Recurring corporate items include financing arrangements, insider ownership, conference participation, governance matters, and company statements related to the trading of its common shares on Nasdaq, TSXV and other markets.
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.
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 location value="LU/ca.bc.kamops"Kamloops, British Columbia, expanding its total to 151 locations across Canada, including 7 in British Columbia. The store is strategically located near Thompson Rivers University, attracting local students and tourists. This addition aligns with the company’s goal of reaching 8 stores in the province, maximizing foot traffic from a nearby discount retailer and recreational hiking spots.