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 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.
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 $5.3 million, adding two retail locations in British Columbia. This transaction, finalized on September 28, 2022, brings High Tide’s total store count to 149 across Canada. For the trailing four months ending May 31, 2022, the stores generated annualized revenues of $5.4 million and Adjusted EBITDA of $1 million, representing a purchase price of 5.25x annualized EBITDA.
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.
High Tide has expanded its retail footprint with the opening of two new Canna Cabana stores in North York and Winnipeg, increasing its total locations to 147 across Canada. The North York store is strategically located near major retailers and York University, while the Winnipeg store is situated in a busy shopping mall. High Tide's retail approach emphasizes high-traffic locations, with per-store sales in Ontario exceeding the provincial average. The company is on track to reach its goal of 150 stores by the end of 2022.
High Tide Inc. (Nasdaq: HITI) announced the opening of its 145th Canna Cabana cannabis retail location in Stittsville, Ontario, marking its 47th store in the province. This new store, situated in a suburban area with a strong technology and public service workforce, is aimed at expanding High Tide's market presence. The CEO, Raj Grover, emphasized the company's commitment to rapid expansion in successful markets, particularly in Ottawa, where existing stores have exceeded performance expectations. High Tide continues to innovate within the cannabis retail space, reflecting a robust growth strategy.
High Tide has opened two new Canna Cabana retail stores in Ontario, increasing its total store count in the province to 46. The Kitchener store at 235 Ira Needles Blvd is now operational, while the Barrie store at 201 Cundles Road E is set to open shortly. These stores are part of High Tide's strategy to expand its presence across Canada, with a goal of reaching 150 stores by the end of 2022. This expansion highlights High Tide's focus on the growing cannabis market, particularly in regions with strong demographics for cannabis consumption.