High Tide Stock Price, News & Analysis

High Tide Inc. (HITI) has secured CAD$5 million in short-term debt financing from an arm's length lender, reflecting its strategy to fuel growth amid delayed credit facilities. The company issued a non-convertible subordinated secured debenture with a maturity date of June 21, 2023, bearing a 10% annual interest rate. Proceeds will support growth initiatives and corporate operations as High Tide aims to expand its cannabis retail footprint to 150 locations by year-end. The financing is pending TSXV approval.

High Tide has announced that its Canna Cabana retail stores in Ontario will launch a series of Cabana Cannabis Co. branded products this fall, following approvals from the Ontario Cannabis Store. This includes offerings like shatter, THC gummies, pre-rolls, and full-spectrum multicannabinoid tinctures. The company plans to leverage consumer insights from Cabanalytics to enhance its product lineup, aiming for 20-30% of total sales from these new products. With 126 locations across Canada, High Tide is positioned as a leading retail-focused cannabis company.

High Tide Inc. (HITI) reported significant growth in its second fiscal quarter of 2022, with revenues of $81.0 million, a 98% increase year-over-year. Gross profit surged 51% to $22.7 million, though gross profit margin dropped to 28%. The company achieved an Adjusted EBITDA of $2.4 million, despite facing rising operational costs. Same-store sales rose 23% sequentially, driven by the successful discount club model. High Tide aims to expand to 150 stores by year-end and increase its market share across Canada and internationally.

High Tide has launched its first Cabana Cannabis Co. branded shatter and THC gummies in Saskatchewan, produced via white label partnerships with Heritage Cannabis Holdings and Loosh Brands. The initial offerings include Pink Hawaiian shatter and two flavors of THC gummies. Retail sales for Cabana Cannabis Co. pre-rolls are expected to begin in Saskatchewan next week. High Tide aims to expand its product line into Manitoba and Ontario soon, forecasting that white label sales will represent 20-30% of total sales in the long term.

High Tide has opened its 126th retail cannabis store in Saskatoon, Saskatchewan, marking its first location in the city. This is the company's 10th store in Saskatchewan, responding to a growing market with over 266,000 residents. High Tide's CEO emphasized the expansion aligns with their organic growth strategy and plans to introduce Cabana Cannabis Co. products in the province soon. The Saskatchewan government's favorable regulatory environment supports High Tide's business development, with further store openings anticipated throughout 2022 and into 2023.

High Tide Inc. (Nasdaq: HITI) has opened its 125th retail cannabis store in Blackfalds, Alberta, marking a significant milestone. This new store, located in a community of over 10,000 residents, is the company's 65th in Ontario. High Tide has experienced strong revenue growth through its retail operations, particularly with its discount club model. Additionally, the company has now surpassed 250 child sponsorships through World Vision, reflecting its commitment to corporate social responsibility.

High Tide Inc. (HITI), a prominent retail-focused cannabis company, announced the results of its annual general and special meeting held on June 2, 2022. All five nominees proposed for the board of directors were successfully elected, with votes for ranging from 75.28% to 75.80%. Shareholders also approved fixing the board size at five, reappointing Ernst & Young LLP as auditors, adopting a 20% equity incentive omnibus plan, and approved a bonus share payment to employees. Additionally, the company granted 256,000 stock options to employees under the new plan.

High Tide Inc. (Nasdaq: HITI) announced that its President and CEO, Raj Grover, was awarded the Cannabis Person of the Year at the O'CannaBiz Industry Awards Gala held on June 1, 2022, in Toronto. This recognition acknowledges Grover's significant contributions to the cannabis industry. High Tide also received seven nominations, including for Best Retail Chain and Best Innovative Technology. The company is recognized as Canada's largest non-franchised cannabis retailer with 124 locations across several provinces and a strong e-commerce presence.

High Tide has completed its acquisition of Bud Heaven, a cannabis retailer, for CAD$2.8 Million. The acquisition includes two stores located in Bracebridge, Ontario, which have an annualized revenue of CAD$4.7 Million and an annualized Adjusted EBITDA of CAD$0.8 Million. This purchase price represents 3.5x annualized Adjusted EBITDA as of October 31, 2021. The deal involves issuing 564,092 common shares and a CAD$1 Million cash payment, subject to post-closing adjustments. High Tide aims to expand its cannabis retail presence through this strategic acquisition.