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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 reported a 98% increase in revenue to $95.4 million for the third quarter of 2022, compared to $48.1 million last year. Adjusted EBITDA rose 176% to $4.2 million, marking the tenth consecutive quarter of positive EBITDA. The Cabana Club loyalty program now has over 750,000 members, driving 90% of daily transactions. Despite a 54% increase in gross profit to $25.8 million, the gross margin declined to 27%. The company expects to reach 150 locations by year-end and aims for a revenue run rate exceeding $400 million.
High Tide reports strong third-quarter 2022 results, with revenue surging 98% year-over-year to $95.4 million and adjusted EBITDA increasing 176% to $4.2 million. Same-store sales rose by 46% year-over-year and 18% sequentially. The company aims for a revenue run rate exceeding $400 million and has the largest cannabis retail loyalty program in Canada, now over 750,000 members. Cash on hand as of July 31, 2022, was $18.3 million. The company expects continued growth, including the launch of its Cabana Elite membership and further acquisitions.
High Tide Inc. (NASDAQ: HITI) has successfully completed its acquisition of a retail cannabis location in Niagara Falls for CAD$1.1 Million, marking the closure of its acquisition of a total of nine stores from Choom. The acquisition was finalized through CCAA proceedings and was part of a strategic move to enhance High Tide's market presence. Collectively, the acquired locations are expected to generate annualized revenue of CAD$10.2 million and an Adjusted EBITDA of CAD$1.3 million. The deal was struck at a multiple of 3.8x annualized Adjusted EBITDA.
High Tide Inc. (NASDAQ: HITI) will release its financial results for the quarter ending July 31, 2022, after market close on September 14, 2022. Subsequently, a webcast will be held at 5:30 PM ET to discuss these results. The company reports its Cabana Club loyalty program has grown to over 700,000 members, a significant increase from 245,000 ten months prior, reflecting 185% growth. Additionally, Greg Fleury has left his position as Chief Technology Officer, with responsibilities shifting to Aman Sood, COO.
High Tide Inc. (HITI) announced a binding commitment letter with connectFirst Credit Union for a $19 million credit facility. This facility, with a 5-year initial term, is designed to support High Tide's organic growth, working capital, and potential M&A activities. The terms were renegotiated to provide immediate access to funds, with expectations for future growth in the facility size. High Tide anticipates closing this facility in early September 2022 and expects to meet all necessary financial covenants comfortably.
High Tide Inc. (Nasdaq: HITI) has successfully completed the acquisition of eight retail cannabis stores in British Columbia and Alberta for CAD$4.2 million. This acquisition is part of a larger strategy to expand its footprint in the cannabis market, pending regulatory approval for an additional store in Niagara, Ontario. The acquired stores generated an annualized revenue of CAD$10.2 million and an annualized Adjusted EBITDA of CAD$1.3 million for the three months ending April 30, 2022. The purchase price represents a multiple of 3.8x annualized Adjusted EBITDA.
High Tide Inc. (Nasdaq: HITI) has welcomed Health Canada's decision to consult on regulations allowing non-prescription cannabidiol (CBD) products. This initiative aims to improve consumer access to CBD health products in Canada, which has lagged behind countries like the U.K. and Australia. CEO Raj Grover highlighted High Tide's extensive experience with popular CBD brands globally, positioning the company to capitalize on the anticipated regulatory changes. The firm operates multiple international subsidiaries, including Blessed CBD and FAB CBD, emphasizing its readiness to engage with Health Canada for a more accessible CBD market.
High Tide, a leading cannabis retailer, has regained control of three Kushbar retail stores in Alberta after breaching an agreement with Halo Collective. High Tide sold the stores for $5.7 million, of which $3.9 million has been received. The stores are projected to generate an annual revenue of $3.25 million as of June 2022. High Tide plans to transition these stores into its Canna Cabana brand, enhancing operations through their discount club model. In addition, the company is set to issue 500,000 common shares to employees of Smoke Cartel as part of a $2 million earn-out agreement.
High Tide Inc. (NASDAQ: HITI) announced the opening of its first Canna Cabana retail cannabis store in Fort St. John, British Columbia, on July 13, 2022. This marks the Company's 128th store in Canada and its entry into the British Columbia market. The store aims to leverage High Tide's successful discount club model, with plans for further expansion. Recent acquisitions in Vancouver will also enhance their presence in the province, aiming to reach the store cap of 8 locations. High Tide is the largest Canadian retailer of recreational cannabis by revenue.
High Tide has announced that its subsidiary, Blessed CBD, has launched sales of premium hemp-derived CBD products on Amazon UK, including gummies, capsules, and balms. This move broadens Blessed's reach and enhances the company's e-commerce presence. All products are available for next-day delivery via Amazon Prime. Blessed CBD was invited by Amazon to join the platform following compliance checks and Novel Foods Authorization from the UK's Food Standards Agency. Raj Grover, CEO, emphasized this as a growth opportunity for both Blessed and High Tide.