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. (HITI) has announced that its Colorado-based subsidiary, NuLeaf Naturals, launched Full Spectrum Multicannabinoid oil and plant-based softgels for sale in Manitoba via the Manitoba Liquor & Lotteries Corporation. The oil, available in 1800 ml containers at 12 mg/ml concentration, features Delta 9, CBD, CBC, CBG, and CBN. The softgels contain 3 mg of each cannabinoid in packs of 120. Following recent listings in Ontario, this expansion aims to enhance access for consumers across Canada. High Tide continues its commitment to innovation in the cannabinoid market.
High Tide Inc. (NASDAQ: HITI) announced the opening of its 141st Canna Cabana retail cannabis store at 5628 Dunbar Street, Vancouver, as of October 25, 2022, at 4:20 PM. This marks their third location in Vancouver and fourth in British Columbia. The new store aims to serve both local residents and visitors, being strategically located near a major grocery chain and colleges with over 80,000 combined students. High Tide continues to expand its discount club model, enhancing its presence in a major cannabis market with plans to operate eight stores in BC by year-end.
High Tide Inc. (NASDAQ: HITI) has announced that its subsidiary, NuLeaf Naturals, has successfully listed its Full Spectrum Hemp Multicannabinoid oil and plant-based softgels for sale in Ontario. This approval from the Ontario Cannabis Store allows NuLeaf's products—featuring five cannabinoids including Delta 9, CBC, CBD, CBG, and CBN—to reach Canadian consumers. These products will be available in 1800 ml containers and 120-pack softgel formats. The launch in Ontario marks a significant milestone for NuLeaf, aiming to capture market share in Canada and combat illicit CBD sales.
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High Tide, a prominent cannabis retailer, is acquiring 100% equity of Jimmy's Cannabis Shop BC for $5.3 Million. This acquisition adds two stores in British Columbia, increasing High Tide's footprint to five locations in the province. The stores generated annualized revenue of $5.4 Million and an Adjusted EBITDA of $1.0 Million for the trailing four months ended May 31, 2022. The purchase price reflects a multiple of 5.25x the annualized Adjusted EBITDA. This strategic move is aimed at enhancing High Tide's market presence and aligns with its growth strategy.
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High Tide Inc. (Nasdaq: HITI) announced the successful closure of a $19 million senior secured credit facility with connectFirst Credit Union. This facility, with an initial 5-year term, allows High Tide to expand its operations and open more cannabis retail locations. With a current total of 140 Canna Cabana stores, the company aims to reach 150 by year-end and 200 by the end of 2023. The facility's terms include a low interest rate and financial covenants that High Tide forecasts it will meet comfortably.
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.