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. (HITI) maintains its position as Canada's leading vertically integrated cannabis retailer through continuous innovation in retail operations and e-commerce solutions. This news hub provides investors and industry observers with essential updates on corporate developments, financial milestones, and strategic initiatives within the evolving cannabis market.
Access authoritative information about HITI's retail expansions, technology implementations like the Fastendr kiosk system, and quarterly performance metrics. Our curated collection features official press releases covering earnings announcements, partnership agreements, product launches, and regulatory compliance updates.
Key focus areas include Canna Cabana store network growth, cannabis accessory innovations, and operational efficiency improvements. Users can track the company's progress in enhancing customer experiences through both physical retail locations and digital platforms while monitoring its competitive positioning within North American markets.
Bookmark this page for streamlined access to verified information about High Tide's business strategies, leadership decisions, and market responses. Regular updates ensure you maintain current awareness of developments affecting this dynamic cannabis enterprise.
High Tide Inc. (HITI) announces the acquisition of four retail cannabis stores under the Crossroads Cannabis brand in Ontario for CAD $2.5 million. The stores are located in Stratford, Woodstock, Hanover, and Markdale, generating annualized revenue of CAD $7.6 million and EBITDA of CAD $0.7 million for the last quarter of 2021. This acquisition, valued at 3.5x EBITDA, is part of High Tide's strategy to consolidate the market and aims to expand its presence in Ontario, targeting 150 stores by the end of 2022.
High Tide Inc. (Nasdaq: HITI) has launched a new cannabis Delivery on Demand service at select Canna Cabana locations across Canada. Customers can enjoy guaranteed delivery within two hours or select an hourly slot for CAD$9.99, with no minimum purchase required. The initial rollout includes stores in Ontario, Manitoba, and Saskatchewan, with plans for expansion to all locations, including Alberta starting March 8th. This initiative aims to enhance customer experience and compete with the illicit market.
High Tide Inc. (Nasdaq: HITI) has announced the opening of its 60th Canna Cabana retail cannabis store in Grande Prairie, Alberta, marking a significant milestone with a total of 111 locations across Canada. This store is strategically positioned in a power centre with high traffic volumes, serving a city with a population of 65,000. The CEO emphasized the company's commitment to Alberta's cannabis market and plans to launch e-commerce by March 8, 2022. Additionally, the company will issue 15,122 shares to pay $100,000 in consulting fees for future business development in Saskatchewan.
High Tide Inc. has completed the acquisition of Bud Room Inc. for CAD$3.6 million, gaining ownership of the Fastendr™ retail kiosk and smart locker technology. This technology enhances customer experience and operational efficiency, potentially increasing average basket size by over 20%. High Tide aims to implement Fastendr™ across its Canna Cabana locations and license it to third-party retailers. Bud Room’s current annual revenue exceeds CAD$2.4 million with CAD$500,000 in adjusted EBITDA. CEO Michael Di Duca will remain to innovate the technology, bolstering High Tide's competitive edge in cannabis retail.
High Tide Inc. (NASDAQ: HITI) has filed its audited annual financial statements and management discussions for the years ending October 31, 2021, and 2020, after addressing prior delays. The Company reported revenue growth of 118%, reaching $181.1 million for the fiscal year 2021, with a fourth-quarter revenue of $53.9 million. Despite a net loss of $18.7 million, adjusted EBITDA was reported at $12.5 million. High Tide is on track to file its Q1 2022 financial statement by March 17, 2022, with projected sales exceeding $70 million.
High Tide Inc. (NASDAQ: HITI) announced a delay in filing its audited annual financial statements for the years ending October 31, 2021, and 2020. The company missed the January 31, 2022 deadline due to COVID-19 related personnel challenges. High Tide intends to apply for a Management Cease Trade Order (MCTO) to prevent its management from trading until filing is completed. The firm is working closely with auditors to resolve outstanding tax reconciliations related to its 39 subsidiaries and strategic acquisitions but does not anticipate significant changes in key financial metrics apart from income tax expense and net losses.
High Tide Inc. (HITI) reports significant financial growth for the fiscal year ending October 31, 2021, with revenues soaring 118% to $181.1 million. The fourth quarter revenue rose 12% to $53.9 million. Gross profit increased by 108% to $64.0 million, with a gross profit margin of 35%. The company anticipates first-quarter 2022 revenue exceeding $70 million. High Tide also expanded its international customer base to 3 million, launched a discount club model, and completed several acquisitions. A conference call will further discuss these results and future outlook.
High Tide Inc. (Nasdaq: HITI) announced the opening of two new Canna Cabana retail cannabis stores in Regina, Saskatchewan, increasing its locations to 109 across Canada. The Eastgate Drive store is now open, while the Albert Street store will open on January 27, 2022. These expansions are part of High Tide's strategy to grow from 2 to 5 stores in Regina and achieve a total of 150 retail locations nationwide by the end of 2022. Additionally, the company plans to issue $100,000 in shares as consulting fees and granted 35,000 stock options to consultants.
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