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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 Inc. (HITI) has highlighted significant milestones from 2021, reflecting on a robust growth trajectory. The company's total revenue surged to CAD$127 million for the nine months ending July 31, 2021, compared to CAD$58 million the previous year, with an annualized revenue run rate of approximately CAD$226 million. High Tide's international revenue run rate increased from CAD$11 million to CAD$80 million, aided by six e-commerce acquisitions. Additionally, they opened 48 new retail stores, totaling 105 in Canada, and grew the Cabana Club membership significantly to over 320,000.
High Tide has launched an at-the-market equity offering program allowing the issuance of up to CAD$40 million in common shares. The program enables the company to sell shares at prevailing market prices, subject to regulatory requirements. Proceeds are intended for strategic initiatives, operational growth, and working capital. CEO Raj Grover emphasized the importance of maintaining a healthy balance sheet and the flexibility the program offers for potential capital raising. Sales will occur through a distribution agreement with ATB Capital Markets and remain effective until certain conditions are met.
High Tide has completed its acquisition of an 80% interest in NuLeaf Naturals for US$31.24 million, marking its largest acquisition to date. This strategic move is expected to increase High Tide's annual run-rate international revenue from approximately CAD$10.6 million in 2020 to CAD$80 million. NuLeaf, a leader in cannabinoid wellness products, achieved significant revenue and EBITDA margins, generating US$19.4 million in revenue and US$5.26 million in adjusted EBITDA in the past year. High Tide aims to leverage NuLeaf’s capabilities for THC-infused products.
High Tide has completed its largest acquisition to date, acquiring an 80% stake in NuLeaf Naturals for US$31.24 million. The transaction is expected to significantly enhance High Tide's international revenue, boosting it from CAD$10.6 million to CAD$80 million annual run-rate. NuLeaf, known for its premium cannabinoid products, reported US$19.4 million in revenue and US$5.26 million in Adjusted EBITDA for the year ending September 30, 2021. The acquisition aligns with High Tide's strategy of expanding its e-commerce capabilities in the cannabis space.
High Tide Inc. has announced a definitive agreement to acquire 80% of NuLeaf Naturals for US$31.24 Million, enhancing its CBD market presence. This acquisition will boost High Tide's U.S. revenue run rate by approximately C$70 Million, leading to a pro forma annual revenue run rate of C$80 Million outside Canada. NuLeaf's revenue for the past year was US$19.4 Million, with a gross margin of 71%. The acquisition aims to leverage manufacturing synergies and expand product offerings across various platforms.
High Tide Inc. (HITI) has announced its acquisition of 80% of NuLeaf Naturals for US$31.24 million, boosting its U.S. revenue run rate by approximately 40% to C$70 million. NuLeaf generated US$19.4 million in revenue with 71% gross margins and 25% adjusted EBITDA margins in the past year. The strategic acquisition aims to enhance High Tide's global CBD presence, leveraging NuLeaf's innovative product lines and manufacturing capabilities. High Tide also anticipates significant cross-selling opportunities, with plans to expand NuLeaf products across its platforms.
On November 9, 2021, High Tide Inc. (HITI) announced the opening of its 104th retail cannabis store in Calgary, Alberta, marking its 58th location in the province. This new Canna Cabana store will serve residents of Calgary and the growing community of Chestermere, offering recreational cannabis products and accessories. The store aims to attract customers from the illicit market by providing steep member discounts and a wide selection. High Tide claims to be the largest cannabis retailer in Alberta and is committed to expanding its presence across Canada.
High Tide Inc. (HITI), Alberta's largest cannabis retailer, supports the proposed Bill 80, which seeks to end the government-run cannabis e-commerce portal, allowing private retailers to handle online sales and home delivery. This transition, expected to occur within 90 days of the bill's passage, aligns Alberta with Ontario and British Columbia's recent policy changes, promoting a free market for cannabis. The company also granted 100,000 stock options to employees and consultants, supporting its growth strategy and employee engagement.
High Tide Inc. (TSXV: HITI, Nasdaq: HITI) has opened two new Canna Cabana retail cannabis stores in Regina, Saskatchewan, and Hamilton, Ontario, bringing its total to 103 locations across Canada. The Regina store is in the Victoria Square Shopping Centre, while the Hamilton store is located in the Meadowlands Power Centre. CEO Raj Grover highlighted the company's focus on providing value to customers with low prices and a wide selection of products. The expansion reflects High Tide's strategy to grow through acquisitions and organic growth, targeting value-conscious consumers.
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