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. 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 99% increase in revenue for Q2 2021, reaching $40.9 million, compared to $20.6 million in Q2 2020. The gross profit rose 93% to $15.0 million, showcasing a 37% gross profit margin. Adjusted EBITDA was $4.7 million, significantly up from $1.8 million year-over-year. The company’s cash increased to $29.4 million. Expansion efforts include acquiring Smoke Cartel and FABCBD, as well as plans to grow its store count in Ontario. However, net loss reached $12.3 million, indicating challenges remain amidst market disruptions.
High Tide Inc. has announced the acquisition of Daily High Club, a leading e-commerce platform for consumption accessories. This strategic move aims to solidify High Tide's position in the U.S. market, leveraging Daily High Club's 15,000 subscribers and significant social media following. The transaction, valued at US$10 million, includes US$6.75 million in shares and US$3.25 million in cash. Daily High Club generated US$9.4 million in net revenue and US$1.2 million in EBITDA for the year ending April 2021, making this acquisition immediately accretive. High Tide's revenue run rate in the U.S. is now expected to exceed CAD$50 million.
High Tide Inc. (TSXV: HITI, Nasdaq: HITI) announced it will release its financial results for the quarter ended April 30, 2021, after market close on June 28, 2021. These results will be available on SEDAR and the company's website. Following this release, High Tide will host a conference call on June 29, 2021, at 8:30 AM ET, to discuss the financial results and future plans. High Tide is recognized as a leading retail-focused cannabis company in Canada, operating 87 locations across several provinces, and has a strong presence in consumption accessories through its e-commerce platforms.
High Tide Inc. (HITI) announced the conversion of most of its senior secured debt into common shares, facilitating the finalization of a credit facility with a Canadian bank. The company has reduced over $40 million of debt in six months and currently holds $31.6 million total debt, with only $3.8 million due in the next year. Following a $23.6 million equity offering, High Tide's Adjusted EBITDA reached $4.6 million in the latest quarter. Additionally, the company has been included in the AdvisorShares Pure Cannabis ETF (NYSE: YOLO), enhancing visibility among investors.
High Tide Inc. (TSXV: HITI, NASDAQ: HITI) has opened a new Canna Cabana retail store in Calgary, Alberta, marking its 88th location for selling recreational cannabis products and accessories in Canada. This store, located on a high-traffic road, reinforces the company’s position in the Calgary market. CEO Raj Grover emphasized the importance of expanding both their brick-and-mortar and e-commerce operations in North America and Europe. High Tide is recognized as the most profitable Canadian retailer of recreational cannabis based on Adjusted EBITDA.
High Tide Inc. has achieved a significant milestone as the first major publicly traded cannabis retailer to list on the Nasdaq under the ticker symbol HITI. This development is expected to enhance liquidity and attract a broader range of retail and institutional investors globally. The company's strategy focuses on strengthening its integrated value chain, with 87 retail locations across Canada and a portfolio of consumption accessory businesses. High Tide aims to optimize its capital costs and broaden its market appeal through this strategic listing.