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. (Nasdaq: HITI) has reached a significant milestone with its Cabana Club loyalty program surpassing 1.5 million members across Canada. The membership has grown by 5% since June 13, 2024, representing an annual growth rate of 37%. Since launching its innovative discount club model in October 2021, the program has seen a 400% increase in membership.
The company has also announced the opening of a new Canna Cabana store in Belleville, Ontario. This marks High Tide's 181st Canna Cabana location in Canada, and the 66th in Ontario. The new store is strategically located in a high-volume shopping plaza, serving a population of over 30,000 within a three-kilometer radius.
High Tide Inc. (Nasdaq: HITI) has announced the initial closing of a $15 million subordinated debt facility. The company issued $10 million in principal subordinate secured debentures in the Initial Tranche, with the remaining $5 million to be drawn in November 2024. The debentures, priced at $900 each, will mature on July 31, 2029, and bear a 12% annual interest rate. In connection with the closing, High Tide issued 230,760 common shares at $3.47 per share to the lenders. The net proceeds will be used for debt repayment, business development, and working capital. This facility provides High Tide with additional financial flexibility to support its growth initiatives in the cannabis retail sector.
High Tide Inc. (Nasdaq: HITI) has expanded its Canna Cabana retail cannabis store network, opening four new locations in Alberta and Ontario. This brings the total number of stores to 180 Canada-wide, with 65 in Ontario. The new stores are strategically located in Calgary, Ottawa, and Stoney Creek, targeting high-traffic areas and densely populated neighborhoods.
The company's growth strategy includes organic expansion and taking over proven locations from competitors through lease takeovers, minimizing buildout costs. Since January 1, High Tide has added 18 new Cabanas to its portfolio and expects to meet or exceed its goal of adding 20-30 new locations this year. CEO Raj Grover emphasized that this growth is primarily funded through strong free cash flow from current operations.
High Tide also announced the grant of 204,000 incentive stock options to employees, consultants, and management, exercisable at the closing price of the Company's common shares on the TSX Venture Exchange.
High Tide announced the results of its annual general and special meeting of shareholders held on July 9, 2024. All five nominees for the board of directors, including Harkirat Raj Grover, Nitin Kaushal, Arthur Kwan, Christian Sinclair, and Andrea Elliott, were elected with significant majorities. Additionally, shareholders approved resolutions to fix the board at five members and reappoint Ernst & Young LLP as the company's auditors.
Votes for the board nominees ranged from 96.70% to 99.61%, while the resolutions for fixing the board at five and reappointing auditors received 99.52% and 99.93% of votes in favor, respectively.
High Tide has announced the opening of two new Canna Cabana retail cannabis stores in Canada. The first store, at 40 Great Plains Road in Emerald Park, Saskatchewan, will open on June 29, 2024. The second store, at 122 4 Avenue West in Cochrane, Alberta, will open on June 30, 2024. These openings mark High Tide's 175th and 176th Canna Cabana locations in Canada.
Emerald Park is a well-established community near Regina, while Cochrane is a rapidly growing town near Calgary. Both locations were formerly retail cannabis stores. The openings are part of High Tide's strategy to expand its retail footprint by taking over leases from other cannabis businesses that have closed.
High Tide aims to open 20 to 30 new Canna Cabana stores by the end of 2024, supported by its strong free cash flow and potential mergers and acquisitions. CEO Raj Grover highlighted the company's innovative discount club model and its ongoing retail expansion.
High Tide has announced its acquisition of a retail cannabis store in Mississauga, Ontario, for $600,000. The store, known as Cantopia, is located at 6400 Millcreek Drive in a prime retail plaza and has posted annualized revenue of $2.3 million and annualized Adjusted EBITDA of $0.4 million for the past three months ending May 31, 2024. This acquisition marks High Tide's sixth location in Mississauga and reinforces its market leadership. The purchase price represents 1.5x the store's annualized Adjusted EBITDA. This transaction is pending regulatory approvals and customary closing conditions. CEO Raj Grover emphasized the company's focus on acquiring high-quality assets in a consolidating market.
High Tide (Nasdaq: HITI) announced the grand opening of its 80th Canna Cabana retail cannabis store in Alberta, located at 5308 17 Ave SW Calgary. This marks the company's 173rd Canna Cabana store in Canada. The new location, previously an operational cannabis store, is strategically situated in the Glendale community, benefiting from high residential traffic and proximity to West Hills Towne Center. CEO Raj Grover highlighted that this expansion leverages existing infrastructure, saving significant build-out costs. High Tide is on track to add 20-30 new stores in 2024, with more announcements forthcoming.
High Tide reported its second quarter 2024 financial results, highlighting record free cash flow of $9.4 million and positive net income of $0.2 million.
Revenue increased to $124.3 million, a 5% year-over-year increase, with a 12-month trailing revenue exceeding $500 million for the first time. Gross profit rose to $35.3 million, a 12% year-over-year increase, while adjusted EBITDA surged 52% to $10.0 million.
The company, which remains the largest non-franchised cannabis retailer in Canada, also noted significant growth in its Cabana Club and ELITE memberships.
High Tide opened 5 new stores in the quarter and announced strategic acquisitions, while maintaining a strong cash position of $34.5 million.
High Tide announced a $15 million subordinated debt financing agreement with institutional credit providers. The financing includes a $10 million accordion feature. The debt will be issued at a 10% original issue discount and bear an interest rate of 12% per annum. The funds will be drawn in two tranches: $10 million at closing and $5 million in November 2024. The proceeds will be used to repay outstanding convertible debentures and for business development. The financing is set to close by June 30, 2024, pending regulatory approvals.
High Tide has expressed enthusiasm for Alberta Gaming Liquor and Cannabis' recent decision to allow private label cannabis sales. This regulatory change benefits High Tide's brands, Cabana Cannabis and newly acquired Queen of Bud, which are already present in Ontario, Manitoba, and Saskatchewan. High Tide anticipates expanding these brands into Alberta's market soon. CEO Raj Grover highlighted the move as a positive step following other favorable regulatory changes in Canadian provinces, aiming to enhance consumer choice and product differentiation while benefiting licensed producers by moving more biomass.
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