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. (Nasdaq: HITI) has opened its second Canna Cabana store in Scarborough, Ontario, marking the company's 188th location in Canada and 74th in Ontario. The new store, located at 2432 Eglinton Avenue East, is situated in a busy shopping complex near the Kennedy GO Train and subway station. The location will serve approximately 20,000 residents within a one-kilometer radius and is part of High Tide's strategy to secure prime real estate in high-traffic areas. This represents the company's 11th store in Toronto and second in Scarborough, a borough with over 630,000 residents.
High Tide (Nasdaq: HITI) announced the opening of its third Canna Cabana store in Hamilton, Ontario, marking the company's 187th location in Canada and 73rd in Ontario. The new store, located at 1508 Upper James Street in a former GameStop location, will serve an area with over 150,000 people within a 5-kilometer radius. The opening contributes to High Tide's achievement of 25 new stores across Canada this year, including 19 in Ontario, exceeding their minimum target of 20 new stores. The company plans to focus on underserviced and high-potential markets in Ontario while developing new e-commerce initiatives.
High Tide Inc (Nasdaq: HITI) has completed the final tranche of its $15 million subordinated debt facility, issuing 5,000 debentures at $900 each. The debentures will mature on July 31, 2029, with a 12% annual fixed interest rate payable quarterly. The facility was drawn in two tranches: $10 million previously drawn on July 31, 2024, and the final $5 million now completed. The proceeds will be used for debt repayment maturing on December 31, 2024, business development, and working capital. The debentures are secured by company assets and rank second to existing senior debt.
High Tide Inc. (Nasdaq: HITI) announced the opening of its first Canna Cabana store in Kingston, Ontario, scheduled for October 31st, 2024. Located at 97 Bath Road, this will be the company's 186th Canna Cabana location in Canada and 72nd in Ontario. The store is strategically positioned in a power centre near major retailers and Queen's University, serving a population of over 50,000 within a three-kilometer radius. Kingston, home to over 30,000 post-secondary students across three institutions, represents a new market for High Tide's expansion of its ELITE & Cabana Club community.
High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA) has announced the opening of its 185th Canna Cabana retail cannabis store in Canada. The new location, situated at 3406 Dundas Street W, Toronto, Ontario, will begin operations on Sunday, October 13. This marks the company's 71st store in Ontario and 11th in Toronto.
The new store is located in the Runnymede neighborhood, an area with a population density exceeding 150,000 residents within a three-kilometer radius. It is part of a retail shopping plaza anchored by a national grocery chain and other local businesses.
Raj Grover, Founder and CEO of High Tide, expressed pride in the company's rapid expansion, especially in light of competitors facing financial difficulties. He also emphasized the company's focus on organic growth and its robust construction pipeline for future store openings throughout 2024 and into 2025.
High Tide Inc. (Nasdaq: HITI) has opened a new Canna Cabana retail cannabis store at 201 Danforth Avenue, Toronto, Ontario. This marks the 70th Canna Cabana location in Ontario and the 184th in Canada. The store is strategically located in Toronto's Greektown, a vibrant neighborhood known for its summer festivals and high foot traffic. With a population density of nearly 250,000 residents within a three-kilometre radius, the store is well-positioned to serve both locals and tourists.
Raj Grover, Founder and CEO of High Tide, expressed enthusiasm about the new location, highlighting its potential to attract new ELITE and Cabana Club members. The company plans to evaluate additional retail opportunities in Toronto, focusing on densely populated areas to expand its reach in one of North America's largest and fastest-growing population centers.
High Tide Inc. (Nasdaq: HITI) has been ranked 87th out of 417 companies in the 2024 Report on Business ranking of Canada's Top Growing Companies, with a three-year revenue growth rate of 486%. This marks the fourth consecutive year the company has made the list. High Tide's CEO, Raj Grover, attributes this success to their innovative retail model and operational outperformance, noting that the company has reached a 12% market share in the five provinces where they operate. The company's annualized run rate now exceeds $525 million, with net income reaching $0.8 million last quarter. Grover expressed enthusiasm for potential expansion into emerging legal cannabis markets such as Germany and the US.
High Tide reported record revenue of $131.7 million for Q3 2024, a 6% YoY and sequential increase. This marks the 2nd consecutive quarter of positive net income, improving to $0.8 million from $(3.6) million YoY. The company also achieved its 5th consecutive quarter of positive free cash flow at $3.1 million, contributing to a trailing total of $21.8 million. High Tide reached a 12% market share in its operating provinces, up from 10% a year ago.
Other highlights include:
- Gross profit of $35.5 million, a 3% YoY increase.
- Adjusted EBITDA of $9.6 million, an 18th consecutive positive quarter.
- 1.55 million Cabana Club members, up 41% YoY.
- Opening 11 new Canna Cabana locations.
- Cash and cash equivalents of $35.3 million, a record high.
High Tide Inc. (Nasdaq: HITI) has announced the launch of Queen of Bud branded white label products in five Canadian provinces. Starting tomorrow, Canna Cabana stores will offer exclusive Crystal Smoke Eliminating candles in three varieties. Additional products, including Zippo lighters and premium pre-rolls, will be introduced in the coming weeks.
This launch follows High Tide's acquisition of the Queen of Bud brand in March 2024 and Alberta's decision to permit white-label cannabis product sales in May. The company aims to have house brands represent 20-25% of in-store cannabis SKUs within 3-5 years, diversifying revenue streams and potentially improving profit margins.
Upcoming cannabis products include innovative pre-rolls and blunts infused with unique ingredients like rose petals, chamomile, and diamonds. These products will be rolled out across Canna Cabana stores as they are accepted by provincial wholesalers.
High Tide Inc. (Nasdaq: HITI) has announced a joint venture with Positive Intent Events (PIE) to establish a leading position in Canada's emerging cannabis hospitality sector. This move follows Alberta's decision to allow licensed cannabis pop-up stores at adults-only festivals and events. High Tide, with 183 Canna Cabana branded retail stores across Canada, plans to leverage its national brand to deliver retail experiences at various events and venues.
The company aims to bring its innovative discount club model, which has helped achieve nearly 11% market share in operating provinces, to adults-only events such as music festivals, comedy shows, and business conferences. High Tide's CEO, Raj Grover, emphasized the opportunity to bring the Cabana experience directly to events where customers are socializing, offering high-quality products at competitive prices.