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High Tide Inc. opens its 84th Canna Cabana retail store in Edson, Alberta, at 4:20 p.m. on April 20, 2021, commemorating the annual '420' cannabis holiday. This new location enhances High Tide's reputation as Canada's leading cannabis retailer, with significant growth in retail and consumption accessory sales. The store is strategically located near popular restaurants, potentially boosting foot traffic and sales. High Tide operates across various provinces, with ongoing plans for expansion and a focus on maximizing shareholder value.
High Tide Inc. has announced the opening of its new META Cannabis retail store in Ottawa, Ontario, marking its 83rd branded location in Canada and 17th in Ontario. Located in the high-traffic ByWard Market, the store will sell recreational cannabis products and consumption accessories. CEO Raj Grover stated that this opening is part of the company's plan to launch 30 retail locations in Ontario by September 2021. High Tide is recognized as the largest Canadian retailer of recreational cannabis by revenue, with a diverse portfolio of retail brands and e-commerce platforms.
High Tide Inc. (TSXV: HITI, OTCQB: HITIF) announces key executives available for comment ahead of the April 20 ('420') cannabis holiday. Amid ongoing pandemic restrictions, the executives will discuss evolving consumer trends and governmental actions needed to support Canada's legal cannabis market. Chief Revenue Officer Andy Palalas will provide insights on purchasing trends, while Senior VP Omar Khan will address public policy and the impact of government initiatives on the cannabis sector's competitiveness. High Tide operates the largest number of cannabis retail locations in Canada, totaling 82 across several provinces.
High Tide Inc. has opened its 82nd cannabis retail store, Canna Cabana, in Medicine Hat, Alberta, enhancing its footprint in Canada. Located in a major commercial area, the store aims to serve local customers with a comprehensive selection of cannabis products and consumption accessories. CEO Raj Grover emphasized the store's role in driving organic growth while the company works towards a Nasdaq listing. High Tide is recognized as the largest cannabis retailer in Canada by revenue, operating multiple brands across several provinces.
High Tide Inc. (HITIF) has filed a preliminary short form base shelf prospectus to enable flexible financing opportunities over the next 25 months. This prospectus allows the Company to offer securities up to C$100 million, which could include common shares, warrants, and debt securities.
With this move, High Tide aims to utilize proceeds for general corporate purposes, internal expansion, or acquisitions. The Company is the largest Canadian cannabis retailer by revenue, boasting 81 locations across Canada.
High Tide Inc. (OTCQB: HITIF) announced an agreement to extend the maturity of its $2 million convertible debenture from April 18, 2021, to April 18, 2023, while reducing the interest rate from 10.0% to 7.0%. The conversion price remains at $0.75. This strategic change follows similar agreements with four lenders involving $42 million in total facilities. Recently, High Tide generated $13.4 million in EBITDA over the past four quarters, with $4.6 million in the fiscal first quarter ending January 31, 2021. The company holds a cash balance of approximately $33 million.
High Tide Inc. announced the opening of its 81st retail cannabis store in Toronto, Ontario, marking a milestone in its expansion strategy. This new Canna Cabana location is part of the company's commitment to operate 30 branded stores in Ontario by September 2021. Following a record month in March with eight new openings, High Tide aims to bolster its market presence while pursuing strategic acquisitions in Canada, the U.S., and Europe. The company is the largest Canadian cannabis retailer by revenue, emphasizing a one-stop shopping model for cannabis and accessories.
High Tide Inc. reported robust financial results for Q1 2021, achieving a 179% increase in revenue to $38.3 million, driven by the acquisition of META Growth Corp. Gross profit surged 208% to $14.8 million, with a gross profit margin of 39%. Adjusted EBITDA reached $4.6 million, a significant improvement from the previous year’s negative figures. Cash reserves grew to $33 million. The company also expanded its retail footprint, crossing 80 stores in Canada, and is exploring growth opportunities in the U.S. and Europe.
High Tide Inc. (OTCQB: HITIF) has adjusted the timing for the release of its first quarter 2021 results, now set for after market close on March 31, 2021. A conference call with executives will be held on April 1, 2021, at 8:30 AM ET to discuss these results and future plans. Additionally, the Company announced a grant of 500,000 stock options to Sean Geng, its new Chief Technology Officer. High Tide is recognized as the largest Canadian retailer of recreational cannabis, operating 80 retail locations across various provinces.
