High Tide Revenues Up Big But Company Still Lost C$52M in Q4

Canadian cannabis company High Tide (NASDAQ: HITI) (TSXV: HITI) saw both its revenues and its losses balloon in its final fiscal quarter of 2022, which ended on Halloween.

Though revenues shot up for the year as a whole by 97% to C$356.9 million, High Tide still lost $52.5 million in the fourth quarter alone, and posted a C$70.8 million loss for the fiscal year. That’s a 102% increase in losses from 2021, when High Tide finished the year C$35 million in the red.

The company’s ongoing expansion across Canada and into Germany, however, had CEO Raj Grover touting High Tide’s “record-breaking revenue” and asserting that his company is “the largest revenue-generating cannabis company in Canada with a current annual run rate of over $450 million.”

Grover pointed to High Tide’s solid retail presence nationally in Canada, with 151 storefronts and a customer loyalty program that boasts 950,000 members.

“Our bricks-and-mortar margins have slowly but steadily ticked higher over the last two quarters, and we expect this to continue, which will help amplify the impact of our anticipated same-store sales increases,” Grover said.

Going forward, Grover said, High Tide would slow its pace on mergers and acquisitions, but would still “looking at smaller, highly accretive bricks-and-mortar opportunities” to expand their retail footprint.

High Tide also in the fourth quarter inked a partnership deal with Germany-based Sanity Group, which will give it access to the German adult-use cannabis market once that launches.

The Canadian and German duo “intend to work together on go-to-market strategies, identification of quality M&A opportunities, sourcing of high-quality real estate, expansion within European markets, and regulatory compliance,” according to a press release.

Other highlights from High Tide’s fourth quarter include:

  • The acquisition of assets from Choom Holdings Inc. closed, boosting High Tide’s Canadian cannabis retail footprint by nine shops.
  • Another acquisition deal was signed, for High Tide to purchase two British Columbia cannabis stores owned by 1171882 B.C. Ltd., which does business as Jimmy’s Cannabis Shop BC.
  • High Tide added 13 other new stores in British Columbia, Alberta and Ontario.

John Schroyer

John Schroyer has been a reporter since 2006, initially with a focus on politics, and covered the 2012 Colorado campaign to legalize marijuana. He has written about the cannabis industry specifically since 2014, after being on hand for the first-ever legal cannabis sales on New Year’s Day that year in Denver. John has covered subsequent marijuana market launches in California and Illinois, has written about every aspect of the marijuana trade, and was part of the team that built the cannabis industry’s first-ever trade show, MJBizCon. He joined Green Market Report in 2022.


  • Bob

    February 2, 2023 at 7:19 am

    John- if you read the report you know they didn’t actually lose 52M in 1Q. This is poor reporting or a poor understanding of a financial report.


    • Debra Borchardt

      February 2, 2023 at 9:08 am

      Hi Bob,
      We beg to differ. The filing clearly states the company recorded a net loss of C$52,205,000 in the fourth quarter and the loss per share was C$0.85.


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