High Tide Inc. Archives - Green Market Report

StaffSeptember 14, 2023


The Daily Hit is a recap of the top financial news stories for Sept. 14, 2023.

On the Site

Canopy Growth Bows out of BioSteel

Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) will cease funding for its BioSteel Sports Nutrition unit. Following this, BioSteel has initiated proceedings under Canada’s Companies’ Creditors Arrangement Act. Read more here.

Oklahoma Supreme Court Declines to Rule on MMJ License Fee Hike

The Oklahoma state Supreme Court passed on a chance to rule on the legality of a 2022 bill approved by the state legislature that dramatically raises many medical marijuana business permit fees. The high court instead sent the case back down to a lower district court. Read more here.

High Tide Revenue Increases Again, But Still Losing Money

Canada-based High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA) pulled in record revenue of C$124.4 million and free cash flow of C$4.1 million, but still posted a C$3.5 million loss in its third quarter, which ended July 31. Read more here.

MAPS Inches Closer to Federal New Drug Application for MDMA

The Multidisciplinary Association for Psychedelic Studies announced the successful completion of Phase 3 clinical trials for an MDMA treatment to help patients suffering from post-traumatic stress disorder, and said it brings the group a major step closer to filing a federal request to bring the treatment to market. Read more here.

Green Market Report Names New York Cannabis Award Winners

Navigating the New York cannabis market these days requires resilience and creativity – just a few of the characteristics shared by the winners of the first ever Green Market Report New York Cannabis Awards. The awards were announced at the GMR New York Cannabis Summit in New York City on Sept. 13. Read more here.

In Other News

Eastern Band of Cherokee Indians

Over the next few weeks, hundreds of medical cannabis patient cards will be headed to North Carolinians who’ve applied to the Eastern Band of Cherokee Indians medical cannabis program. The EBCI’s Cannabis Control Board’s application form requires documentation of one of 18 conditions and a health professional’s signature. More than 750 people have applied. Read more here.

New York Cannabis Growers Showcase

Saratoga Springs’s first Cannabis Growers Showcase, which took place Sunday, Sept. 3 and Tuesday, Sept. 5 returned over $70,000 in gross sales, city Accounts Commissioner Dillon Moran said. Nine farms presented their products in addition to a processor – who essentially makes edible goods and drinks – during the Saratoga Springs showcase, which returned more than 300 transactions on each of its first two days. Read more here.

Oaksterdam University and REEFORM

Oaksterdam University has forged a partnership with the socially conscious cannabis brand REEFORM to offer scholarships aimed at rehabilitating the lives of those beleaguered by the shadows of Cannabis Prohibition and the overarching War on Drugs. Read more here.

John SchroyerAugust 28, 2023


On August 3, Green Market Report hosted its 2023 Finance Summit. At the Summit, the winners of the 2023 GMR Cannabis Finance Awards were announced.

The winner of the Top Investment Analyst in Cannabis was Vahan Ajamian of High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), which operates primarily in Canada but also has cannabis interests in the United States and the United Kingdom.

Ajamian, who began his cannabis career in 2016 at Beacon Securities, was the first analyst to cover the U.S. marijuana industry full-time, which he recalls as a “groundbreaking moment” and one of the proudest of his professional life.

Since then, Ajamian has worked for several names in the cannabis industry, and his career has included stints at MedMen and Vext Science before he landed at High Tide in 2020, where he said he’s been happily watching the company – and the entire marijuana industry – grow.

“I take great pride in our journey from a smaller company to becoming the largest revenue-generating cannabis company in Canada,” Ajamian told Green Market Report. “Our consistent positive EBITDA over 13 consecutive quarters underscores our dedication and strategy. The transition from the (Canadian Securities Exchange) to the Nasdaq marked a significant milestone, increasing visibility and opening doors to institutional capital. I’ve also been a key player in our M&A strategy, shaping the business into what it is today.”

But the ride hasn’t been all roses and champagne, Ajamian noted, with the current industry climate a significantly difficult one for operators of all sizes, in large part due to the lack of federal cannabis reform in the U.S.

“One of the most challenging obstacles we’ve faced is the prevailing sentiment in recent years. Negative perceptions around inaction in the United States government, and underperformance of certain large Canadian cannabis companies have cast a shadow over the industry,” Ajamian lamented. “Despite High Tide’s impressive and continually improving results, these sentiments have restrained our ability to capture investor attention.”

Still, Ajamian said he remains optimistic, and signaled he believes it’s only a matter of time before cannabis companies and stock prices begin to rebound as the market continues to grow and international marijuana reform efforts gain steam.

“I’m eagerly anticipating a shift in investor sentiment, where the focus finally turns to the robust and constantly improving fundamentals of High Tide,” Ajamian said.

StaffJune 15, 2022


After the market closed on Tuesday, High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) released its financial results for the second fiscal quarter of 2022 ending April 30, 2022. Revenue for High Tide increased to $81.0 million versus $40.9 million in the same quarter last year. Sequentially, revenue increased by 12% compared to the first fiscal quarter. This represents the second-highest quarterly revenue figure generated by a Canadian cannabis company reporting in Canadian dollars. The net loss was trimmed by 33% to $8 million in the quarter versus last year’s net loss of $12 million for the same time period.

“Once again, I can proudly report that High Tide continues to see consistent and significant growth year-over-year and sequentially with every passing quarter, despite a persistently challenging macro environment and the state of the capital markets. Since its launch, the ongoing growth of our innovative discount club model has resulted in a 48% increase in daily same-store sales, contributing to our 98% revenue growth over the same quarter last year. While we aggressively gain retail market share in Canada ahead of our peer group, we have remained adjusted EBITDA positive for the ninth straight quarter. Although we are pleased with our EBITDA of $2.4 million this quarter, we highlight that, as the only pure-play cannabis retailer trading on Nasdaq, direct ongoing costs incurred associated with our Nasdaq listing amounted to approximately $750,000 this quarter. Our continued EBITDA positivity is a critical point for us, as we are steadily growing at the same time when many of our publicly-traded and private peers are facing fierce challenges and slowing down,” said Raj Grover, President and Chief Executive Officer of High Tide.

“We also continue to be the acquirer of choice, as many independents see compelling value in joining the High Tide family in this highly competitive retail landscape. Our recently-launched Cabana Cannabis Co. products will further contribute to healthy margin increases since we expect our house-branded products to represent a 20-30% share of our total bricks-and-mortar sales over the long term. We are currently sitting at 126 stores across Canada, and remain confident that we will reach our goal of 150 stores by the end of the 2022 calendar year. Last quarter, we became the second-largest revenue-generating Canadian cannabis company that reports in Canadian dollars, and we are now on an annualized revenue run rate trajectory of approximately $325 million. I am laser-focused on ensuring that High Tide’s growth trajectory will bring us to that coveted number one position in Canada,” added Mr. Grover.

Delta-8 is Back

High Tide did say that through its subsidiaries, it plans to restart sales in certain states in the United States of products containing hemp-derived cannabinoids, including delta-8 tetrahydrocannabinol and delta-9 tetrahydrocannabinol, extracted from cannabis plants that meet the definition of “hemp” under the Agriculture Improvement Act of 2018. The legality of Delta-8 derived from hemp is uncertain and varies from state to state, with some states banning the sale of products containing Delta-8. The company said it will not sell into any states where the sale of Delta-8 is prohibited at the state level. At the federal level in the United States, the legality of Delta-8 remains unclear.


High Tide said it expects to continue to increase its revenue through the third fiscal quarter of 2022, and for the remainder of the year through organic growth and accretive M&A. The goal is to have at least 150 stores open by the end of the year. Currently, it has 126 stores in its Canadian retail store portfolio. The company also said it anticipates entering the British Columbia market within the third fiscal quarter of 2022 and will continue growing strategically in other provinces where it currently operates.

StaffMarch 17, 2022


High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) reported its financial results for the first fiscal quarter of 2022, ending January 31, 2022. Revenue increased to $72.2 million in the first quarter of 2022 compared to $38.3 million in the same quarter last year. Sequentially, revenue increased by 34% compared to the fourth quarter of 2021. The company also reported a net loss of $7.3 million. All figures are in Canadian dollars.

Geographically in the first quarter of 2022, $52.4 million of revenue was earned in Canada, $17.4 million in the United States and $2.3 million internationally. Compared to the first quarter of 2021, revenue increased by 53% in Canada, 346% in the United States, and 1,016% internationally. Sequentially, revenue earned increased by 22% in Canada, 65% in the United States, and 455% internationally, compared to the fourth quarter of 2021.

“This past quarter’s results, showcasing 34% sequential revenue growth and 80% sequential increase in Adjusted EBITDA, re-affirms our exponential, yet sustained growth trajectory. We continue to execute on our business plan quarter after quarter by strategically expanding our business in Canada and internationally through organic growth and accretive M&A across our diversified ecosystem. Our forward-thinking approach makes us a leader amongst our peer group in Canada, as we keep introducing innovative retail concepts such as our discount club model, while remaining agile and pivoting quickly when needed due to the constantly evolving dynamics in the global cannabis landscape,” said Raj Grover, President and Chief Executive Officer of High Tide.

He continued saying,  “With these results, we have now achieved the second-highest quarterly revenue figure ever reported by a Canadian cannabis company that reports in Canadian dollars, and with our growth plans for the remainder of this year, we remain confident in further meaningful increases to our revenue profile. As Canada’s largest cannabis retailer, we continue to consolidate the bricks-and-mortar market at attractive multiples while simultaneously growing our e-commerce business portfolio.


Through organic growth and accretive M&A, High Tide said it expects to continue to increase its revenue through the second fiscal quarter of 2022, and the remainder of the year. By the end of the 2022 calendar year, the company intends to grow its Canadian retail store portfolio to at least 150 locations, with a primary focus on the Province of Ontario. The company said it also plans to enter the British Columbia market in the near-term and will continue growing strategically in other provinces where it currently operates. Although challenges still remain as a result of the ongoing COVID-19 pandemic, the Company is confident and has demonstrated that it will be able to remain on a positive growth trajectory.

“From same-store sales increases to the rapid growth in our Cabana Club loyalty program, including generating higher consolidated gross margins through our complimentary ecosystem, we continue to raise the bar on our operational execution. Our recent entry into Germany positions us well to take advantage of significant growth opportunities in Europe’s largest cannabis market. Our imminent entry into British Columbia and ongoing expansion in Ontario will further propel our growth over the next few quarters. We practically doubled our EBITDA this quarter and believe this growth will continue to accelerate as we remain hyper focussed in executing on our business plan,” added Mr. Grover.

Debra BorchardtMarch 3, 2022


High Tide Inc.  (Nasdaq: HITI) is buying four operating retail cannabis stores in Ontario under the name Crossroads Cannabis, for C$2.5 million in an all-stock deal. In the latest quarter, Crossroads generated annualized revenue of C$7.6 Million and annualized Adjusted EBITDA of C$0.7 Million. The purchase price represents 3.5x annualized Adjusted EBITDA for the three months ended December 31, 2021.

“Since its inception, Crossroads has been a very popular cannabis retail brand in the communities that it serves. The Stratford Crossroads location was the first to open in the city and has meaningful levels of goodwill from early customers in the community,” said Raj Grover, President and Chief Executive Officer of High Tide. “As consolidation in the Canadian retail cannabis space has picked up steam, we have become the acquirer of choice. This has allowed us to be strategic in determining where to expand within Ontario, bringing our innovative discount club model to communities which we have not yet been able to serve directly.”

The Stores are located in Stratford, Woodstock, Hanover and Markdale. The Stratford store is located in a retail plaza anchored by a national discount grocery chain. The Woodstock store is located in a shopping center anchored by a large national home improvement store. The Hanover store is located in a power center with numerous anchors including national grocery and big box retail chains. The Markdale store is well-located immediately beside the provincial liquor retailer.

Grover added, “The pandemic has resulted in longer lead times to open stores organically, and by consolidating the retail landscape through accretive acquisitions, we are keeping up the momentum of overall store expansion. We expect to announce more retail store acquisitions in the near term as we move towards our goal of reaching 150 stores by the end of calendar 2022.”

“As I observed how the retail market has matured in Ontario, it became crystal clear to me that consolidation would be the path to true longevity. I recognized the exceptional foresight and leadership in Raj and his committed team, and I’m delighted to now be associated with High Tide and Canna Cabana’s future growth and success,” said Robert Rowe, Sole Proprietor of Crossroads.

High Tide is the largest Canadian retailer of recreational cannabis as measured by revenue, with 111 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan. The company is also North America’s first and only cannabis discount club retailer, featuring Canna Cabana, Meta Cannabis Co., and Meta Cannabis Supply Co. banners, with additional locations under development across the country.

High Tide’s portfolio also includes retail kiosk and smart locker Fastendr technology. High Tide has been serving consumers for over a decade through its established e-commerce platforms including Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com and more recently in the hemp-derived CBD space through Nuleafnaturals.com, FABCBD.com, and BlessedCBD.co.uk, as well as its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz.

Debra BorchardtJanuary 5, 2022


High Tide Inc. (TSXV: HITI) (Nasdaq: HITI) is buying Bud Room Inc. in a deal valued at C$3.6 million or $2.8 million based on today’s currency exchange. The acquisition will also include all rights to the customized Fastendr retail kiosk and smart locker technology and Bud Room’s retail cannabis store located at 1910 St. Laurent Blvd in Ottawa, Ontario. The transaction will consist of C$3.24 Million paid in common shares of High Tide and C$360,000 cash for the assignment of C$360,000 of the vendors’ shareholder loans. The acquisition follows last month’s announcement by High Tide to offer C$40 million of common shares intended to fund two specific strategic initiatives it was developing including acquisitions.

Fastendr is a unique and fully automated technology that integrates retail kiosks and smart lockers to facilitate a better buying experience through browsing, ordering, and pickup. The technology is meant to create faster transaction times, increased average basket size, lower overhead and labor costs, and provides a seamless end-to-end customer experience.

“This deal is one of the most exciting acquisitions for High Tide to date, as it greatly enhances the customer experience in our stores while materially reducing overhead and labor costs in our ever-expanding retail portfolio. This technology will also allow us to generate third-party revenue, provide data collection and monetization opportunities, while supporting an unparalleled retail shopping experience for our customers, said Raj Grover, President and Chief Executive Officer of High Tide. “Fastendr is a perfect solution for smaller footprint stores as well as busier retail locations, as it allows for more transactions in less time and with less square footage. All Canna Cabana locations will be equipped with this technology, with the first installations planned for later this month in the province of Ontario. The customized Fastendr technology is a game-changer for our bricks-and-mortar retail business and has tremendous potential to be rolled out in our ancillary business divisions as well. This acquisition comes on the heels of several disruptive retail innovations by High Tide, such as our “one-stop shop” and “discount club” concepts,” added Mr. Grover.

High Tide noted in a statement that as the Canadian cannabis industry continues to become more competitive, it is essential for successful companies to innovate, using technology to differentiate themselves and improve the efficiency of their operations, in order to thrive. The company said it believes the Fastendr technology will improve its operational efficiency materially while also reducing operating expenses in its retail cannabis stores. High Tide also said it plans to grow and diversify its revenue by licensing the self-order kiosk and smart locker technology for use by third-party cannabis retailers across North America.

“When High Tide initially approached us we already had several interested parties at the table. However, it became clear that choosing a partnership with Raj and his team was a no-brainer for us because we felt that our innovation deserved to be in the hands of the best Cannabis company in Canada,” said Michael Di Duca, CEO of Bud Room. “This customer-centric technology was designed with the user experience in mind and it is my firm belief that with High Tide’s experience, history of operational execution, and financial resources, this technology can be effectively implemented across retail sectors on a world-class level,” added Mr. Di Duca.

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