High Tide Archives - Green Market Report

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 14, 2023


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

On the Site

Hexo Shareholders Greenlight Tilray Deal, Company Warns of Possible Default

Canadian licensed cannabis producer Hexo Corp. (TSX: HEXO) (Nasdaq: HEXO) is set to be acquired by Tilray Brands, following a formal sign-off on Wednesday by Hexo shareholders in a near-unanimous vote. If the deal doesn’t go through as planned by the end of the month, Hexo could wind up in default, the company warned. Read more here.

Maryland Regulators Shut Down Cookies Baltimore Over Advertising, Security Breaches

Cookies Baltimore, formally known as MIMD Operating 1 LLC, opened its doors on May 15 and found itself in hot water less than a month later. The court document obtained from the Maryland Cannabis Administration details alleged breaches of both the Cannabis Reform Act and Code of Maryland Regulations. Read more here.

High Tide Revenue Rises, But Company Still in the Red

Canada-based High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA) drastically improved its revenue for its second fiscal quarter, which ended April 30, by a whopping 46%, but the company still fell short of profitability, with a $1.6 million net loss. Read more here.

Aurora Cannabis Revenues Rise as Cash Burn Rages

Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) reported total net revenue for its fiscal third quarter was $64 million, which rose sequentially from the second quarter’s revenue of $61.7 million and topping last year’s revenue of $50.4 million. The company attributed the increase to the contribution of $10.8 million from Bevo, which was acquired in August 2022. Read more here.

Aleafia Revenue Increases Slightly Ahead of RWB Acquisition

Aleafia Health Inc. (TSX: AH)(OTCQB: ALEAF) delivered its audited financial results for the quarter and fiscal year ending March 31 in Canadian dollars. During the fourth quarter, total revenue increased 9% to $11.7 million from $10.7 in the 2022 fourth quarter. Read more here.

In Other News


Pineapple Inc. (OTC Pink: PNPL), a legal cannabis industry operator focused on non-plant touching activities, such as leases to licensed cannabis operators, online, and in-store hemp-derived CBD transactions, and cannabis business licensing and consulting services, has acquired Pineapple Wellness Inc. and its e-commerce platform, PineappleWellness.com. Read more here.

PRODUCT RECALL: Kind Care of Colorado & Elevated

Another marijuana recall over mold and yeast concerns has hit Colorado, with the latest safety notice impacting dispensaries in Fort Collins and Longmont. According to a June 14 recall notice from the Colorado Marijuana Enforcement Division, Kind Care of Colorado in Fort Collins and Longmont dispensary Elevated sold potentially unsafe marijuana flower, shake and pre-rolled joints from February 10 to June 6 of this year. Both medical and recreational marijuana harvests were included in the recall. Read more here.

StaffJanuary 31, 2023


The Daily Hit is a recap of the top financial news stories for January 31, 2023.

On the Site

California Takes Baby Step Toward Interstate Cannabis Commerce

The California Department of Cannabis Control’s executive director, Nicole Elliott, and general counsel, Matthew Lee, sent the eight-page letter to Attorney General Rob Bonta, asking him to issue a written opinion as to whether shipping cannabis products over state lines would run afoul of federal law, or if the state was on firm legal ground under the U.S. Constitution. Read more here.

Washington D.C. Mayor Signs Massive Medical Marijuana Overhaul Bill

Washington D.C. Mayor Muriel Bowser on Monday signed into law the Medical Cannabis Amendment Act of 2021, which for all practical purposes will establish a new adult-use cannabis market, without any license caps or restrictions on specific medical ailments. Read more here.

D.C. Cannabis Delivery Service Owner Pleads Guilty to Laundering $3.5 Million

CEO Connor Pennington, 39, pleaded guilty to conspiracy to commit money laundering after he directed and green lit a scheme in which he and other business associates within his company, JointVentures LLC., deposited cash in denominations less than $10,000 into several bank accounts they operated. Read more here.

Village Farms Raises $25 Million in Tight Capital Markets

Village Farms International Inc. (Nasdaq: VFF) completed its previously announced registered direct offering with certain institutional investors for the purchase and sale of an aggregate of 18,350,000 common shares at $1.35 per share, together with accompanying warrants to purchase up to 18,350,000 common shares, which have an exercise price of $1.65 per share. Read more here.

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. Read more here.

In Other News

Nextleaf Solutions Ltd.

Vancouver, British Columbia-based Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) reported total revenue of $5.4 million for the fiscal year ended Sept. 30, 2022, an increase over 52% from the year prior. Cost of sales of $3.7 million decreased of approximately 12% from the year prior. A significant portion of cost of sales is related to excess capacity, as such, as revenue scales with increased distribution, gross profit is expected to increase exponentially. Read more here.


Year one of Vermont’s legalized market, which opened in October, was highlighted by a high demand and limited supply, which officials say they expected. That’s partly because the first licenses weren’t available until the middle of the growing season. State officials now expect a ramping up of crop yields for 2023. Read more here.

Cannabis Scheduling

A GOP congressman has refiled a bill to move marijuana from Schedule I to the less restrictive Schedule III under federal law. Rep. Greg Steube (R-FL) introduced the proposal on Friday. This is the third session in a row that he’s pushed for the modest reform, titled the “Marijuana 1-to-3 Act.” Read more here.

John SchroyerJanuary 30, 2023


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.

StaffDecember 13, 2022


The Daily Hit is a recap of cannabis business news for Dec. 13, 2022.


Green Thumb Taps New Executives in C-Suite Shuffle

Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) has chosen four new executives to help spearhead the Chicago-based operator’s management team, the company said in a Tuesday release. The news comes a couple months after three of Green Thumb’s four independent board members departed in in October, along with company’s general counsel and corporate secretary, Beth Burk. All three directors were part of the company’s audit committee. Read more here.

High Tide Begins Selling Cannabis Seeds to US After DEA Signs Off

Canadian-based marijuana company High Tide (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA) has commenced online sales of cannabis seeds directly to U.S. consumers, now that the U.S. Drug Enforcement Agency clarified earlier this year that it considers seeds to be akin to hemp, which is federally legal. Read more here.

Laid-Off Trulieve Worker Files Possible Class Action Suit

Florida-based Trulieve (CSE: TRUL) (OTCQX: TCNNF) may have a class-action lawsuit on its hands now that one ex-worker has filed suit against the business and is claiming she and “other similarly situated employees” didn’t receive a mandatory 60-day notification prior to losing their jobs. Read more here.

New York Hosts Dispensary Showroom in The Bronx

Bronx Community Foundation, partners, and CAURD applicants launched The Bronx Dispensary Showroom: A Cannabis Retail Pop-Up Experience recently. It featured a built-out model of a New York State-compliant dispensary, demonstrating the entire cannabis retail experience. Educational and workforce programming focused on opportunities to build generational wealth in under-resourced communities harmed by cannabis prohibition. Learn more here.

Could Residency Lawsuits Upend Social Equity in Cannabis?

A series of lawsuits challenging residency requirements in at least three states has some advocates of cannabis industry social equity programs worried that those programs could be in jeopardy. And they have good reason to be concerned. Read more here.



New Hampshire

The Democratic and Republican leaders of the New Hampshire House of Representatives announced on Monday that they will be jointly filing a bill to legalize marijuana for the 2023 session – a bipartisan effort that’s backed by key advocacy and industry stakeholder groups. Read more here.


Cannabis prices in Massachusetts have been steadily decreasing for more than a year, and those running businesses in the burgeoning industry expect them to keep dropping. While customers may be rejoicing over greater access to marijuana, the lowering of prices has some concerned about the ramifications for cultivators, small businesses, and the employees that make it all run. Read more here.

Washington state

Looking to the new year, some of Washington state’s cannabis businesses are focused on safety challenges, including ongoing store robberies, and preparing for the potential of interstate marijuana commerce. That’s according to the Washington CannaBusiness Association (WACA), a trade association in the state that represents marijuana retailers, producers, processors, transporters and banks. Read more here.

StaffSeptember 29, 2022


The Daily Hit is a recap of cannabis business news for Sept. 29, 2022.


Vermont Recreational Cannabis Sales Will Launch Oct. 1 in Burlington

At least three Vermont stores will have adult-use cannabis sales beginning on Oct. 1: CeresMED in Burlington, Mountain Girl Cannabis in Rutland and FLORA in Middlebury. Several more retailers are expected to quickly follow. Read more here.

Heritage Cannabis Reports Rising Revenue, Trims Losses

Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) reported its financial results  for the third quarter ended July 31, 2022. Heritage delivered revenue of $10 million, an increase of 111% over last year’s $5.1 million. Heritage said the growth was attributed to a continued increase in its vape and concentrate offerings as well as the launch of the flower vertical. Read more here.

Safe Harbor SPAC Complete

Safe Harbor Financial, technically known as SHF Holdings (Nasdaq: SHFS) has completed its special purpose acquisition corporation (SPAC) deal with Northern Lights Acquisition Corp. (Nasdaq: NLIT). Northern Lights is now officially known as SHF Holdings, and the stock will continue to trade on the Nasdaq marketplace. SHFS Shares began trading at $9, down 12% as the broader market experienced selling and Norther Lights shares closed at $10.81 on Wednesday. Read more here.


Canadian cannabis grower Sugarbud seeking creditor protection

Calgary, Alberta-based Sugarbud Craft Growers Corp. “expects that it is likely to default on several material debtor agreements due to ongoing liquidity constraints,” the company said in a Monday news release. The cannabis producer is seeking creditor protection. Read more here.

High Tide to Acquire 2 Jimmy’s Cannabis Shop Locations in British Columbia

High Tide (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a retail-focused cannabis company, entered into a definitive agreement to acquire 100% of the equity interest of 1171882 B.C. Ltd., operating as Jimmy’s Cannabis Shop BC. Under the deal, High Tide will acquire two of the five retail cannabis stores currently operated by Jimmy’s in British Columbia for $5.3 million. Read more here.

Irwin Naturals Acquiring Ketamine Media

Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) has agreed to acquire all of the issued and outstanding shares of Keta Media LLC dba Ketamine Media, the nation’s leading growth platform for clinics offering ketamine-assisted therapy. With a global network dedicated to improving patient outcomes, KM has established relationships with clinics in more than 45 states and three countries connecting providers and patients using a unique patient-centered approach to communication. Read more here.

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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