High Tide Inc
NASDAQ:HITI
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High Tide Inc
NASDAQ:HITI
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High Tide Inc
High Tide, Inc. engages in the manufacture and retail of cannabis smoking accessories and lifestyle products. The company is headquartered in Calgary, Alberta. The company went IPO on 2018-12-17. The firm operates as a retailer of recreational cannabis with approximately 110 locations across Ontario, Alberta, Manitoba and Saskatchewan. The firm is also a 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 serves consumers through its established e-commerce platforms, including Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com, and in the hemp-derived Cannabidiol (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. The firm's brands also include Bud Room, a retail cannabis store located in Ottawa, Ontario.
High Tide, Inc. engages in the manufacture and retail of cannabis smoking accessories and lifestyle products. The company is headquartered in Calgary, Alberta. The company went IPO on 2018-12-17. The firm operates as a retailer of recreational cannabis with approximately 110 locations across Ontario, Alberta, Manitoba and Saskatchewan. The firm is also a 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 serves consumers through its established e-commerce platforms, including Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com, and in the hemp-derived Cannabidiol (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. The firm's brands also include Bud Room, a retail cannabis store located in Ottawa, Ontario.
Revenue: Reported record Q1 revenue of $178.3 million, up 25% year‑over‑year and up 9% sequentially.
Profitability: Adjusted EBITDA was $11.5 million, up 62% year‑over‑year; trailing 12‑month adjusted EBITDA is $42.6 million.
Retail strength: Core bricks‑and‑mortar revenue was $150 million with a 28% gross margin and a 9% adjusted EBITDA margin — margins have risen for five straight quarters.
Germany momentum: Remexian contributed $25 million in Q1, with February at $12 million and a 20% gross margin in February; management expects further margin improvement as Canadian biomass imports arrive.
Cash flow & balance sheet: Q1 free cash flow was $2.9 million (vs negative $1.9M prior year); cash and restricted cash $46.4 million and total debt $64.5 million with no near‑term maturities.
Customer loyalty: Cabana Club reached 2.58 million members (up 47% YoY); ELITE members 162,000 (up 100% YoY), supporting higher margins and repeat purchases.
Growth plan: Reiterated plan to add 20–30 Canadian stores this year, target to exceed 350 stores nationally, and long‑term goal of white label representing ~20% of sales (currently 1.6%).
