High Tide Inc
XMUN:2LYA
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High Tide Inc
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High Tide Inc
High Tide Inc. is a cannabis retail and consumer products company. It sells dried flower, vapes, edibles, and other cannabis products through its owned stores and online channels, and it also sells smoking accessories and related lifestyle products. Its business is built around serving adult consumers who want legal cannabis and the gear that goes with it. The company makes money mainly by selling products directly to customers at retail prices and through ecommerce orders. It also earns from branded accessories and wholesale-style sales tied to its retail network. That mix gives it a role both as a storefront seller and as a merchant that moves products from suppliers to end buyers. What makes High Tide different is that it sits close to the customer side of the cannabis market. Instead of being only a grower or only a brand owner, it combines retail stores, online sales, and accessories under one umbrella. That gives it several ways to reach shoppers and a business model that depends on consumer demand, product availability, and the rules that govern legal cannabis sales.
High Tide Inc. is a cannabis retail and consumer products company. It sells dried flower, vapes, edibles, and other cannabis products through its owned stores and online channels, and it also sells smoking accessories and related lifestyle products. Its business is built around serving adult consumers who want legal cannabis and the gear that goes with it.
The company makes money mainly by selling products directly to customers at retail prices and through ecommerce orders. It also earns from branded accessories and wholesale-style sales tied to its retail network. That mix gives it a role both as a storefront seller and as a merchant that moves products from suppliers to end buyers.
What makes High Tide different is that it sits close to the customer side of the cannabis market. Instead of being only a grower or only a brand owner, it combines retail stores, online sales, and accessories under one umbrella. That gives it several ways to reach shoppers and a business model that depends on consumer demand, product availability, and the rules that govern legal cannabis sales.
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%).
