High Tide Inc
XTSX: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.
Record Quarter: High Tide posted its strongest quarter ever, with new all-time highs in revenue, gross margin dollars, adjusted EBITDA, and net income turning positive.
Revenue Growth: Revenue hit $149.7 million, up 14% year-over-year and 9% sequentially, led by a bricks-and-mortar segment that grew 18% YoY.
Same-Store Sales: Same-store sales growth accelerated to 7.4%, the fastest pace in two years and significantly outperforming industry peers.
German Expansion: The acquisition of Remexian gives High Tide an immediate 16% share of the German medical cannabis import market, with strong early supplier interest and targets for further growth.
Strong Cash Flow: Free cash flow reached $7.7 million, up 148% YoY and the second highest ever for the company.
Membership Growth: Cabana Club membership rose 39% YoY to 2.15 million, with ELITE membership doubling.
Manageable Debt: Consolidated debt stands at $69 million, or 1.5x attributable adjusted EBITDA, considered manageable by management.
Outlook: Management sees continued momentum with no slowdown in same-store sales and expects further growth from Remexian and store expansion.
