High Tide Inc.
- Open
- 2.24
- Day high
- 2.28
- Day low
- 2.16
- Prev close
- 2.24
- Volume
- 332K
- Mkt cap
- $190M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.0
- P/S
- 0.4
- Yield
- —
- Per share
- —
High Tide Inc. (HITI) is a Healthcare company listed on NASDAQ. The stock is down 8% over the past year.
High Tide Inc. (HITI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HITI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 16, 2026 | $-0.02 | $0.01 | +150.0% | $132M | +4.7% |
| Mar 18, 2026 | $-0.00 | $0.01 | +508.2% | $131M | +1.7% |
| Sep 15, 2025 | $-0.00 | $0.01 | +301.6% | $108M | -32.0% |
| Jun 16, 2025 | $-0.02 | $-0.03 | -50.0% | $100M | -27.9% |
| Mar 17, 2025 | $-0.01 | $-0.02 | -100.0% | $97M | -30.4% |
| Sep 16, 2024 | $0.00 | $0.01 | +139.8% | $95M | -3.2% |
| Jun 13, 2024 | $-0.00 | $-0.00 | -76.9% | $91M | -5.9% |
| Mar 15, 2024 | $-0.00 | $-0.00 | -100.0% | $95M | -1.5% |
| Sep 14, 2023 | $-0.04 | $-0.03 | +25.0% | $93M | +2.2% |
| Jun 14, 2023 | $-0.05 | $-0.01 | +80.0% | $87M | -0.4% |
| Mar 17, 2023 | $-0.07 | $-0.05 | +28.6% | $88M | +10.2% |
| Sep 14, 2022 | $-0.07 | $-0.03 | +57.1% | $74M | +6.5% |
High Tide Inc. company profile
Overview
High Tide Inc. (NASDAQ:HITI) is a Canadian cannabis retail company founded in 2009 and headquartered in Calgary, Alberta. Originally established as High Tide Ventures Inc., the company rebranded to its current name in October 2018 and went public on NASDAQ in January 2021. High Tide has evolved from a smoking accessories manufacturer into Canada's largest cannabis retailer by store count, operating 191 retail locations across five provinces as of late 2024. The company has expanded beyond traditional retail through data analytics services, e-commerce platforms, and international expansion initiatives, positioning itself as a diversified cannabis ecosystem player in the rapidly evolving North American cannabis market.
Business
High Tide operates in the legal cannabis retail industry, which emerged following Canada's nationwide cannabis legalization in October 2018. The company's business spans three primary segments that collectively serve the cannabis consumer market. The brick-and-mortar retail segment represents approximately 95% of total revenue and consists of company-owned and franchised cannabis dispensaries operating under the Canna Cabana brand. These stores sell dried cannabis flower, pre-rolled joints, cannabis oils, edibles, vapes, and related accessories to adult consumers. The retail locations are strategically positioned across Ontario, Alberta, British Columbia, Manitoba, and Saskatchewan, where High Tide has achieved an 11% market share across its operating provinces. The e-commerce and accessories segment accounts for roughly 5% of revenue and includes the operation of Grasscity.com and CBDcity.com platforms. Grasscity.com is one of the world's largest online retailers of smoking accessories and cannabis lifestyle products, serving customers globally. This segment also encompasses the manufacturing and wholesale distribution of smoking accessories and cannabis-related products to third-party retailers. The data analytics and services segment generates approximately $10-11 million annually through Cabanalytics, which provides market intelligence, consumer insights, and advertising services to cannabis producers and other industry participants. This business leverages High Tide's extensive retail network and customer data from its 1.76 million-member Cabana Club loyalty program to offer valuable market research and targeted advertising opportunities to cannabis brands seeking to understand consumer behavior and optimize their marketing strategies.
Revenue model
High Tide generates revenue through multiple complementary business models that capitalize on different aspects of the cannabis value chain. The primary revenue driver is product sales through its retail dispensary network, where the company purchases cannabis products from licensed producers at wholesale prices and sells them to consumers at retail margins of approximately 26-28%. This traditional retail model benefits from High Tide's scale advantages in procurement and its premium store locations that generate an average of $2.6 million in annual revenue per store, significantly outperforming the industry average of $1.2 million. The company also operates on a franchise model for a portion of its store network, collecting franchise fees and ongoing royalties from franchisees. Additionally, High Tide generates subscription-style revenue through its Cabana Club ELITE membership program, where customers pay for premium access to exclusive products, enhanced discounts, and priority services. The data analytics business operates on a service fee model, selling market research reports, consumer insights, and advertising services to cannabis producers and brands. The e-commerce segment follows a traditional product sales model for smoking accessories and lifestyle products, with some commission-based revenue from third-party marketplace activities. Several factors influence High Tide's profitability margins. Positive margin drivers include the company's growing market share which provides procurement leverage with suppliers, the expansion of higher-margin private label products under the Cabana Cannabis Co. brand, and the increasing penetration of the ELITE membership program which drives customer loyalty and higher basket sizes. The company's data analytics business also provides high-margin recurring revenue streams. Margin pressures come from intense competition in the Canadian cannabis market, ongoing price compression as the market matures, competition from illicit cannabis retailers, and regulatory constraints that limit marketing and operational flexibility. Economic downturns can also impact discretionary spending on cannabis products, while supply chain disruptions and inventory management challenges in the highly regulated cannabis industry can affect operational efficiency.
Competitive moat
High Tide's competitive moat is moderate but faces significant structural challenges inherent to the cannabis retail industry. The company's primary defensive advantages stem from its scale and network effects. As Canada's largest cannabis retailer by store count, High Tide benefits from procurement leverage with suppliers, operational efficiencies, and brand recognition that smaller competitors cannot easily replicate. The company's 1.76 million-member Cabana Club loyalty program creates switching costs and valuable customer data that enables targeted marketing and inventory optimization. The regulatory barriers to entry provide some protection, as cannabis retail licenses are limited and heavily regulated in most provinces. High Tide's established relationships with regulators and proven operational compliance create advantages for expansion opportunities. The company's data analytics business also benefits from network effects, as its large customer base generates more valuable insights that attract cannabis producers seeking market intelligence. However, High Tide's moat faces several vulnerabilities. The cannabis retail industry is inherently commoditized, with limited product differentiation and intense price competition. The company operates in a highly regulated environment where government policies can dramatically impact operations, as seen with store cap changes and taxation policies. The persistent competition from illicit cannabis retailers, which offer lower prices without regulatory compliance costs, continues to pressure legal operators. The threat of vertical integration by large cannabis producers poses a long-term competitive risk, as these companies may choose to bypass retailers and sell directly to consumers through their own retail networks. Additionally, the potential for e-commerce and delivery services to disrupt traditional brick-and-mortar retail could erode High Tide's physical store advantages. While the company is expanding internationally, particularly into Germany's medical cannabis market, these new markets bring additional regulatory and competitive uncertainties that could dilute management focus and resources.
Risks & safety
High Tide demonstrates a reasonable margin of safety with improving financial metrics, though some concerns remain around valuation and market dynamics. **Cash and Debt Position:** - Strong cash position of $23.3 million with minimal debt burden of $26.4 million (0.8x trailing EBITDA) - Positive free cash flow generation for six consecutive quarters, with $22 million generated in fiscal 2024 - Current ratio of 1.61 indicates adequate short-term liquidity - No immediate solvency concerns given cash generation and manageable debt levels **Valuation Metrics:** - EV/EBITDA of 13.3x appears reasonable for a growing retail business - Price-to-book ratio of 2.26x reflects moderate premium to book value - Company trades at significant discount to historical highs, suggesting market pessimism may be overdone **Other Considerations:** - Achieved profitability in recent quarters after years of losses, demonstrating operational improvements - Market share gains and store expansion provide growth runway - International expansion optionality adds potential upside - However, cannabis retail remains a challenging, commoditized industry with regulatory risks
Recent development
Over the past few years, High Tide has executed a strategic transformation from a hyper-growth acquisition strategy to a focus on operational efficiency and sustainable profitability. The company shifted from aggressive M&A-driven expansion to primarily organic growth, adding 20-30 stores annually through disciplined site selection rather than large-scale acquisitions. A key strategic initiative has been the development of the Cabana Club loyalty program, which has grown to 1.76 million members with 81,000 premium ELITE tier subscribers. The company recently launched this program globally, expanding beyond Canada to international markets. This customer data platform enables High Tide to offer valuable analytics services to cannabis producers while driving customer retention and higher basket sizes. High Tide has also focused on margin enhancement initiatives, including the expansion of private label products under the Cabana Cannabis Co. brand and the Queen of Bud white label line. The company has implemented operational technologies like Fast Tender point-of-sale systems across its store network to improve efficiency and customer experience. The most significant recent development is High Tide's international expansion strategy, particularly the acquisition of a majority stake in Purecan, a German medical cannabis importer. This move positions the company to enter Europe's growing medical cannabis market, with Germany serving as a gateway to broader European expansion. The company is also exploring opportunities in Australia, the UK, and other markets where medical cannabis regulations are evolving. Additionally, High Tide has strengthened its data analytics and services business through Cabanalytics, which has grown revenue by 35-48% year-over-year by leveraging the company's retail network data to provide market insights to cannabis producers. This higher-margin business segment provides diversification beyond traditional retail operations.
HITI company profile · for informational purposes only — not investment advice.
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