High Tide (Nasdaq: HITI) (TSXV: HITI) rang in the New Year as Canada’s top-earning cannabis company and ranked #15 on The Global Cannabis 50. Backed by an expansive chain of 150 brick-and-mortar stores in Canada and global e-commerce assets, the Calgary-based company shared its key milestones for 2022 that led to record growth for the company.
High Tide’s 2022 Highlights:
- Total revenue for the nine months ended July 31, 2022, increased to $183.16 million compared to $93.7 million in 2021. High Tide has become the top revenue-generating cannabis company in Canada, according to Forbes.
- Generated same-store sales increases of 46% during the three months ended July 31, 2022, compared to the same quarter in the prior year and 18% compared to the prior quarter.
- Delivered rapid growth in its unique Cabana Club loyalty program, which is the largest bricks-and-mortar cannabis loyalty program in Canada with over 900,000 members.
- Launched Cabana Elite, the first-of-its-kind cannabis paid membership loyalty program in Canada.
- Entered the British Columbia market, with six stores operating at the end of 2022.
- Added 45 new Canadian stores, both organically and through accretive acquisitions, closing the year at 150 stores across Ontario, Manitoba, Saskatchewan, Alberta and British Columbia.
- Achieved a top 10 ranking in the diversified industries stocks category by the TSX Venture 50 for 2022.
- Ranked 21st out of 430 in the Globe and Mail’s annual ranking of Canada’s “Top Growing Companies” with 1970% revenue growth over three years. This marks the second year in a row the Company has earned a spot on this prestigious list.
- Closed a $19 million senior secured credit facility with connectFirst Credit Union Ltd., with an initial 5-year term, at connectFirst’s floor interest rate.
- Rolled out 175 proprietary Fastendr Kiosks across 120 Canna Cabana stores.
- Launched its Cabana Cannabis Co. white-label offerings in the Canadian provinces of Ontario, Manitoba and Saskatchewan.
- Entered a new lucrative vertical in the United States with the launch of cannabis seed sales through its subsidiaries GrassCity and Smoke Cartel.
- Increased international customer database to over 3 million, including approximately 2.4 million customers in the United States through its ancillary cannabis e-commerce platforms.
- Increased its total employment footprint from just over 900 to over 1,400 during 2022 in order to manage growth.
“I have said it before and want to re-iterate now that our ambition is to become a top-five MSO with significant retail operations beyond North America. We continue to strengthen our business with every passing year and look forward to delivering yet another year of solid growth and significant market share gains heading into 2023,” says Raj Grover, President and Chief Executive Officer of High Tide.