High Tide Becomes Top Revenue-Generating Cannabis Company in Canada

Published: November 23, 2022

High Tide Becomes Top Revenue-Generating Cannabis Company in Canada

High Tide Inc., a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, announced today that according to new data recently released by the cannabis business publication, New Cannabis Ventures, the Company is now Canada’s top revenue-generating cannabis company1.

Updated for filings through 11/14/22

Source: New Cannabis Ventures2

Company
Name

U.S. Stock
Symbol

Non-U.S.
Symbol

Qtr Ended

Qtrly
Sales
(CAD)

Q/Q
Growth

Y/Y
Growth

Adj. Op.
Income

Next
Financials

High Tide

NASDAQ:
HITI

TSXV: HITI

07/31/22

$95.40

18 %

98 %

($4.70)

~01/30/23

Canopy Growth

NASDAQ:
CGC

TSX: WEED

09/30/22

$88.00

-5 %

-29 %

~02/14/23

SNDL Inc.

NASDAQ:
SNDL

06/30/22

$78.00

4 %

133 %

($93.70)

~03/31/23

Nova Cannabis

TSX: NOVC

OTC: NVACF

09/30/22

$58.90

5 %

52 %

$2.30

~03/31/23

Aurora Cannabis

NASDAQ:
ACB

TSX: ACB

09/30/22

$49.30

-2 %

-18 %

($50.70)

~02/14/23

 

HEXO Corp

NASDAQ:
HEXO

TSX: HEXO

07/31/22

$42.50

-7 %

10 %

($114.80)

12/15/22

Fire & Flower

OTC:
FFLWF

TSX: FAF

07/30/22

$40.70

-1 %

-6 %

($21.00)

~12/15/22

Organigram

NASDAQ:
OGI

TSX: OGI

05/31/22

$38.10

20 %

88 %

($10.90)

11/28/22

_________________________________

1 Ranking relates to companies reporting in CAD

2 Based on reporting by New Cannabis Ventures as at November 14, 2022. For the New Cannabis Ventures’ senior listing, segmented cannabis-only sales must generate more than US$25 million per quarter (CAD$31 million) – for full details, see: https://www.newcannabisventures.com/cannabis-company-revenue-ranking/

“Since going public, we’ve continuously been a leader in Canadian retail cannabis. According to New Cannabis Ventures, we are now the highest Canadian revenue-generating cannabis company across all three verticals of retail, extraction and growing. This is a testament to our team’s dedication and continued execution to clearly surpass our own internal objectives over the last few years. High Tide was amongst Canada’s top growing companies as ranked by the Globe and Mail’s Report on Business Magazine in both 2021 and 2022, reaching a ranking of 21 out of 430 in 2022. This exponential growth was all accomplished without having more than 29 million dollars in our bank at any given time,” said Raj Grover, President and Chief Executive Officer of High Tide. “We see plenty of opportunities in Canada, the U.S. and internationally in 2023 and beyond as we continue this strong momentum to further increase our top line significantly. This growth will come from ongoing bricks-and-mortar expansion in Canada as well as our new and existing e-commerce platforms facilitating the sales of consumption accessories and hemp-derived CBD products. Our continued focus on operational execution is something that I believe can set us up to be amongst the highest revenue-generating companies in all of cannabis. I want to take this opportunity to thank our customers, shareholders and team members for making this success possible,” added Mr. Grover.

New Windsor Canna Cabana Location
The Company also announced that its second Canna Cabana retail cannabis store in Windsor, Ontario, located at 6711 Tecumseh Road E, has begun selling recreational cannabis products and consumption accessories for adult use. This opening marks High Tide’s 142nd Canna Cabana branded retail cannabis location in Canada and is the 44th location in Ontario. This Windsor – East Park store is in a plaza anchored by major fast-food retailers and a national discount chain. This store is also located close to the popular Tecumseh Mall.

Grant of Options
In addition, High Tide announces the grant of an aggregate of 15,000 incentive stock options (the “Options”) to certain employees of the Company. Each Option is exercisable at the closing price of the Company’s common shares listed on the TSX Venture Exchange (the “TSXV“) based on the last trading day immediately prior to this press release, expires three years from the date of grant, and vests over a two-year period. Each Option is exercisable to purchase one common share of the Company and are being issued pursuant to the terms of the Company’s Omnibus Plan, which became effective on June 2, 2022 (as further detailed in High Tide’s press release dated September 14, 2022).

About New Cannabis Ventures
New Cannabis Ventures is a news and information platform offered by NCV Media, LLC (“NCV”) that highlights promising companies and influential investors in the cannabis industry. NCV is a cannabis-centric marketing and communications company.

About High Tide
High Tide is a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets. The Company is the largest non-franchised cannabis retail chain in Canada, with 142 current locations spanning British ColumbiaAlbertaSaskatchewanManitoba and Ontario. The Company is also North America’s first cannabis discount club retailer, under the Canna Cabana banner, which is the single-largest cannabis retail brand in Canada, with additional locations under development across the country. High Tide’s portfolio also includes retail kiosks and smart locker technology – Fastendr™.