High Tide 2021 Highlights:
MAY 13, 2021 High Tide completed a 15:1 reverse stock split with the sole intention of preparing for uplisting to Nasdaq. The company is on file as stating that they believe that they will be uplisted by the end of May. Since the R/S, the stock price has started to trend upwards which will only be seen to continue aggressively once it is uplisted and more retail investors and much larger wholesale investors can buy into the stock.
MARCH 22, 2021 High Tide announced their filing of Form 40-F with the SEC, which is a major milestone in the road towards being listed on the Nasdaq, A copy of the form can be seen on the companys website.
We were the first Canadian cannabis retailer to pursue this prestigious listing on Nasdaq and we believe it will allow us to greatly expand our shareholder base, enhance shareholder value and accelerate our already aggressive M&A initiatives in Canada, Europe and the United States, said Raj Grover, President and Chief Executive Officer of High Tide. We are currently in several discussions with potential acquisition targets in these jurisdictions and look forward to updating the market soon, added Mr. Grover.
High Tide Recaps Milestones of 2020
DECEMBER 29, 2020CALGARY, AB, Dec. 29, 2020 /CNW/ – High Tide Inc. (“High Tide” or the “Company“) (TSXV: HITI) (OTCQB: HITIF) (FRA: 2LY), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, is thankful to reflect on its most important milestones of 2020 and their strategic significance for the Company going forward. From the acquisition of Meta Growth Corp. (“Meta”), to the expansion of its large cannabis retail position in Ontario, to being the first member of its peer group to report positive adjusted EBITDA, High Tide is emerging from an otherwise challenging year as a strong enterprise that is ready to capitalize on the opportunities of 2021.
High Tide’s 2020 Highlights:
Acquired Meta to become the largest retailer in Canada by revenue, which increased High Tide’s store count from 37 to 67 locations. Adjusted EBITDA for the three months ended July 31, 2020 was $3.96 million compared to $1.94 million for the second quarter ended April 30, 2020.Total revenue increased by 184% for the nine-month period ended July 31, 2020, as compared to same period last year.E-commerce revenue increased by 137% during the year and launched CBDcity.com in May of 2020.Gross profit margin for the three months ended July 31, 2020 increased to 40%, which leads the Company’s peer group.Over 55% of daily retail cannabis transactions are currently conducted by Cabana Club members.Launched Valiant Distribution to streamline the distribution and sales of wholesale products.Improved the Company’s balance sheet through several transactions, most notably including restructuring $10.8 million of debt into an interest-free debenture due in 2025.For the period ended July 31, 2020, 23% of the Company’s revenue was generated in the US.First Canadian or U.S. cannabis retailer to apply to list on Nasdaq.
ABOUT HIGH TIDE
High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The Company is the largest Canadian retailer of recreational cannabis as measured by revenue, with 70 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan. High Tide’s retail segment features the Canna Cabana, KushBar, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis banners, with additional locations under development across the country. High Tide has been serving consumers for over a decade through its numerous consumption accessory businesses including e-commerce platforms Grasscity.com and CBDcity.com, and its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. High Tide’s strategy as a parent company is to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing shareholder value. Key industry investors in High Tide include Aphria Inc. (TSX:APHA) (NYSE:APHA) and Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB)
Interview: Chief Revenue Officer Andy Palalas joined Regulated podcast
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