High Tide Record Earnings + Missouri Hemp Crackdown
In this episode of Trade To Black, presented by Flowhub, hosts Shadd Dales and Anthony Varrell cover three key stories. We start with Raj Grover, CEO of High Tide (NASDAQ:HITI), following a strong quarterly report. Then Adam Stettner returns in segment #2 to break down what’s actually happening in Missouri regarding hemp. A House bill passed but stalled in the Senate, while regulators continue enforcement actions targeting intoxicating hemp products. We also look at changes in Georgia, where lawmakers are expanding the medical cannabis program. New rules remove THC caps, allow vaporization, and broaden qualifying conditions — a meaningful shift for patient access and market growth.
High Tide CEO Raj Grover discusses the company’s most recent earnings, which saw revenue of $178.3 million — a ten-quarter high — alongside record gross profit, record EBITDA, and positive free cash flow. We discuss what’s driving performance, including retail market share gains, Cabana Club growth to over 2.5 million members, and progress internationally in Germany.
We’ll dive into High Tide’s European expansion through its Remexian acquisition in Germany. The company grew its German market share from 6.5% to 10.5% in a single quarter, with Grover projecting a long-term share of 15–20%. A first shipment of Canadian biomass was expected to arrive in Germany in April, and Grover confirmed plans to enter the UK market through a merger or acquisition within the next twelve months, citing a patient base still in its early stages and growth rates of up to 100% annually.
Adam Stettner, CEO of FundCanna, then joined the hosts to address the accelerating hemp crackdown, particularly in Missouri, where legislation has already prompted cease-and-desist letters, product seizures, and distributor pullbacks. Stettner argued that mature cannabis markets have strong incentive to protect their licensed industries, while newer markets in the Southeast — Georgia, North Carolina, South Carolina — are likely to take a lighter regulatory approach and could come online rapidly.
This episode focuses on what’s real, what’s changing, and what matters for investors and operators.
