High Tide Had A Banner Year In 2024
High Tide Inc. (Nasdaq: HITI) gave the cannabis world plenty to chew on in 2024, reporting standout results across the board and underscoring its knack for big-picture thinking. Anyone following Canada’s retail cannabis scene would have noticed High Tide’s continued rise, propelled in no small part by the Company’s record revenue and five straight quarters of positive free cash flow. In fact, for the third consecutive year, High Tide closed the books as Canada’s top revenue-generating cannabis outfit—a bragging right few can match.
This success largely stems from the unstoppable momentum of Canna Cabana, the Company’s retail centerpiece, which added 29 new shops over the year to land at 191 across the nation. Meanwhile, its Cabana Club loyalty program might just be the envy of the industry. With more than 1.55 million Canadian members and 57,000 of those signed on as ELITE, it’s the largest bricks-and-mortar cannabis loyalty network in the country. And High Tide isn’t hoarding that success at home; it launched Cabana Club in the United States, the European Union, and the UK, building on a global customer base now exceeding four million.
Financially, the numbers are just as impressive. With an annualized revenue run rate surpassing $525 million, a cash balance of $35.3 million, and a trailing free cash flow of $21.8 million, the Company has ample runway to fund its growth ambitions. That growth includes continuing to corner 12% market share across five provinces, a noteworthy feat when considering that retail same-store sales for the average operator have been on the decline.
High Tide’s upward trajectory gained further validation this year, as the Company nabbed a top-10 ranking among diversified industries on the TSX Venture 50, along with a spot in the Globe and Mail’s “Top Growing Companies” list—for the fourth straight year. Plus, in a nod to brand strategy, High Tide snapped up the well-known Queen of Bud label, further beefing up its premium private-label offerings.
With expansion on nearly every front—from a slick new Canna Cabana 2.0 website to increased analyst coverage—High Tide has proved itself a juggernaut in an often-choppy cannabis market. Investors eyeing the Canadian space would be wise to keep an eye on this high-impact retailer that’s clearly got plenty more up its sleeve.
