High Tide Inc
XTSX:HITI
High Tide Inc
High Tide, Inc. engages in the manufacture and retail of cannabis smoking accessories and lifestyle products. The company is headquartered in Calgary, Alberta. The company went IPO on 2018-12-17. The firm operates as a retailer of recreational cannabis with approximately 110 locations across Ontario, Alberta, Manitoba and Saskatchewan. The firm is also a cannabis discount club retailer, featuring Canna Cabana, Meta Cannabis Co., and Meta Cannabis Supply Co. banners, with additional locations under development across the country. High Tide serves consumers through its established e-commerce platforms, including Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com, and in the hemp-derived Cannabidiol (CBD) space through Nuleafnaturals.com, FABCBD.com, and BlessedCBD.co.uk, as well as its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. The firm's brands also include Bud Room, a retail cannabis store located in Ottawa, Ontario.
High Tide, Inc. engages in the manufacture and retail of cannabis smoking accessories and lifestyle products. The company is headquartered in Calgary, Alberta. The company went IPO on 2018-12-17. The firm operates as a retailer of recreational cannabis with approximately 110 locations across Ontario, Alberta, Manitoba and Saskatchewan. The firm is also a cannabis discount club retailer, featuring Canna Cabana, Meta Cannabis Co., and Meta Cannabis Supply Co. banners, with additional locations under development across the country. High Tide serves consumers through its established e-commerce platforms, including Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com, and in the hemp-derived Cannabidiol (CBD) space through Nuleafnaturals.com, FABCBD.com, and BlessedCBD.co.uk, as well as its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. The firm's brands also include Bud Room, a retail cannabis store located in Ottawa, Ontario.
Record Revenue: High Tide posted all-time high Q4 revenue of $164 million, up 19% year-over-year and 10% sequentially, setting a new annual run rate exceeding $650 million.
Adjusted EBITDA: Adjusted EBITDA reached a record $12.4 million, growing 51% year-over-year and 17% sequentially, driven by strong bricks-and-mortar performance.
Margin Expansion: Bricks-and-mortar adjusted EBITDA margins hit a record 9.4% for the quarter, with gross margin improvement for the fourth straight quarter in the core segment.
Free Cash Flow: The company generated $1.3 million of free cash flow in Q4 and $12 million for the fiscal year, fully funding organic growth.
Store Growth: High Tide added 27 organic stores in 2025 (meeting the top end of guidance) and plans 20–30 new stores in 2026.
Market Share Gains: Canna Cabana increased its market share to 12% in its five core provinces, up from 11% a year ago, and continued to outperform peers.
Membership Growth: Cabana Club hit 2.5 million members in Canada (up 45% YoY) and ELITE reached 151,000 (up 107% YoY), both at record growth rates.
Remexian Integration: Newly acquired Remexian in Germany contributed nearly $10 million in less than two months despite supply chain headwinds; management expects improvement from Q2 as legacy inventory clears.
US Regulatory Tailwinds: Management expressed optimism about US regulatory changes and potential Medicare CBD coverage, causing them to delay decisions about their US e-commerce segment.
