The Company Placed 87th out of 417
Companies, With a Three-Year Growth Rate of 486%
CALGARY,
AB, Sept. 26, 2024 /CNW/ - High Tide Inc.
("High Tide" or the "Company") (Nasdaq: HITI) (TSXV:
HITI) (FSE: 2LYA), the high-impact, retail-forward enterprise built
to deliver real-world value across every component of cannabis,
announced today that it placed No. 87 out of 417 companies listed
on the 2024 Report on Business ranking of Canada's Top Growing Companies, with a
three-year revenue growth rate of 486%.
This follows the Company's 2023 ranking of 38th out of 425
companies, with a three-year growth rate of 1,040%.
"For the fourth consecutive year, Canada's business magazine of record, the
Report on Business, has named High Tide as one of Canada's Top Growing Companies. Placing 87th
out of 417 companies is a testament to our innovative and
disruptive retail model and our team's laser-focused execution.
Thanks to our operational outperformance, our aggressive top-line
growth is being translated into free cash flow generation, helping
us fuel the build-out of our stores and is reflected in reaching
12% market share in the five provinces where we operate," said Raj
Grover, Founder and Chief Executive Officer of High Tide.
"I'm also very pleased that our annualized run rate now exceeds
$525 million, with our net income
reaching $0.8 million last quarter. I
look forward to our Company continuing to break revenue records as
we work to enter, navigate and build our presence in potential
emerging legal cannabis markets such as Germany, the US and beyond. A huge thanks goes
out to the High Tide team for setting new standards and reaching
new heights within our ever-evolving and rapidly expanding
industry," added Mr. Grover.
Canada's Top Growing Companies
is an editorial ranking that was launched in 2019 to celebrate the
achievements of innovative businesses in Canada. To qualify for this voluntary program,
companies had to complete an in-depth application process and
fulfill revenue requirements. In total, 417 companies earned a spot
on this year's ranking. The full list of 2024 winners, along with
editorial coverage, is published in the October issue of Report on
Business magazine. The list is out now and online here.
"Our annual ranking of Canada's
Top Growing Companies reflects the sector-spanning ingenuity of
this country's entrepreneurs and corporate leaders," says
Dawn Calleja, Editor of Report on
Business magazine. "And we think it's important to tell their
stories, to help inspire the next generation of up-and-comers
across the country."
"The Globe and Mail congratulates this year's Canada's Top Growing Companies' winners for
achieving exceptional growth and resilience in facing business
challenges," says Andrew Saunders,
CEO of The Globe and Mail. "It is a testament to dedication,
strategic vision, and innovative drive."
ABOUT REPORT ON BUSINESS
Report on Business magazine is the trusted source for business
leaders and ambitious Canadians making a difference. With a monthly
readership of 2.7 million across print / digital, Report on
Business is the premier magazine for leaders across industries,
corporations, start-ups, and small businesses.
ABOUT HIGH TIDE
High Tide, Inc. is the leading community-grown, retail-forward
cannabis enterprise engineered to unleash the full value of the
world's most powerful plant and is the second-largest cannabis
retailer globally by store count1. High Tide (HITI) is
uniquely-built around the cannabis consumer, with
wholly-diversified and fully-integrated operations across all
components of cannabis, including:
Bricks & Mortar Retail: Canna Cabana™ is the largest
cannabis retail chain in Canada,
with 183 current locations spanning British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and growing. In 2021, Canna Cabana
became the first cannabis discount club retailer in the world.
Retail Innovation: Fastendr™ is a unique and fully
automated technology that employs retail kiosks to facilitate a
better buying experience through browsing, ordering and pickup.
Consumption Accessories: High Tide operates a suite of
leading accessory e-commerce platforms across the world, including
Grasscity.com, Smokecartel.com, Dailyhighclub.com, and
Dankstop.com.
Brands: High Tide's industry-leading and consumer-facing
brand roster includes Queen of Bud™, Cabana Cannabis Co™, Daily
High Club™, Vodka Glass™, Puff Puff Pass™, Dopezilla™, Atomik™,
Hue™, Evolution™ and more.
CBD: High Tide continues to cultivate the possibilities
of consumer CBD through Nuleafnaturals.com, FABCBD.com,
blessedcbd.de and blessedcbd.co.uk.
Wholesale Distribution: High Tide keeps that cannabis
category stocked with wholesale solutions via Valiant™.
Licensing: High Tide continues to push cannabis culture
forward through fresh partnerships and license agreements under the
Famous Brandz™ name.
High Tide consistently moves ahead of the currents, having been
named one of Canada's Top Growing
Companies by the Globe and Mail's Report on Business in 2024 for
the fourth consecutive year and was named as one of the top 10
performing diversified industries stocks in both 2022 and 2024 TSX
Venture 50. High Tide was also ranked number one in the retail
category on the Financial Times list of Americas' Fastest Growing
Companies for 2023. To discover the full impact of High Tide, visit
www.hightideinc.com. For investment performance, don't miss the
High Tide profile pages on SEDAR+ and EDGAR.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
_________________________________
1 As reported by ATB Capital Markets based on store
counts as of February 8, 2024
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This press release may contain "forward-looking information"
and "forward-looking statements within the meaning of applicable
securities legislation. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on the Company's current belief or
assumptions as to the outcome and timing of such future events. The
forward-looking statements herein include, but are not limited to,
statements regarding: our annualized revenue run rate, continued
revenue growth, and our ability to enter the German and US market.
Readers are cautioned to not place undue reliance on
forward-looking information. Actual results and developments may
differ materially from those contemplated by these statements.
Although the Company believes that the expectations reflected in
these statements are reasonable, such statements are based on
expectations, factors, and assumptions concerning future events
which may prove to be inaccurate and are subject to numerous risks
and uncertainties, certain of which are beyond the Company's
control, including but not limited to the risk factors discussed
under the heading "Non-Exhaustive List of Risk Factors" in Schedule
A to our current annual information form, and elsewhere in this
press release, as such factors may be further updated from time to
time in our periodic filings, available at www.sedarplus.ca and
www.sec.gov, which factors are incorporated herein by reference.
Forward-looking statements contained in this press release are
expressly qualified by this cautionary statement and reflect the
Company's expectations as of the date hereof and are subject to
change thereafter. The Company undertakes no obligation to update
or revise any forward-looking statements, whether as a result of
new information, estimates or opinions, future events or results,
or otherwise, or to explain any material difference between
subsequent actual events and such forward-looking information,
except as required by applicable law.
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SOURCE High Tide Inc.