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Investor Relations14 Oct 2025
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High Tide (HITI) investor relations material
High Tide Small-Cap Virtual Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Small-Cap Virtual Conference summary17 Sep, 2025
Key business highlights
Achieved record Q3 results with $149.7M revenue and $10.6M adjusted EBITDA, driven by strong same-store sales and expanding market share in Canada.
Operates 207 retail stores under the Canna Cabana brand, with a 12% market share in five provinces and industry-leading revenue per store and per square foot.
Launched a successful discount club and ELITE paid membership, now at 115,000 members, driving over 90% of transactions and increasing customer loyalty and basket size.
Maintains a strong balance sheet with low leverage, positive free cash flow, and no near-term debt maturities.
Targeting 20–30 new store openings in 2024, aiming to exceed 300 stores in Canada for further growth.
Strategic expansion and acquisitions
Completed the largest acquisition to date: 51% of Ramexian Pharma, a leading German medical cannabis importer and distributor, for €26.4M.
German market entry leverages Canadian producer relationships; aims to increase Canadian-sourced product share from 33% to 40–60%.
German medical cannabis market is rapidly expanding, with patient counts rising from 250,000 to 900,000 after regulatory changes in April 2024.
Ramexian generated €70M annualized revenue and €15M adjusted EBITDA for the six months ended March, with options to acquire the remaining stake.
Exploring further European expansion in markets like the UK, Poland, Czech Republic, and Switzerland as opportunities arise.
Business model and operational strengths
Discount club model prioritizes volume over margin, resulting in 137% same-store sales growth since October 2021, far outpacing peers.
Stores are efficiently sized (1,200–1,500 sq ft) and strategically located in strip malls and power centers, avoiding oversaturated urban clusters.
Accessories business, with 5,000 proprietary SKUs, offers high-margin products and incentivizes membership.
White label cannabis brands (e.g., Cabana Cannabis Co., Queen O’Bud) provide higher margins and strong customer adoption.
Inventory management is highly efficient, with a shrink rate of 0.2% and inventory turnaround of 18–20 days.
Leverage Canadian LPs for Ramexian growth
Discount club's long-term competitive moat
Key regulatory triggers for US market entry?
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Planet MicroCap Showcase: TORONTO 202521 Oct, 2025
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Frequently asked questions
High Tide Inc operates in the retail and e-commerce sectors, focusing on the sale of cannabis-related products and accessories. The company manages a network of retail outlets and online platforms, offering consumers a range of lifestyle products, smoking accessories, and hemp-derived goods. High Tide also provides wholesale distribution services to global markets. The company is headquartered in Calgary, Canada, and its shares are listed on the NASDAQ.
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