High Tide (HITI) Planet MicroCap Showcase: Toronto 2026 summary

Business profile and retail model

• Canna Cabana operates 234 stores across five Canadian provinces and has 2.73 million Cabana Club members; Remexian Pharma is a leading German medical cannabis importer and distributor.

• Retail differentiation rests on member value and a lowest-price guarantee, convenient locations, and 17 years of experience serving cannabis consumers.

• Competitors are copying aspects of the discount-club model; continued innovation and execution are the stated responses.

Canadian growth and store economics

• Market share is 14% across operating provinces excluding British Columbia; the target is 18%-20% in core provinces, potentially within three years at the current trajectory.

• Ontario has 107 operating stores against a 150-store cap, leaving capacity for 43 additions; organic growth is targeted at 20-30 locations annually, with this year toward the lower end.

• Organic growth is prioritized over M&A at high multiples; a recently acquired store was purchased at 2.1x EBITDA.

• A typical ~1,500-sq.-ft. store requires CAD 260,000 in hard CapEx plus CAD 100,000 in working capital; total investment is rounded to CAD 400,000, with historical payback in 10-12 months.

• British Columbia may raise its eight-store cap to at least 24, according to discussions with the provincial government; timing remains uncertain.

Loyalty, customer data, and white label

• Cabana Club membership grew 27% YoY to 2.73 million; paid ELITE membership grew 62% YoY to 186,000, at CAD 35 per year per member.

• Retail data is sold to more than 45 licensed producers and informs their production and product-launch decisions, as well as white-label product selection.

• White-label products were 1.9% of sales in the last reported quarter; management expects share to increase in coming quarters. Queen of Bud generated close to CAD 10 million in LTM sales after a CAD 1 million purchase about two years earlier.