Company Marks Second Consecutive Year On
This Prestigious List
Headline of release should read: High Tide Ranks 21st Out of 430
In Globe and Mail’s Annual Ranking of Canada’s Top Growing
Companies With 1970% Revenue Growth Over Three Years (instead of
High Tide Ranks 21st Out of 448 In Globe and Mail’s Annual Ranking
of Canada’s Top Growing Companies With 1970% Revenue Growth Over
Three Years)
The updated release reads:
HIGH TIDE RANKS 21ST OUT OF 430 IN GLOBE AND
MAIL’S ANNUAL RANKING OF CANADA’S TOP GROWING COMPANIES WITH 1970%
REVENUE GROWTH OVER THREE YEARS
Company Marks Second Consecutive Year On
This Prestigious List
High Tide Inc. (“High Tide” or the “Company”)
(Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a leading retail-focused
cannabis company with bricks-and-mortar as well as global
e-commerce assets, is pleased to announce that it has ranked 21st
out of 430 companies on the 2022 Report on Business ranking of
Canada’s Top Growing Companies.
Canada’s Top Growing Companies ranks Canadian companies based on
their three-year revenue growth. High Tide earned its spot with a
three-year growth rate of 1,970%.
This follows the Company’s 2021 ranking of 82nd out of 448
companies with a three-year growth rate of 733%.
“The Globe and Mail, Canada’s newspaper of record, has, for the
second year in a row, recognized High Tide’s exponential growth,
ranking us 21st out of 430 on its annual ranking of Canada’s Top
Growing Companies due to our three-year revenue growth rate of
1,970%. Receiving this honour two years running is a testament to
our ability to continue to execute our strategic growth plan
despite ongoing market challenges,” said Raj Grover, President and
Chief Executive Officer of High Tide. “Since opening our first
bricks-and-mortar store in October 2018, High Tide has grown to
over 1,300 employees, 140 retail stores today across Canada and a
global portfolio of high-performing e-commerce assets. The months
ahead hold exciting opportunities for High Tide, including further
strategic expansion of our retail locations in Canada, the
accelerated rollout of our proprietary Fastendr retail kiosks, the
expansion of our white label product offerings in select provinces,
and the launch of our Cabana Elite paid membership program, driving
further revenue growth,” added Mr. Grover.
Canada’s Top Growing Companies is an editorial ranking that was
launched in 2019. It aims to celebrate the boldest entrepreneurial
achievement by identifying and bringing the accomplishments of
innovative businesses in Canada to the forefront. In order to
qualify for this voluntary program; companies had to complete an
in-depth application process and fulfill requirements. In total,
430 companies earned a spot on this year’s ranking.
The full list of 2022 winners along with editorial coverage is
published in the October issue of the Report on Business magazine.
The list is now available and online here.
“Canada's Top Growing Companies recognizes the tremendous
ambition and innovation of entrepreneurs in Canada," says Dawn
Calleja, Editor of Report on Business magazine. “The next
generation of Canadian businesses can draw inspiration from this
ranking.”
“In an uncertain world, the success stories of the companies
marked in this year’s Report on Business magazine’s list of Top
Growing Companies are a beacon of optimism,” says Phillip Crawley,
Publisher and Chief Executive Officer of The Globe and Mail. “The
Globe and Mail congratulates them on their achievements.”
https://youtu.be/taDQn677OWY
ABOUT THE GLOBE AND MAIL
The Globe and Mail is Canada’s foremost news media company,
leading the national discussion and causing policy change through
brave and independent journalism since 1844. With our award-winning
coverage of business, politics and national affairs, The Globe and
Mail newspaper reaches 5.9 million readers every week in our print
or digital formats, and Report on Business magazine reaches 2.3
million readers in print and digital every issue. Our investment in
innovative data science means that as the world continues to
change, so does The Globe. The Globe and Mail is owned by
Woodbridge, the investment arm of the Thomson family.
ABOUT HIGH TIDE
High Tide is a leading retail-focused cannabis company with
bricks-and-mortar as well as global e-commerce assets. The Company
is the largest Canadian retailer of recreational cannabis as
measured by revenue, with 140 current locations spanning Ontario,
Alberta, British Columbia, Manitoba, and Saskatchewan. The Company
is also North America’s first cannabis discount club retailer,
under the Canna Cabana banner, which is the single-largest cannabis
retail brand in Canada with additional locations under development
across the country. High Tide’s portfolio also includes retail
kiosks and smart locker technology – Fastendr™. High Tide has been
serving consumers for over a decade through its established
e-commerce platforms including Grasscity.com, Smokecartel.com,
Dailyhighclub.com, and Dankstop.com and more recently in the
hemp-derived CBD space through Nuleafnaturals.com, FABCBD.com,
BlessedCBD.co.uk, BlessedCBD.de, and Amazon United Kingdom, as well
as its wholesale distribution division under Valiant Distribution,
including the licensed entertainment product manufacturer Famous
Brandz. High Tide has been featured in the annual Report on
Business Magazine’s ranking of Canada’s Top Growing Companies in
2021 and 2022 and was named as one of the top 10 performing
diversified industries stocks in the 2022 TSX Venture 50™. High
Tide’s strategy as a parent company is to extend and strengthen its
integrated value chain while providing a complete customer
experience and maximizing shareholder value.
For more information about High Tide, please visit
www.hightideinc.com and its profile pages on SEDAR at www.sedar.com
and EDGAR at www.sec.gov.
Neither the TSX Venture Exchange (the “TSXV”) 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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking information” within
the meaning of applicable Canadian securities legislation. These
statements relate to future events or future performance. 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 information and forward-looking statements
contained herein include, but are not limited to, statements
regarding: the Company’s business; the Company’s future growth
prospects and intentions to pursue one or more viable business
opportunities; the development of the Company’s business and future
activities following the date hereof; expectations relating to
market size and anticipated growth in the jurisdictions within
which the Company may from time to time operate or contemplate
future operations; expectations with respect to economic, business,
regulatory and/or competitive factors related to the Company or the
cannabis industry generally; the market for the Company’s current
and proposed product offerings, as well as the Company’s ability to
capture market share; the Company’s strategic investments and
capital expenditures, and related benefits; the distribution
methods expected to be used by the Company to deliver its product
offerings; the competitive landscape within which the Company
operates and the Company’s market share or reach; the performance
of the Company’s business and the operations and activities of the
Company; the Company adding the number of additional cannabis
retail store locations the Company proposes to add to the Company’s
business, and the Company remaining on a positive growth
trajectory; same-store sales continuing to increase in the fourth
quarter of 2022 and beyond; the Company deploying Fastendr™
technology across the Company’s retail stores upon the timelines
disclosed herein; the Company continuing to increase its revenue
through the remainder of the year; the Company completing the
development of its cannabis retail stores; the Company’s ability to
generate cash flow from operations and from financing activities;
the Company’s ability to obtain, maintain, and renew or extend,
applicable authorizations, including the timing and impact of the
receipt thereof; the realization of cost savings, synergies or
benefits from the Company’s recent acquisitions, and the Company’s
ability to successfully integrate the operations of any business
acquired within the Company’s business; Cabana Club loyalty program
membership continuing to increase; the Company hitting its
forecasted revenue and sales projections for the fourth quarter of
2022 and beyond; the Company’s expectations from its Cabana
Cannabis Co. white label products; the Company launching Cabana
Cannabis Co. white label products in its proposed jurisdictions;
the Company launching the Cabana elite program on the terms and
timelines outlined herein; the anticipated effects of the Cabana
elite
program on the business and operations of the Company; and the
Company continuing to grow its online retail portfolio through
further strategic and accretive acquisitions.
Forward-looking information in this press release are based on
certain assumptions and expected future events, namely: current and
future members of management will abide by the Company’s business
objectives and strategies from time to time established by the
Company; the Company will have sufficient working capital and the
ability to obtain the financing required in order to develop and
continue its business and operations; the Company will continue to
attract, develop, motivate and retain highly qualified and skilled
consultants and/or employees, as the case may be; no adverse
changes will be made to the regulatory framework governing
cannabis, taxes and all other applicable matters in the
jurisdictions in which the Company conducts business and any other
jurisdiction in which the Company may conduct business in the
future; the Company will be able to generate cash flow from
operations, including, where applicable, the distribution and sale
of cannabis and cannabis products; the Company will be able to
execute on its business strategy as anticipated; the Company will
be able to meet the requirements necessary to obtain and/or
maintain authorizations required to conduct the business; general
economic, financial, market, regulatory, and political conditions,
will not negatively affect the Company or its business; the Company
will be able to successfully compete in the cannabis industry;
cannabis prices will not decline materially; the Company will be
able to effectively manage anticipated and unanticipated costs; the
Company will be able to maintain internal controls over financial
reporting and disclosure, and procedures in order to ensure
compliance with applicable laws; general market conditions will be
favourable with respect to the Company’s future plans and goals;
the Company will deploy Fastendr™ technology across the Company’s
retail stores upon the timelines disclosed herein; the Company will
launch Cabana Cannabis Co. white label products in the
jurisdictions and on the timelines outlined herein and such
products will achieved the results disclosed herein; same-store
sales will continue to increase in the fourth quarter of 2022 and
beyond; the Company will make meaningful increases to its revenue
profile; the Company will continue to increase its revenue through
the fourth fiscal quarter of 2022, and the remainder of the year;
the Company will remain on a positive growth trajectory; the
Company will complete the development of its cannabis retail
stores; the Cabana Elite program will have the anticipated effect
on the business and operations of the Company; and the Company will
continue to grow its online retail portfolio through further
strategic and accretive acquisitions.
These statements involve known and unknown risks, uncertainties
and other factors, which may cause actual results, performance or
achievements to differ materially from those expressed or implied
by such statements, including but not limited to: the Company’s
inability to attract and retain qualified members of management to
grow the Company’s business and its operations;
unanticipated changes in economic and market conditions or in
applicable laws; the impact of the publications of inaccurate or
unfavourable research by securities analysts or other third
parties; interruptions or shortages in the supply of cannabis from
time to time available to support the Company’s operations from
time to time; unanticipated changes in the cannabis industry in the
jurisdictions within which the Company may from time to time
conduct its business and operations, including the Company’s
inability to respond or adapt to such changes; the Company’s
inability to secure or maintain favourable lease arrangements or
the required authorizations necessary to conduct the business and
operations and meet its targets; the Company’s inability to secure
desirable retail cannabis store locations on favourable terms;
risks relating to projections of the Company’s operations; the
Company’s inability to effectively manage unanticipated costs and
expenses, including costs and expenses associated with product
recalls and judicial or administrative proceedings against the
Company; risk that the Company will not hit its forecasted revenue
and sales projections for the fourth quarter of 2022, and beyond;
risk that Cabana Club loyalty program membership will decrease
and/or plateau; risk that the Company will be unable to deploy
Fastendr™ technology across the Company’s retail stores or on the
timelines disclosed herein; risk that the Company will be unable to
launch Cabana Cannabis Co. white label products in the
jurisdictions and on the timelines outlined herein and/or that such
products will be unable to achieve the results disclosed herein;
risk that same-store sales will not increase, but decease and/or
plateau; risk that the Company will be unable to increase its
revenue profile; risk that the Company will be unable to increase
its revenue through the fourth fiscal quarter of 2022, and the
remainder of the year, but that it will decease and/or plateau;
risk that the Company will be unable to grow its online retail
portfolio through further strategic and accretive acquisitions;
risk that the Company will be unable to add additional cannabis
retail store locations to the Company’s business and remain on a
positive growth trajectory; risks that the Company will be unable
to complete the development of any or all of its cannabis retail
stores; risk that the Company will be unable to secure the proposed
credit facilities, unable to utilize the proposed credit facilities
on the terms and within the timelines anticipated and/or the
proposed credit facilities will not have the anticipated effect on
the business and operations of the Company; risk that the Company
will be unable to launch the Cabana elite program on the terms and
timelines outlined herein or at all; risk that the Cabana elite
program will not have the anticipated effect on the business and
operations of the Company.
Readers are cautioned that the foregoing list is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those
anticipated.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220923005124/en/
Media Inquiries Omar Khan Senior Vice President – Corporate and
Public Affairs High Tide Inc. omar@hightideinc.com
Investor Inquiries Vahan Ajamian Capital Markets Advisor High
Tide Inc. vahan@hightideinc.com
High Tide (NASDAQ:HITI)
Historical Stock Chart
From Aug 2024 to Sep 2024
High Tide (NASDAQ:HITI)
Historical Stock Chart
From Sep 2023 to Sep 2024