The retail-focused company behind the Canna Cabana chain operates 142 weed stores across Canada
The GrowthOp Publishing date: Nov 22, 2022
In September, High Tide reported its revenue increased to $95.4 million in the third quarter of 2022, an increase of more than $47 million from the same quarter last year. PHOTO BY CANNA CABANA INSTAGRAM
High Tide In., the retail-focused cannabis company behind the Canna Cabana chain, is Canada’s top revenue-generating cannabis company according to data from New Cannabis Ventures. The weed-focused communications and marketing company maintains a Public Cannabis Company Revenue Tracker.
According to the tracker, High Tide is outpacing Canopy Growth and Sundial Cannabis to round out Canada’s top three revenue-generating pot companies.
In September, High Tide reported its revenue increased to $95.4 million in the third quarter of 2022, an increase of more than $47 million from the same quarter last year.
Citing New Cannabis Ventures, Raj Grover, High Tide’s president and CEO, called the company’s performance “a testament to our team’s dedication and continued execution.”
“This exponential growth was all accomplished without having more than 29 million dollars in our bank at any given time,” Grover said, adding that the company sees more opportunity domestically, in addition to the U.S. and international markets.
“This growth will come from ongoing bricks-and-mortar expansion in Canada as well as our new and existing e-commerce platforms facilitating the sales of consumption accessories and hemp-derived CBD products,” Grover said.
Last year, High Tide announced it was transitioning its 100-plus stores across Canada to a cannabis discount club concept — think Costco — with exclusive benefits for members.
“The majority of Canadians care only about price,” Grover told The GrowthOp, citing internal research and industry analyses and reports, including the 2020 Canadian Cannabis Survey, which highlighted that price is the most important factor driving purchasing decisions.
High Tide also makes and sells cannabis accessories to wholesale clients and retail customers and owns Blessed CBD out of the U.K. and Fab CBD out of Wisconsin. Its retail segment includes brands like Grasscity.com, SmokeCartel.com, DailyHighClub.com as well as wholesalers Valiant Distribution and Famous Brandz.
High Tide recently opened a second Canna Cabana retail store in Windsor, marking its 44th location in Ontario. In total, the company operates 142 retail locations across B.C., Alberta, Saskatchewan, Manitoba and Ontario.