Cannabis company High Tide shares strong financial results from 2021
High Tide Inc., a Canadian cannabis company with private label products and white label partnerships, has released its 2021 financial results showing a successful fiscal year.
High Tide, based in Calgary, Alb., is Canada’s largest recreational cannabis retailer with 109 retail locations. The company is also North America's first and only cannabis discount club retailer, featuring Canna Cabana, Meta Cannabis Co., and Meta Cannabis Supply Co. banners.
Revenue increased by 118% to $181.1 million for the year ended Oct. 31, 2021, and increased sequentially by 12% to $53.9 million in the fourth quarter of 2021. Gross profit increased by 108% to $64.0 million, and adjusted EBITDA was a record $12.4 million for the year.
$150.5 million of revenue was earned in Canada (an increase of 120%), $29.7 million in the United States (an increase of 109%), and $0.9 million internationally (an increase of 45%). Revenue increased sequentially to $42.9 million in Canada (an increase of 12%), $10.6 million in the United States (an increase of 11%), and $0.4 million internationally (an increase of 247%) in the fourth quarter of 2021.
“I'm very pleased to report that High Tide continued to raise the bar in the Canadian and International cannabis industry throughout last year by achieving exponential revenue growth, record EBITDA generation, market share gains and adding top tier entrepreneurial talent to our company,” said Raj Grover, president and CEO of High Tide. “Our continued growth in THC sales is especially impressive given the increasingly competitive Canadian retail landscape. With the launch of our innovative discount club model, which is the first of its kind in North America and is tailored to our company's retail ecosystem, we continue to rapidly gain Canadian retail market share. Given the current growth trajectory we believe that our Cabana Club loyalty program can eventually reach 750,000 members.”
In the fourth quarter alone, High Tide added 15 new stores in Canada, and increased its database of international customers to approximately three million from approximately 650,000 at the beginning of the 2021 fiscal year. High Tide acquisitions in the quarter included 100% of DS Distribution Inc., all common shares of 102 Saskatchewan and 80% interest in UK-based Enigmaa Ltd.