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CALGARY - Cannabis retailer High Tide Inc. (NASDAQ:HITI) (TSXV:HITI) announced Monday it has exceeded 2 million members in its Cabana Club loyalty program, which the company describes as Canada’s largest bricks-and-mortar cannabis loyalty program. The company, which according to InvestingPro data generated nearly $400 million in revenue over the last twelve months with a 9.2% growth rate, continues to expand its market presence.
The company also reported that its premium paid loyalty tier, ELITE, has surpassed 104,000 members nationwide.
"Crossing 2 million Cabana Club members and surpassing 100,000 ELITE members are landmark achievements for High Tide," said Raj Grover, Founder and Chief Executive Officer of High Tide in a press release statement.
High Tide currently operates 202 Canna Cabana retail locations across Canada and has implemented a discount club retail model since 2021. InvestingPro analysis indicates the company maintains a healthy current ratio of 1.57 and trades at attractive revenue multiples. InvestingPro subscribers can access 6 additional key insights about High Tide’s financial position and growth prospects.
In a separate announcement, the company filed a preliminary short form base shelf prospectus to replace its existing one that expires on September 3, 2025. The new prospectus, once finalized, would allow High Tide to offer and sell up to C$100 million in securities over a 25-month period.
The filing includes provisions for potential offerings of common shares, warrants, units, subscription receipts, debt securities, or convertible securities. The company indicated the prospectus provides flexibility to take advantage of financing opportunities when market conditions are favorable.
High Tide has also filed a corresponding shelf registration statement with the U.S. Securities and Exchange Commission under the U.S. Canada Multijurisdictional Disclosure System.
The company stated that any net proceeds from potential securities sales would be used for general corporate purposes, capital projects, internal expansion, or acquisitions, though it currently has no immediate plans to issue securities under the prospectus. According to InvestingPro data, while High Tide isn’t currently profitable, analysts expect the company to turn profitable this year, with positive earnings forecasted for fiscal year 2025. A comprehensive analysis of High Tide’s financial outlook is available through InvestingPro’s detailed research reports, which cover over 1,400 US-listed companies.
In other recent news, High Tide Inc. reported an 11% increase in revenue for the second quarter of 2025, reaching $137.8 million. This growth reflects the company’s solid financial performance during the period. However, the adjusted EBITDA saw a 20% decline year-over-year, totaling $8.1 million, although it improved by 14% sequentially. The company continues to expand its retail presence and seek new market opportunities. These developments indicate ongoing strategic efforts by High Tide to strengthen its market position. Investors may find the revenue growth noteworthy, despite the challenges in EBITDA. High Tide’s recent performance highlights its focus on expansion and adaptation in a dynamic market environment.
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