High Tide Inc. reported $522.3 million in revenue for the year ending October 31, 2024, gross profits of $142.5 million, and a net loss of $3.8 million. 

Revenue was up 7% year-over-year for the parent company of the Canna Cabana retail chain, representing a new annual record, while gross profit saw an annual increase of 9%.

Although the company generated a net loss of $3.8 million in fiscal 2024, this was a significant decrease from the previous year’s net loss of $41 million. When adjusted for non-cash impairment charges, High Tide says its net income was $1.2 million for the year ended October 31, 2024, compared to a net loss of $6.7 million in the previous year. 

In addition to Canna Cabana Inc., High Tide’s subsidiaries include companies like Canadian vape and bong supplier Valiant Distribution Canada Inc., Grasscity, META Growth Corp., Jimmy’s Cannabis Shop in BC, and the Queen of Bud brand, among many others. 

On January 13, 2025, High Tide also entered into an agreement to acquire a 51% ownership interest in Purecan GMbH, a pharmaceutical wholesaler based in Germany. This will give the Canadian company a foothold in the EU’s largest cannabis market and hub. 

“We are strategically leveraging our robust retail ecosystem, complemented by our strong partnerships with licensed producers, to address the growing demand for medical cannabis in Germany,” said Raj Grover, founder and CEO of High Tide. “Through our announced acquisition of Purecan, which includes its German import license and wholesale warehousing capabilities, we are diversifying our revenue streams to fuel future growth.”

“With the addition of 30 new stores and millions of new Cabana Club members joining our community, fiscal 2024 has been yet another exceptional year for High Tide’s growth and momentum,” added Grover, who noted that the company was reporting the highest cannabis revenue among all Canadian-based companies. 

He also pointed out that on December 2nd, High Tide marked the international debut of its Cabana Club membership program, expanding into markets outside of Canada. 

“Our membership base now includes an impressive 5.32 million members, including over 76,000 ELITE members. We are witnessing an accelerating rate of growth in our membership program, which continues to enhance our ability to connect with and serve our customers. In fiscal 2024, our Canna Cabana bricks-and-mortar stores once again outperformed the market in every province where we operate.”

Although High Tide makes up just 5% of the cannabis retail locations in those provinces, Grover points out that Canna Cabana stores captured 11% of the associated market share in dollars.

Of the $522.3 million in revenue for fiscal 2024, $484.4 million was from High Tide’s brick-and-mortar holdings in Canada, primarily from the sale of cannabis and CBD products, but with $12.8 million from its consumption accessories and $36 million from its data analytics service, advertising, as well as other revenue sources. The data revenue program is called the Cabanalytics Business Data and Insights Platform.

Another $36.1 million came from High Tide’s e-commerce sales in the US, and another $1.8 million from e-commerce sales in other international markets. International e-commerce sales generated another $17.2 million in cannabis sales, $20 million in online accessories sales, and $675,000 from its data analytics service, advertising, and other e-commerce revenue sources.

The Cabanalytics data platform has seen several years of increases. It generated $12.2 million for the year ended October 31, 2021, $21.7 million in 2022, and $26.3 million in 2023. For the most recent year ending October 31, 2024, High Tide recognized $36 million in revenue from its proprietary data analytics service.

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