EXCLUSIVE: High Tide CEO Highlights Major Drivers Behind Record Earnings, Market Share Growth
While many cannabis retailers in Canada face a tightening market, High Tide Inc. (NASDAQ:HITI) stands out with a robust increase in revenue and market share in its 2024 third-quarter financial results.
On Monday, the Calgary-based company reported record revenue of CA$131.7 million ($97 million), marking a 6% increase both year-over-year and sequentially.
CEO Raj Grover Discusses Growth Drivers
In an exclusive interview with Benzinga, High Tide’s founder and CEO Raj Grover highlighted the success of its discount club model. “Since the beginning of this calendar year alone, we have added 21 new stores, including 11 in the third quarter. At the same time, same-store sales have risen 118% since the launch of our discount club model through June 2024, including 5% sequentially,” he said.
“Among those still standing, we are vastly outperforming the industry averages, as our average store was on a CA$2.6 million annual revenue run-rate in June 2024, vs. our peers averaging CA$1 million,” Grover added.
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