High Tide Inc V.HITI

RE:RE:RE:Raj ?

[apainter]

Raj on LinkedIn: Q2 was another amazing quarter for High Tide Inc., and I couldn’t be more proud of the team.  In the face of a challenging retail environment over the last few months, where we saw some of our competitors forced to seek bankruptcy protection, Team $HITI has been able to deliver positive net income and record-breaking free cash flow in Q2 (totalling $22.7 million over the last four quarters). This is a huge milestone and proof that our strategic approach to growth is working.  High Tide continues to be the second-largest cannabis retailer in the world by store count with 172 operating locations and with plans to grow our Canna Cabana network by another 20-30 stores this year, we remain bullish on our position through 2024. We’re proud of the fact that 4.8 per cent of all cannabis stores in B.C. Alberta, Saskatchewan, Manitoba, and Ontario are Canna Cabana stores, and together they command 10.9 per cent market share in those provinces. Our store count and market share continue to grow rapidly and we expect this positive trajectory to continue. We remain the highest revenue generating cannabis company reporting in Canadian dollars, with Adjusted EBITDA up 52%, bricks-and-mortar revenue up 11% and overall revenue up 5% year-over-year, despite the industry being down by 4% during the same period. All of this has allowed us to end the quarter with a record cash position of $34.5 million. Memberships in our ELITE loyalty program grew at its fastest pace ever, increasing 38% from last quarter, and by 226% over the same time last year.  We’re blazing a trail of profitability in the cannabis retail sector and investors are starting to notice.  Results like these just aren’t possible without a talented team that’s committed to our vision and the future possibilities for High Tide.  I extend my heartfelt thanks to our entire team. They work tirelessly, quarter after quarter and their dedication is what’s driving us forward to become a dominant force in global cannabis retail.