HITI "tilray did not make the list" The Company Placed 87th out of 417 Companies, With a Three-Year Growth Rate of 486%
CALGARY, AB, Sept. 26, 2024 /PRNewswire/ - High Tide Inc. ("High Tide" or the "Company") (NASDAQ:HITI) (TSXV:HITI) (FSE: 2LYA), the high-impact, retail-forward enterprise built to deliver real-world value across every component of cannabis, announced today that it placed No. 87 out of 417 companies listed on the 2024 Report on Business ranking of Canada's Top Growing Companies, with a three-year revenue growth rate of 486%.
This follows the Company's 2023 ranking of 38th out of 425 companies, with a three-year growth rate of 1,040%.
"For the fourth consecutive year, Canada's business magazine of record, the Report on Business, has named High Tide as one of Canada's Top Growing Companies. Placing 87th out of 417 companies is a testament to our innovative and disruptive retail model and our team's laser-focused execution. Thanks to our operational outperformance, our aggressive top-line growth is being translated into free cash flow generation, helping us fuel the build-out of our stores and is reflected in reaching 12% market share in the five provinces where we operate," said Raj Grover, Founder and Chief Executive Officer of High Tide.
"I'm also very pleased that our annualized run rate now exceeds $525 million, with our net income reaching $0.8 million last quarter. I look forward to our Company continuing to break revenue records as we work to enter, navigate and build our presence in potential emerging legal cannabis markets such as Germany, the US and beyond. A huge thanks goes out to the High Tide team for setting new standards and reaching new heights within our ever-evolving and rapidly expanding industry," added Mr. Grover.
Canada's Top Growing Companies is an editorial ranking that was launched in 2019 to celebrate the achievements of innovative businesses in Canada. To qualify for this voluntary program, companies had to complete an in-depth application process and fulfill revenue requirements. In total, 417 companies earned a spot on this year's ranking. The full list of 2024 winners, along with editorial coverage, is published in the October issue of Report on Business magazine. The list is out now and online here.
"Our annual ranking of Canada's Top Growing Companies reflects the sector-spanning ingenuity of this country's entrepreneurs and corporate leaders," says Dawn Calleja, Editor of Report on Business magazine. "And we think it's important to tell their stories, to help inspire the next generation of up-and-comers across the country."
"The Globe and Mail congratulates this year's Canada's Top Growing Companies' winners for achieving exceptional growth and resilience in facing business challenges," says Andrew Saunders, CEO of The Globe and Mail. "It is a testament to dedication, strategic vision, and innovative drive."