High Tide Sees Steady Profit, Growing Revenue In First Quarter
March 25, 2025Canadian cannabis leader High Tide reported revenue of C$143 million ($100m) for its fiscal first quarter ended in January, an 11% jump year-over-year and a 3% sequential gain. Gross profit for the quarter was nearly flat both year-over-year and sequentially at C$35 million. The majority of that revenue came from the company’s bricks-and-mortar segment, which was up 17% year-over-year to C$136 million.
Sales at the company’s chain of Canna Cabana stores saw a same store average growth of 142%. Adjusted EBITDA was at C$7.1 million, down from C$10.4 million last year due to investment in increasing the company’s retail footprint. “This was due to a purposeful shift in our strategy to win market share in our ancillary business lines, which will provide long-term benefits by expanding our Cabana Club globally and diversifying our customer base,” said founder and CEO Raj Grover.—Shane English
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