High Tide Toasts 2024 Growth, Reaching 191 Canadian Retail Outlets
January 7, 2025Canadian cannabis company High Tide has emerged as a leading player, now operating 191 Canna Cabana locations across Canada, with 29 new stores opened in 2024. “This year has been extraordinary for High Tide from an operational, financial, and growth perspective,” said Raj Grover, founder and CEO. “Not only did we achieve rapid organic growth powered primarily by internally generated cash, but we also closed the last quarter with the highest cash-on-hand balance in our history.”
The Cabana Club loyalty program has been a key growth engine, with more than 1.5 million members, including 57,000 members of the higher-tier membership program, Elite. While primarily operating in Canada, the Cabana Club launched in the U.S. in 2024, offering Americans discounts on smoking accessories and CBD products. The club also launched in the U.K. and Europe, where the company says it has a customer base of 4 million. “This success has driven our 12% market share in Canadian brick-and-mortar sales, and its recent rollout in the U.S. and Europe is already showing encouraging results,” said Grover.
According to the company, High Tide and Canna Cabana have bucked a wider downturn among Canadian cannabis retailers, ending 2024 with locations seeing same-store sales up 118% over the past three years, while other operators averaged 21% declines. The company also added to its stable of brands in 2024, acquiring the Queen of Bud brand.—Shane English
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