News

Revenue rolls in for High Tide, which owns Canna Cabana

Published on February 7, 2025 by oz. staff

Photo: Ashley Hughes

Canna Cabana owner High Tide boasts it is the “highest revenue-generating cannabis company reporting in Canadian dollars for the third consecutive year” after releasing its latest financial report.

Quarterly revenue was $138.3 million—“an all-time record” and 9% higher than the same quarter a year ago, High Tide said in a news release.

For the fiscal year ending Oct. 31, revenue increased to $522.3 million, also a company record, compared to $487.7 million a year earlier.

The company reported a net loss of $3.8 million during the year, which was a lighter shade of red than the $41 million in the previous year.

“With the addition of 30 new stores and millions of new Cabana Club members joining our community, fiscal 2024 has been yet another exceptional year for High Tide’s growth and momentum,” said Raj Grover, company founder and CEO.

Same-store sales increased by 0.4% year over year.

“Over the last three years, same store sales at Canna Cabana are up 130%,” the company said.

During the latest quarter, Canna Cabana held a 19% share of the cannabis retail market in its home province of Alberta and 10% in Ontario.

High Tide operates 191 stores in Canada and hopes to add another 20-30 in 2025, the release said.