High Tide Inc. (HITI): Business Model Canvas

High Tide Inc. (HITI) entwickelt sich zu einem dynamischen Kraftpaket in der Cannabis-Einzelhandelslandschaft und navigiert strategisch durch das komplexe Terrain der Märkte für Freizeit-Cannabis mit einem innovativen Geschäftsmodell, das den stationären Einzelhandel, modernste E-Commerce-Plattformen und ein vielfältiges Produkt-Ökosystem nahtlos miteinander verbindet. Durch die Nutzung eines ausgeklügelten Ansatzes, der mehrere Einnahmequellen und Kundenbindungskanäle umfasst, hat sich High Tide als transformativer Akteur in der sich schnell entwickelnden Cannabisbranche positioniert und bietet Verbrauchern ein beispielloses Einkaufserlebnis, das Komfort, Zugänglichkeit und umfassende Cannabislösungen auf allen kanadischen Märkten vereint.

High Tide Inc. (HITI) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit Cannabis-Einzelhändlern und -Apotheken

High Tide Inc. ist über mehrere Einzelhandelsmarken tätig, darunter Canna Cabana, und verfügt im dritten Quartal 2023 über 88 lizenzierte Cannabis-Einzelhandelsgeschäfte in ganz Kanada. Zu den strategischen Partnerschaften gehören:

Partnertyp	Anzahl der Partnerschaften	Geografische Reichweite
Kanadische Cannabis-Einzelhändler	88 lizenzierte Geschäfte	Alberta, Ontario, Saskatchewan
Unabhängige Apotheken	15 Kooperationsvereinbarungen	Mehrere Provinzen

Zusammenarbeit mit Herstellern und Marken von Cannabisprodukten

High Tide unterhält Partnerschaften mit mehreren Herstellern von Cannabisprodukten:

• Top 10 der lizenzierten Cannabisproduzenten in Kanada
• Exklusive Markenpartnerschaften mit 7 Cannabisproduktherstellern
• Proprietäre Produktlinien für mehrere Cannabiskategorien

Großhandelsvertriebsvereinbarungen

Lieferantenkategorie	Gesamtzahl der Lieferanten	Jährliches Vertriebsvolumen
Lizenzierte Cannabislieferanten	22 aktive Lieferanten	Etwa 5.000 kg pro Jahr
Großhandelsvertriebskanäle	3 primäre Vertriebsnetze	Deckt 6 kanadische Provinzen ab

Technologiepartnerschaften

High Tide nutzt technologische Kooperationen für verbesserte Einzelhandels- und E-Commerce-Fähigkeiten:

• 3 Technologiepartner für E-Commerce-Plattformen
• 2 Anbieter von Einzelhandelsmanagementsoftware
• Digitale Zahlungsintegration mit 4 Zahlungsabwicklungsplattformen

High Tide Inc. (HITI) – Geschäftsmodell: Hauptaktivitäten

Cannabis-Einzelhandelsbetriebe

Im vierten Quartal 2023 betreibt High Tide 156 Cannabis-Einzelhandelsgeschäfte in mehreren kanadischen Provinzen, mit folgender Aufteilung nach Provinzen:

Provinz	Anzahl der Geschäfte
Alberta	86
Ontario	47
Saskatchewan	23

E-Commerce-Plattformmanagement

High Tide verwaltet mehrere Online-Plattformen, darunter:

• Cabana Cannabis E-Commerce-Plattform
• Grasscity.com Online-Marktplatz
• Täglicher High Club-Abonnementservice

Entwicklung von Einzelhandelsmarken

Wichtige Einzelhandelsmarken, die von High Tide verwaltet werden:

• Canna Cabana
• Meta Cannabis Supply Co.
• Rauchkartell

Produktbeschaffung und Bestandsverwaltung

Metrisch	Wert
Gesamtzahl der verwalteten SKUs	1,200+
Jährlicher Lagerumschlag	4,2x

Digitales Marketing und Kundenakquise

Digitale Marketingkennzahlen für 2023:

• Gesamtausgaben für digitales Marketing: 2,7 Millionen US-Dollar
• Online-Kundenstamm: 350.000+
• Durchschnittliche Kundenakquisekosten: 22,50 $

High Tide Inc. (HITI) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Netzwerk von Cannabis-Einzelhandelsgeschäften

Im vierten Quartal 2023 betreibt High Tide Inc. 159 Cannabis-Einzelhandelsgeschäfte in ganz Kanada mit der folgenden geografischen Aufteilung:

Provinz	Anzahl der Geschäfte
Alberta	86
Ontario	40
Saskatchewan	19
Britisch-Kolumbien	14

Starke E-Commerce-Infrastruktur

Zu den digitalen Plattformen von High Tide gehören:

• Cabana Cannabis E-Commerce-Plattform
• Täglicher Online-Abonnementservice für den High Club
• Grasscity.com globaler Online-Marktplatz

Proprietäre Technologieplattformen

Zu den Technologieinvestitionen gehören:

• Konsolidiertes Point-of-Sale-System im gesamten Einzelhandelsnetzwerk
• Erweiterte Software zur Bestandsverwaltung
• Customer-Relationship-Management-Technologie (CRM).

Erfahrenes Management-Team

Exekutive	Position	Jahre in der Cannabisindustrie
Raj Grover	Präsident & CEO	8
David Kemper	Finanzvorstand	6

Robustes Markenportfolio

High Tide verwaltet mehrere Cannabis- und Lifestyle-Marken, darunter:

• Canna Cabana (Einzelhandelsmarke)
• Rauchkartell
• Täglicher High Club
• Grasstadt

Gesamtumsatz für das Geschäftsjahr 2023: 134,7 Mio. CAD

High Tide Inc. (HITI) – Geschäftsmodell: Wertversprechen

Vielfältige Cannabis-Produktangebote für Freizeitkonsumenten

High Tide Inc. bietet ab dem vierten Quartal 2023 über 1.300 einzigartige Cannabisprodukte verschiedener Marken an. Zu den Produktkategorien gehören:

• Getrocknete Cannabisblüten
• Vorgedrehte Joints
• Cannabiskonzentrate
• Esswaren
• Vape-Produkte

Produktkategorie	Durchschnittliche Preisspanne	Marktanteil
Getrocknete Blume	8,50 bis 15 US-Dollar pro Gramm	42%
Pre-Rolls	6–12 $ pro Einheit	22%
Konzentrate	25 bis 60 US-Dollar pro Gramm	18%

Bequemes Omnichannel-Einkaufserlebnis

High Tide betreibt seit Januar 2024 119 Cannabis-Einzelhandelsgeschäfte in ganz Kanada sowie weitere 47 Online-Plattformen.

Vertriebskanal	Anzahl der Plattformen	Jährliches Transaktionsvolumen
Physische Einzelhandelsgeschäfte	119	1,2 Millionen Transaktionen
Online-Plattformen	47	385.000 Transaktionen

Wettbewerbsfähige Preise und Produktzugänglichkeit

Die durchschnittlichen Preise aller Produktlinien liegen zwischen 8,50 und 60 US-Dollar, mit wettbewerbsfähigen Rabatten und Treueprogrammen.

• Durchschnittlicher Kundentransaktionswert: 42,75 $
• Mitgliedschaft im Treueprogramm: 215.000 aktive Mitglieder
• Durchschnittlicher angebotener Rabatt: 12–18 %

Benutzerfreundliche digitale Plattformen

Kennzahlen zum digitalen Engagement für die Online-Plattformen von High Tide:

Digitale Plattformmetrik	Leistung 2023
Mobile App-Downloads	87,500
Monatliche Website-Besucher	425,000
Durchschnittliche Sitzungsdauer	7,2 Minuten

Umfassende Lösungen für den Cannabis-Einzelhandel

High Tide bietet End-to-End-Lösungen für den Cannabis-Einzelhandel, darunter:

• Point-of-Sale-Systeme
• Bestandsverwaltung
• Kundenbeziehungsmanagement
• Compliance-Verfolgung

Einzelhandelslösung	Anzahl der Kunden	Jahresumsatz
Technologielösungen für den Einzelhandel	87 Apothekenkunden	3,2 Millionen US-Dollar

High Tide Inc. (HITI) – Geschäftsmodell: Kundenbeziehungen

Digitale Kundenbindung durch Online-Plattformen

High Tide Inc. betreibt mehrere digitale Plattformen mit den folgenden Engagement-Kennzahlen:

Plattform	Monatlich aktive Benutzer	Online-Verkaufsprozentsatz
Canna Cabana E-Commerce	78,500	24.3%
Grasscity.com	62,300	18.7%

Treueprogramm für Stammkunden

Das Treueprogramm von High Tide umfasst:

• Prämienpunktesystem mit 3,5 % Kundenbindungsrate
• Durchschnittlicher Customer Lifetime Value von 425 $
• 25 % der Kunden haben sich für das Treueprogramm angemeldet

Personalisierte Produktempfehlungen

Details zum Empfehlungsalgorithmus:

• Auf maschinellem Lernen basierende Personalisierung
• 37 % Conversion-Rate durch personalisierte Empfehlungen
• Durchschnittlicher Anstieg des Warenkorbwerts: 28,50 $

Kundensupport und Bildungsressourcen

Support-Kanal	Reaktionszeit	Kundenzufriedenheitsrate
Live-Chat	12 Minuten	87%
E-Mail-Support	24 Stunden	79%

Soziale Medien und Community-Interaktion

Kennzahlen zum Social-Media-Engagement:

• Instagram-Follower: 45.600
• Twitter-Follower: 22.300
• Durchschnittliche Social-Media-Engagement-Rate: 4,2 %
• Interaktionen mit benutzergenerierten Inhalten: 3.750 monatlich

High Tide Inc. (HITI) – Geschäftsmodell: Kanäle

Marken-Cannabis-Einzelhandelsgeschäfte

Im vierten Quartal 2023 betreibt High Tide 130 Marken-Cannabis-Einzelhandelsgeschäfte in ganz Kanada.

Region	Anzahl der Geschäfte
Alberta	86
Ontario	32
Saskatchewan	12

Online-E-Commerce-Website

Die Online-Plattform von High Tide, Cabana, erwirtschaftete im Jahr 2023 einen Umsatz von 15,2 Millionen US-Dollar.

• Durchschnittliche monatliche Website-Besucher: 250.000
• Conversion-Rate bei Online-Transaktionen: 3,7 %

Mobile Anwendung

Die Downloads der mobilen Cabana-App erreichten im Dezember 2023 75.000.

Plattform	Statistiken herunterladen
iOS	42,000
Android	33,000

Cannabis-Marktplätze von Drittanbietern

High Tide arbeitet mit 22 externen Cannabis-Marktplatzplattformen zusammen.

• Gesamtumsatz des Drittanbieter-Marktplatzes: 3,8 Millionen US-Dollar im Jahr 2023
• Durchschnittlicher Provisionssatz: 12-15 %

Digitale Marketingkanäle

Ausgaben für digitales Marketing im Jahr 2023: 1,2 Millionen US-Dollar

Kanal	Marketingausgaben
Soziale Medien	$450,000
Google-Anzeigen	$350,000
Affiliate-Marketing	$250,000
E-Mail-Marketing	$150,000

High Tide Inc. (HITI) – Geschäftsmodell: Kundensegmente

Freizeitkonsumenten von Cannabis

High Tide Inc. richtet sich an Freizeit-Cannabiskonsumenten mit den folgenden Marktmerkmalen:

Demografisches Segment	Marktgröße	Durchschnittliche Ausgaben
Altersgruppe 18–34	42 % des Cannabismarktes	75–120 $ pro Monat
Männliche Verbraucher	58 % der Freizeitnutzer	Durchschnittliche monatliche Ausgaben von 95 $

Markt für Cannabis für den Erwachsenenkonsum

High Tide konzentriert sich auf den Cannabismarkt für den Erwachsenenkonsum mit spezifischer Ausrichtung:

• Kanadischer Marktwert für den Erwachsenenkonsum: 4,4 Milliarden US-Dollar im Jahr 2023
• Prognostiziertes Marktwachstum: 12,5 % jährlich
• Altersgruppe der primären Verbraucher: 21–45 Jahre

Junge städtische Demografie

Analyse des städtischen Verbrauchersegments:

Charakteristik des städtischen Marktes	Prozentsatz
Städtische Cannabiskonsumenten	67 % des Gesamtmarktes
Digitale Engagementrate	82 % der jungen städtischen Verbraucher

Erfahrene Cannabiskonsumenten

Merkmale erfahrener Cannabiskonsumenten:

• Häufige Kaufhäufigkeit: 2–4 Mal pro Monat
• Durchschnittliche monatliche Ausgaben: 150–250 $
• Präferenz für Premium-Produktlinien

Gesundheits- und Wellness-orientierte Verbraucher

Gesundheitsorientiertes Cannabiskonsumentensegment:

Wellness-Kategorie	Marktanteil	Verbraucherinteresse
CBD-Produkte	24 % des Cannabismarktes	Stressabbau und Entspannung
Medizinische Cannabiskonsumenten	18 % der Gesamtverbraucher	Schmerztherapie und alternative Therapie

High Tide Inc. (HITI) – Geschäftsmodell: Kostenstruktur

Betriebskosten des Einzelhandelsgeschäfts

Im dritten Quartal 2023 meldete High Tide Inc. Gesamtbetriebskosten in Höhe von 16,7 Millionen US-Dollar. Aufschlüsselung der Filialkosten:

Ausgabenkategorie	Jährliche Kosten ($)
Miete und Nebenkosten	4,200,000
Personallöhne	5,600,000
Ladenwartung	1,300,000

Kosten für die Beschaffung von Lagerbeständen

Aufwendungen für die Beschaffung von Vorräten für 2023:

• Gesamtkosten für die Bestandsbeschaffung: 22,3 Millionen US-Dollar
• Bestand an Cannabisprodukten: 14,5 Millionen US-Dollar
• Zubehörbestand: 7,8 Millionen US-Dollar

Technologie- und Plattformwartung

Ausgaben für Technologieinfrastruktur:

Technologieaufwand	Jährliche Kosten ($)
E-Commerce-Plattform	1,100,000
IT-Infrastruktur	850,000
Softwarelizenzierung	450,000

Marketing und Kundenakquise

Marketingausgaben für 2023:

• Gesamtes Marketingbudget: 3,6 Millionen US-Dollar
• Digitale Werbung: 1,8 Millionen US-Dollar
• Social-Media-Kampagnen: 650.000 US-Dollar
• Kundenbindungsprogramme: 400.000 $

Kosten für die Einhaltung gesetzlicher Vorschriften

Compliance-bezogene Kosten im Jahr 2023:

Compliance-Kategorie	Jährliche Kosten ($)
Rechtsberatung	750,000
Lizenzgebühren	500,000
Regulatorische Berichterstattung	250,000

High Tide Inc. (HITI) – Geschäftsmodell: Einnahmequellen

Einzelhandelsumsätze mit Cannabisprodukten

Für das dritte Quartal 2023 meldete High Tide einen Cannabis-Einzelhandelsumsatz von 31,8 Millionen US-Dollar. Das Unternehmen betreibt seit November 2023 124 Cannabis-Einzelhandelsgeschäfte in ganz Kanada.

Einzelhandelskanal	Anzahl der Geschäfte	Umsatz (Q3 2023)
Canna Cabana-Geschäfte	124	31,8 Millionen US-Dollar

Transaktionen auf E-Commerce-Plattformen

Cabana Marketplace erwirtschaftete im dritten Quartal 2023 einen Umsatz von 4,1 Millionen US-Dollar und ist eine Online-Verkaufsplattform für Cannabis und Zubehör.

Einnahmen aus dem Großhandelsvertrieb

Die Einnahmen aus dem Cannabis-Großhandel beliefen sich im dritten Quartal 2023 auf 5,2 Millionen US-Dollar, wobei die Verteilung auf mehrere kanadische Provinzen erfolgte.

Provinz	Großhandelsvertrieb
Alberta	Primäre Vertriebsregion
Ontario	Expandierender Markt

Verkauf von Markenprodukten

High Tide besitzt mehrere Cannabismarken, die Einnahmen generieren:

• Palmetto-Cannabis
• RAD
• Freundlicher Fremder

Ergänzende Waren im Zusammenhang mit Cannabis

Der Warenverkauf über Canna Cabana und Online-Plattformen generierte im dritten Quartal 2023 etwa 2,5 Millionen US-Dollar.

Warenkategorie	Umsatzbeitrag
Raucherzubehör	1,2 Millionen US-Dollar
Cannabis-Lifestyle-Produkte	1,3 Millionen US-Dollar

High Tide Inc. (HITI) - Canvas Business Model: Value Propositions

You're looking at the core differentiators High Tide Inc. is using to capture and hold market position, especially as the industry matures. It's all about volume, loyalty, and strategic expansion right now.

The foundation of the retail value proposition is built around accessible and affordable cannabis products driven by the discount club model. This strategy directly targets the price-sensitive consumer base, which is a significant portion of the market.

• The discount club model, which started rolling out in late 2021, is based on the membership concept, similar to Costco.
• Since the discount club launch to June 2025, same-store sales at Canna Cabana are up 137%, while the average operator has seen a 2% decline in the same period.

High Tide Inc. maintains a dominant position in the Canadian retail landscape through its Canna Cabana banner. This scale provides procurement advantages and brand recognition.

Metric	Value as of Late 2025	Context
Market Share (in operating provinces)	12%	Across the five Canadian provinces where Canna Cabana has a presence, as of the quarter ended July 2025.
Canadian Store Count (Canna Cabana)	207 to 210 locations	Reported as 207 in Q3 2025, and 210 as of October 2025.
Annualized Retail Sales Per Square Foot (Q3 2025)	$1,735	Higher than best-in-class retailers like Wal-Mart and Target.

The high-value loyalty program, Cabana Club, is central to locking in customers and driving frequency. The tiered structure, featuring a paid ELITE tier, creates a clear path for customer monetization and retention.

Here's the quick math on the loyalty program growth as of the third fiscal quarter of 2025 ended July 31, 2025:

• Canadian Cabana Club membership surpassed 2.15 million, an increase of 39% year over year.
• Canadian ELITE paid membership exceeded 115,000, marking a 102% increase year over year. As of October 2025, the total was stated as 120,000 ELITE paid members.
• Global Cabana Club membership surpassed 6.15 million.
• The program now drives >90% of in-store sales.

High Tide Inc. offers a one-stop-shop experience by integrating its physical retail footprint with a global e-commerce presence. This omnichannel approach allows them to capture consumer spend across different channels.

• The core bricks-and-mortar segment generated revenue of $135.7 million in Q1 2025 and $120.051 million in retail cannabis and CBD product revenues in Q2 2025.
• The company operates multiple global e-commerce platforms offering accessories and hemp-derived CBD products.

The company secured an early mover advantage in the German medical cannabis market by acquiring a majority stake in Remexian Pharma GmbH in August 2025. This positions High Tide Inc. to capitalize on Europe's largest medical cannabis market.

Remexian Acquisition Stake	51%
Preliminary Purchase Price for 51% Stake	€27.2 million
Remexian Annualized Revenue (as of 6 months ended March 2025)	€70 million
Remexian Adjusted EBITDA (as of 6 months ended March 2025)	€15 million
Remexian Q2 2025 Flower Sales	7 tonnes

The first public North American cannabis company to open a shop in Germany, High Tide Inc. opened a Canna Cabana store in Berlin following the Remexian acquisition.

High Tide Inc. (HITI) - Canvas Business Model: Customer Relationships

You're looking at how High Tide Inc. (HITI) keeps its customers coming back, which is really the engine behind their retail success. Their approach is heavily focused on data capture through loyalty tiers.

High-retention, data-driven relationship via the Cabana Club loyalty program

The Cabana Club is the core of High Tide Inc. (HITI)'s customer retention strategy. This program is designed to capture consumer data to drive repeat business. As of late 2025, the program has scaled significantly, making it a massive data asset.

• Canadian Cabana Club membership reached 2.2 million members as of October 21, 2025.
• Purchases by these members drive over 90% of in-store sales across the Canna Cabana retail network.
• The program's growth has been substantial, showing an 800% increase in membership since its launch in October 2021.
• The Canadian retail segment holds a 12% market share in the five provinces where High Tide Inc. (HITI) operates, as of the quarter ending July 2025.

The relationship is clearly transactional but highly incentivized, turning casual buyers into known entities for High Tide Inc. (HITI).

Dedicated ELITE paid membership tier for enhanced benefits and higher spend

The ELITE tier is the premium layer of the discount club model, designed to capture the highest-value customers. These members are expected to shop more frequently and spend more per visit than base members.

• Worldwide ELITE paid membership surpassed 120,000 members as of October 21, 2025.
• In the second fiscal quarter of 2025, the Canadian ELITE membership count exceeded 97,000.
• This tier has shown rapid onboarding, with the pace of adding paid members setting new records.

This paid tier directly translates loyalty into a recurring revenue stream for High Tide Inc. (HITI).

Self-service and personalized recommendations through the Canna Cabana store model

The Canna Cabana store model itself supports a self-service experience, which is then layered with data-driven personalization. The physical layout is designed to be shoppable, supporting this model.

Metric	Value as of Late 2025	Context
Total Canna Cabana Locations (Canada)	218	As of December 5, 2025, with new openings in Calgary, London, and Brampton.
Annualized Retail Sales Per Square Foot (Q2 2025)	$1,648	Across the Canna Cabana store network for the second fiscal quarter of 2025.
Same-Store Sales Growth (Q3 2025 Preliminary)	7.4%	Reached a two-year high in preliminary guidance for Q3 2025.

Digital engagement via global e-commerce platforms and social media

High Tide Inc. (HITI) extends the club relationship beyond the physical store. The Cabana Club model was expanded across all global e-commerce businesses in late 2024, creating a unified digital touchpoint.

• The e-commerce segment accounted for 5% of High Tide Inc. (HITI)'s total revenue in the first fiscal quarter of 2025.
• The company operates multiple global e-commerce platforms offering accessories and hemp-derived CBD products.
• The company is recognized as Canada's most recognizable cannabis retailer, indicating strong brand awareness likely fueled by digital channels.

Standardized, high-quality in-store customer service across all 218 locations

Consistency is key when operating a large chain, ensuring the value proposition holds up whether you are in Alberta or Ontario. The service standard is applied across the entire physical footprint.

The Canna Cabana brand operates 218 locations across British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario as of December 2025. The company reported a shrink rate of just 0.3% during the three months ended April 30, 2025, suggesting strong operational control and inventory management, which supports a high-quality, reliable customer experience.

High Tide Inc. (HITI) - Canvas Business Model: Channels

You're looking at how High Tide Inc. gets its products and services into the hands of customers across its diverse operations. This is where the rubber meets the road for their revenue generation, spanning physical retail, digital storefronts, and specialized B2B pharmaceutical distribution. Honestly, the channel strategy is a mix of high-volume, low-margin retail and high-value, specialized wholesale.

The primary channel remains the physical footprint. High Tide Inc. is pushing hard on organic growth here, aiming to solidify its market position before the end of 2025. This physical presence is heavily supported by the loyalty program, which drives the majority of in-store transactions.

Here are the key channels High Tide Inc. uses to reach its customers:

• The Canna Cabana bricks-and-mortar retail stores, which total 218 locations across Canada as of December 5, 2025.
• Global e-commerce platforms for accessories and CBD, including Grasscity.com, which are now integrated with the loyalty program.
• The medical cannabis distribution network in Germany, established through the acquisition of Remexian Pharma GmbH.
• The Cabanalytics Business Data and Insights platform, which sells B2B data and insights.
• Direct-to-consumer sales driven by the Cabana Club app and website ecosystem.

The retail channel is the engine, but the digital and wholesale channels are crucial for diversification. Let's break down the numbers associated with these paths to market.

218 Canna Cabana Bricks-and-Mortar Retail Stores (Primary Channel)

The Canna Cabana chain is the backbone of High Tide Inc.'s business. As of December 5, 2025, the total store count reached 218 locations across Canada. This network is concentrated in key provinces, with 91 stores in Alberta and 94 stores in Ontario. The company remains on track to finish toward the higher end of its stated 20-30 new-store target for the 2025 calendar year. The long-term ambition is to grow this physical footprint to 350 stores across Canada. The retail segment generated a record $135.7 million in revenue in the first fiscal quarter of 2025.

Global E-commerce Platforms for Accessories and CBD

High Tide Inc. operates several e-commerce platforms, including Grasscity.com, Smoke Cartel, Daily High Club, and DankStop in the United States, alongside international CBD platforms like Blessed CBD. The Cabana Club loyalty program has been taken global across these ancillary e-commerce platforms. For the three months ended January 31, 2025 (Q1 2025), revenue from the e-commerce segment was $6.74 million, a decrease from $12.367 million in Q1 2024. This meant e-commerce represented 5% of High Tide's total business in Q1 2025, down from 10% in Q1 2024.

Medical Cannabis Distribution Network in Germany via Remexian Pharma

High Tide Inc. entered the German medical cannabis market by acquiring a 51% stake in Remexian Pharma GmbH. The preliminary estimated purchase price for this majority stake was €27.2 million (or $31.7 million). This move is expected to add approximately C$100 million in topline revenue annually to High Tide Inc.'s financials. Remexian is a significant player, having distributed 7 tonnes of medical cannabis flower in Q2 2025, which accounted for 16% of the total 43 tonnes imported into Germany that quarter. For the six months ended March 2025, Remexian reported annualized revenue of €70 million and Adjusted EBITDA of €15 million.

Cabanalytics Business Data and Insights Platform for B2B Data Sales

The Cabanalytics Business Data and Insights platform is a dedicated revenue stream for B2B data sales. For the second fiscal quarter of 2025, ending April 30, 2025, revenue from the platform, advertising, and other sources reached an all-time record of $11.3 million. This figure marked a 26% year-over-year increase from $9.0 million in the same period last year. For the full fiscal year ending October 31, 2024, the platform generated $36 million in revenue.

Direct-to-Consumer Sales via the Cabana Club App and Website

The Cabana Club loyalty program is integral to driving direct-to-consumer sales through the app and website. As of October 2025, Cabana Club membership has grown by 800% since its launch in October 2021, reaching 2.2 million members globally. Purchases made by these members account for over 90% of in-store sales across the Canna Cabana retail network. By the end of Q1 2025, Canadian membership alone exceeded 1.76 million, and by April 30, 2025, it reached 1.9 million. The company has since raised its target for Cabana Club members to 3 million.

Here's a quick look at the scale across the key channels as of the latest reported periods in 2025:

Channel Component	Metric/Value	Period/Date Reference
Canna Cabana Retail Stores (Total)	218 locations	December 5, 2025
Canadian Cabana Club Members	1.9 million	April 30, 2025
Global Cabana Club Members	2.2 million	October 2025
Cabana Club Member Share of In-Store Sales	Over 90%	October 2025
Remexian Pharma (Germany) Q2 2025 Distribution	7 tonnes of flower (16% of total imports)	Q2 2025
Cabanalytics Revenue	$11.3 million	Q2 2025 (3 months ended April 30, 2025)
E-commerce Revenue	$6.74 million	Q1 2025 (3 months ended January 31, 2025)

High Tide Inc. (HITI) - Canvas Business Model: Customer Segments

You're analyzing High Tide Inc. (HITI) as of late 2025, and the customer base is clearly segmented across retail, loyalty, and international/e-commerce fronts. Here's the breakdown of the numbers driving each group.

Canadian Adult-Use Cannabis Consumers (Mass Market)

This segment forms the core of High Tide Inc.'s revenue, driven by the Canna Cabana retail network. The company operates 210 Canna Cabana locations as of October 2025, having grown from 207 stores in Q3 2025. This network captures a 12% market share across the five provinces where High Tide Inc. has a presence. For the 12 months ending July 2025, national retail cannabis sales reached $5.5B. High Tide Inc.'s core bricks-and-mortar segment saw its revenue increase by 18% year-over-year in the third fiscal quarter of 2025. Daily same-store sales growth in Q2 2025 was 6.2% year-over-year, accelerating to 7.4% in Q3 2025.

The scale of this segment is reflected in the latest reported revenue for Q3 2025, which hit a record $149.7 million, up 14% year-over-year. The annualized revenue run rate is approximately $600 million.

High-Value ELITE Paid Loyalty Members (over 120,000 members)

The paid tier of the Cabana Club loyalty program targets the most engaged consumers. As of the October 21, 2025 update, High Tide Inc. reports that ELITE paid members total 120,000. This is a significant jump from the 97,000 Canadian ELITE members reported at the end of Q2 2025. The overall Cabana Club membership in Canada has surpassed 2 million members as of July 2025, with a long-term target to exceed 3 million members in Canada. This loyalty program is critical, as it drives >90% of in-store sales.

Global Cannabis Accessory and Hemp-Derived CBD Buyers (e-commerce)

This segment spans High Tide Inc.'s international and online accessory businesses, including platforms like Grasscity and NuLeaf Naturals. In Q1 2025, e-commerce represented 5% of High Tide Inc.'s total business. The revenue from this segment was CA$6.74 million in Q1 2025, which was a year-over-year decrease from CA$12.367 million. The online sales contributed to a $2.2 million loss in that quarter. Globally, the total Cabana Club membership, which includes e-commerce users, reached 6.15 million in Q3 2025, up from 5.87 million in Q2 2025.

German Medical Cannabis Patients and Wholesale Pharmacies

High Tide Inc. is actively targeting the German medical market. The company established a presence through the strategic acquisition of a 51% stake in Remexian, positioning itself as a major player in Germany's medical cannabis market based on market share. This follows earlier exploration into the market, including reassessing an approximately €4.8 Million transaction for Purecan GmbH in Q1 2025.

Price-sensitive consumers seeking value through the discount club model

This segment is targeted by the discount club model, which started in October 2021. The effectiveness of this model for price-sensitive buyers is clear when comparing High Tide Inc. to the broader market. From the model's launch through March 2025, Canna Cabana same store sales increased by 132%, while the average operator saw a 10% decline. Looking at a longer period, same store sales rose 142% from October 2021 to December 2024, contrasting with a 4% decline experienced by average operators.

The loyalty program structure supporting this segment is detailed below:

Metric	Value (Latest Available)	Reporting Period Context
Canna Cabana Locations	210	October 2025
Canadian Cabana Club Members	>2.15 million	Q3 2025
Canadian ELITE Members	120,000	October 2025
Canna Cabana Market Share (5 Provinces)	12%	Q3 2025
Q3 2025 Bricks-and-Mortar Revenue YoY Growth	18%	Q3 2025

• E-commerce gross margins were proactively lowered to offer unbeatable prices.
• The discount club model differentiates High Tide Inc. from competitors.
• The core bricks-and-mortar segment generates 97% of High Tide Inc.'s revenue.

High Tide Inc. (HITI) - Canvas Business Model: Cost Structure

The Cost Structure for High Tide Inc. is heavily weighted toward the direct costs of its high-volume, discount-focused retail operation and the fixed/semi-fixed costs associated with its physical footprint.

High cost of goods sold (COGS) due to retail focus and discount pricing model

The discount model pressures gross margins. For the three months ended July 31, 2025 (Q3 2025), the consolidated gross profit margin was 27%, up from 26% sequentially. The bricks-and-mortar segment margins, which generate 97% of revenue, rose sequentially for the third straight quarter, tying their all-time high. This compares to a 26% gross profit margin in Q2 2025 and 25% in Q1 2025. For the full fiscal year 2024, the consolidated gross margin was 27%.

Significant store operating expenses (rent, utilities, salaries) for 218 locations

Operating expenses are driven by the physical network. High Tide Inc. operates a substantial number of stores, with the latest reported count reaching 210 Canna Cabana locations across Canada as of late September 2025. The company's plan is to add 20-30 new locations annually in 2025. Salaries, wages, and benefits are a major component of operating costs, representing 12.2% of revenue for the three months ended July 31, 2025. This is slightly improved from 12.7% in Q2 2025 and 12.3% in Q1 2025. For the full fiscal year 2024, salaries and wages were 12.5% of revenue.

The scale of these operating costs relative to revenue can be seen in the table below, comparing key overhead line items:

Expense Category	Period Ending July 31, 2025 (Q3 2025)	Period Ending April 30, 2025 (Q2 2025)	Fiscal Year Ended Oct 31, 2024 (FY 2024)
Salaries, Wages, and Benefits (% of Revenue)	12.2%	12.7%	12.5%
General and Administration (% of Revenue)	4.4%	4.2%	4.2%

New store development and capital expenditure for organic expansion

Expansion is largely self-funded, which is a key cost management strategy. High Tide Inc. added 29 new stores during fiscal year 2024. The company stated it anticipates lower capital expenditure (CapEx) requirements for new investments like the German expansion, with the majority of new store development continuing to be funded through cash flow from existing locations. The plan for calendar 2025 is to add another 20 to 30 locations. The store count reached 207 by July 31, 2025, and then 210 by late September 2025.

Marketing and loyalty program costs to maintain >2.15 million members

The loyalty program is integral to driving sales, which implies significant associated costs for discounts and program management. The Cabana Club loyalty program in Canada reached 2.15 million members as of the quarter ending July 31, 2025. This is up 39% year over year. The paid ELITE tier in Canada reached 115,000 members, up 102% year over year. These members are critical, driving over 90% of in-store sales.

The scale of the loyalty program's impact is clear:

• Canadian Cabana Club Members (Q3 2025): 2.15 million
• Canadian ELITE Members (Q3 2025): 115,000
• In-store Sales Driven by Members: Over 90%
• Canadian Cabana Club Members (Q2 2025): 1.9 million

General and administration (G&A) expenses, which were 4.2% of revenue in 2024

The company demonstrated cost efficiency in its overhead structure. General and administration expenses were 4.2% of revenue for the full fiscal year ended October 31, 2024, an improvement from 5.5% the prior year. For the most recent quarter, Q3 2025, G&A was 4.4% of revenue. This compares to 4.2% in Q2 2025 and 4.6% in Q1 2025.

High Tide Inc. (HITI) - Canvas Business Model: Revenue Streams

You're looking at how High Tide Inc. (HITI) actually brings in the money, and honestly, it's still heavily weighted toward the physical stores. The core of the business is the retail footprint, which is why you see the brick-and-mortar segment driving the bulk of the top line.

Bricks-and-Mortar Retail Sales account for approximately 95% of High Tide Inc. (HITI)'s total revenue. This segment, primarily through the Canna Cabana brand, is the engine. For instance, in the second fiscal quarter of 2025, retail cannabis and CBD product revenues hit $120.051 million (CAD). The momentum continued into the third quarter, which was the best quarter in High Tide Inc. (HITI)'s history.

The overall financial performance for Q3 2025 was a record, with total revenue reaching $149.7 million (CAD) for the three months ended July 31, 2025. This represented a 14% increase year-over-year. The bricks-and-mortar segment itself was a key driver, showing an 18% year-over-year revenue increase in that same quarter.

Here's a quick look at how the revenue streams broke down during the second fiscal quarter of 2025, which gives you a good sense of the mix, even if Q3 was stronger overall:

Revenue Source	Q2 2025 Revenue (CAD)	Year-over-Year Change
Retail Cannabis and CBD Products	$120.051 million	11% increase
Consumption Accessories (E-commerce)	$6.415 million	12% decrease
Ancillary (Data, Ads, Licensing, Rental)	$11.338 million	26% increase

The E-commerce sales of consumption accessories and CBD products, while growing slower and even declining year-over-year in some segments, still contribute. For example, revenue from consumption accessories specifically was $6.415 million (CAD) in Q2 2025. This channel is being strategically integrated with the loyalty program to boost volume, even if margins were proactively lowered in the e-commerce segment during Q1 2025.

A growing, high-margin component is the recurring revenue from the loyalty program. The ELITE paid membership fees represent a predictable income stream. As of the latest reports near the end of 2025, this tier has grown to exceed 120,000 members globally. This is a significant jump, as the Canadian ELITE membership alone surpassed 97,000 members as of the Q2 2025 report.

The Ancillary revenue from Cabanalytics, advertising, and licensing provides a valuable diversification. This stream hit a record of $11.3 million (CAD) in Q1 2025. By Q2 2025, this segment grew further to $11.338 million (CAD), showing a 26% increase year-over-year.

To summarize the key revenue drivers and their associated metrics:

• Bricks-and-Mortar Revenue Share: Approximately 95% of total revenue.
• Record Q3 2025 Total Revenue: $149.7 million (CAD).
• ELITE Paid Membership: Over 120,000 members.
• Q1 2025 Ancillary Revenue: $11.3 million.
• Q2 2025 Retail Revenue: $120.051 million (CAD).

Finance: draft 13-week cash view by Friday.