High Tide Inc. (HITI): Modelo de Negocio Canvas [Actualizado en Ene-2025]

High Tide Inc. (HITI) surge como una potencia dinámica en el panorama minorista de cannabis, navegando estratégicamente el complejo terreno de los mercados de cannabis recreativos con un modelo de negocio innovador que combina sin problemas minoristas minoristas de ladrillo y mortero, plataformas de comercio electrónico de vanguardia, y un ecosistema de productos diverso. Al aprovechar un enfoque sofisticado que abarca múltiples flujos de ingresos y canales de participación del cliente, High Tide se ha posicionado como un jugador transformador en la industria de cannabis en rápida evolución, ofreciendo a los consumidores una experiencia de compra incomparable que combina conveniencia, accesibilidad y soluciones de cannabis comprensivas en los mercados canadienses .

High Tide Inc. (HITI) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con minoristas y dispensarios de cannabis

High Tide Inc. opera a través de múltiples marcas minoristas, incluida Canna Cabana, con 88 tiendas minoristas de cannabis con licencia en Canadá a partir del tercer trimestre de 2023. Las asociaciones estratégicas incluyen:

Tipo de socio	Número de asociaciones	Alcance geográfico
Minoristas canadienses de cannabis	88 tiendas con licencia	Alberta, Ontario, Saskatchewan
Dispensarios independientes	15 acuerdos de colaboración	Múltiples provincias

Colaboraciones con fabricantes de productos de cannabis y marcas

High Tide mantiene asociaciones con múltiples fabricantes de productos de cannabis:

• Los 10 principales productores de cannabis con licencia en Canadá
• Asociaciones de marca exclusivas con 7 fabricantes de productos de cannabis
• Líneas de productos patentadas en múltiples categorías de cannabis

Acuerdos de distribución al por mayor

Categoría de proveedor	Proveedores totales	Volumen de distribución anual
Proveedores de cannabis con licencia	22 proveedores activos	Aproximadamente 5,000 kg por año
Canales de distribución al por mayor	3 redes de distribución primarias	Cubriendo 6 provincias canadienses

Asociaciones tecnológicas

Alta marea aprovecha las colaboraciones tecnológicas para mayores capacidades minoristas y de comercio electrónico:

• 3 socios de tecnología de la plataforma de comercio electrónico
• 2 proveedores de software de gestión minorista
• Integración de pagos digitales con 4 plataformas de procesamiento de pagos

High Tide Inc. (HITI) - Modelo de negocio: actividades clave

Operaciones minoristas de cannabis

A partir del cuarto trimestre de 2023, High Tide opera 156 tiendas minoristas de cannabis en múltiples provincias canadienses, con el siguiente desglose provincial:

Provincia	Número de tiendas
Alberta	86
Ontario	47
Saskatchewan	23

Gestión de la plataforma de comercio electrónico

High Tide administra múltiples plataformas en línea que incluyen:

• Plataforma de comercio electrónico de Cabana Cannabis
• GrassCity.com Marketplace en línea
• Servicio de suscripción de Daily High Club

Desarrollo de la marca minorista

Marcas minoristas clave administradas por High Tide:

• Cañana
• Meta Cannabis Supply Co.
• Cartel de humo

Abastecimiento de productos y gestión de inventario

Métrico	Valor
SKU total gestionado	1,200+
Facturación de inventario anual	4.2x

Marketing digital y adquisición de clientes

Métricas de marketing digital para 2023:

• Gasto total de marketing digital: $ 2.7 millones
• Base de clientes en línea: 350,000+
• Costo promedio de adquisición de clientes: $ 22.50

High Tide Inc. (HITI) - Modelo de negocio: recursos clave

Extensa red de tiendas minoristas de cannabis

A partir del cuarto trimestre de 2023, High Tide Inc. opera 159 tiendas minoristas de cannabis en todo Canadá, con el siguiente desglose geográfico:

Provincia	Número de tiendas
Alberta	86
Ontario	40
Saskatchewan	19
Columbia Británica	14

Infraestructura fuerte de comercio electrónico

Las plataformas digitales de High Tide incluyen:

• Plataforma de comercio electrónico de Cabana Cannabis
• Servicio de suscripción en línea de Daily High Club
• GrassCity.com Mercado en línea global

Plataformas tecnológicas patentadas

Las inversiones tecnológicas incluyen:

• Sistema de punto de venta consolidada en la red minorista
• Software de gestión de inventario avanzado
• Tecnología de gestión de relaciones con el cliente (CRM)

Equipo de gestión experimentado

Ejecutivo	Posición	Años en la industria del cannabis
Raj Grover	Presidente & CEO	8
David Kemper	director de Finanzas	6

Cartera de marca robusta

High Tide administra múltiples marcas de cannabis y estilo de vida, que incluyen:

• Canna Cabana (marca minorista)
• Cartel de humo
• Club diario
• Grass

Ingresos totales para el año fiscal 2023: CAD $ 134.7 millones

High Tide Inc. (HITI) - Modelo de negocio: propuestas de valor

Diversas ofertas de productos de cannabis para consumidores recreativos

High Tide Inc. ofrece más de 1,300 productos de cannabis únicos en múltiples marcas a partir del cuarto trimestre 2023. Las categorías de productos incluyen:

• Flor de cannabis seca
• Articulaciones previas
• Concentrados de cannabis
• Comestibles
• Productos

Categoría de productos	Rango de precios promedio	Cuota de mercado
Flor seca	$ 8.50 - $ 15 por gramo	42%
Pre-rolls	$ 6 - $ 12 por unidad	22%
Concentrado	$ 25 - $ 60 por gramo	18%

Experiencia de compra omnicanal conveniente

High Tide opera 119 tiendas minoristas de cannabis en Canadá a partir de enero de 2024, con 47 plataformas en línea adicionales.

Canal de ventas	Número de plataformas	Volumen de transacción anual
Tiendas minoristas físicas	119	1,2 millones de transacciones
Plataformas en línea	47	385,000 transacciones

Precios competitivos y accesibilidad al producto

Los puntos de precio promedio en las líneas de productos varían de $ 8.50 a $ 60, con descuentos competitivos y programas de fidelización.

• Valor de transacción de cliente promedio: $ 42.75
• Membresía del programa de fidelización: 215,000 miembros activos
• Descuento promedio ofrecido: 12-18%

Plataformas digitales fáciles de usar

Métricas de participación digital para plataformas en línea de High Tide:

Métrica de plataforma digital	2023 rendimiento
Descargas de aplicaciones móviles	87,500
Sitio web Visitantes mensuales	425,000
Duración de la sesión promedio	7.2 minutos

Soluciones minoristas integrales de cannabis

High Tide ofrece soluciones minoristas de cannabis de extremo a extremo que incluyen:

• Sistemas de punto de venta
• Gestión de inventario
• Gestión de la relación con el cliente
• Seguimiento de cumplimiento

Solución minorista	Número de clientes	Ingresos anuales
Soluciones de tecnología minorista	87 clientes dispensarios	$ 3.2 millones

High Tide Inc. (HITI) - Modelo de negocios: relaciones con los clientes

Participación digital del cliente a través de plataformas en línea

High Tide Inc. opera múltiples plataformas digitales con las siguientes métricas de compromiso:

Plataforma	Usuarios activos mensuales	Porcentaje de ventas en línea
Comercio electrónico de Canna Cabana	78,500	24.3%
GrassCity.com	62,300	18.7%

Programa de fidelización para clientes habituales

El programa de lealtad de High Tide incluye:

• Sistema de puntos de recompensa con una tasa de retención de clientes de 3.5%
• Valor promedio de por vida del cliente de $ 425
• 25% de los clientes inscritos en el programa de fidelización

Recomendaciones de productos personalizadas

Detalles del algoritmo de recomendación:

• Personalización basada en el aprendizaje automático
• Tasa de conversión del 37% de recomendaciones personalizadas
• Aumento promedio en el valor del carrito: $ 28.50

Atención al cliente y recursos educativos

Canal de soporte	Tiempo de respuesta	Tasa de satisfacción del cliente
Chat en vivo	12 minutos	87%
Soporte por correo electrónico	24 horas	79%

Redes sociales e interacción comunitaria

Métricas de compromiso de las redes sociales:

• Seguidores de Instagram: 45,600
• Seguidores de Twitter: 22,300
• Tasa promedio de compromiso de las redes sociales: 4.2%
• Interacciones de contenido generadas por el usuario: 3.750 mensuales

High Tide Inc. (HITI) - Modelo de negocio: canales

Tiendas de cannabis minoristas de marca

A partir del cuarto trimestre de 2023, High Tide opera 130 tiendas de cannabis minoristas de marca en todo Canadá.

Región	Número de tiendas
Alberta	86
Ontario	32
Saskatchewan	12

Sitio web de comercio electrónico en línea

La plataforma en línea de High Tide, Cabana, generó $ 15.2 millones en ingresos en 2023.

• Visitantes mensuales promedio del sitio web: 250,000
• Tasa de conversión de transacciones en línea: 3.7%

Aplicación móvil

Las descargas de aplicaciones móviles de Cabana llegaron a 75,000 a diciembre de 2023.

Plataforma	Descargar estadísticas
iOS	42,000
Androide	33,000

Mercados de cannabis de terceros

High Tide se asocia con 22 plataformas externas del mercado de cannabis.

• Ingresos totales del mercado de terceros: $ 3.8 millones en 2023
• Tasa de comisión promedio: 12-15%

Canales de marketing digital

Gastos de marketing digital en 2023: $ 1.2 millones

Canal	Gasto de marketing
Redes sociales	$450,000
Ads de Google	$350,000
Marketing de afiliados	$250,000
Marketing por correo electrónico	$150,000

High Tide Inc. (HITI) - Modelo de negocio: segmentos de clientes

Consumidores de cannabis recreativos

High Tide Inc. apunta a los consumidores de cannabis recreativos con las siguientes características del mercado:

Segmento demográfico	Tamaño del mercado	Gasto promedio
18-34 grupo de edad	42% del mercado de cannabis	$ 75- $ 120 por mes
Consumidores masculinos	58% de usuarios recreativos	Gasto mensual promedio de $ 95

Mercado de cannabis de uso de adultos

High Tide se centra en el mercado de cannabis de uso de adultos con orientación específica:

• Valor de mercado de uso de adultos canadiense: $ 4.4 mil millones en 2023
• Crecimiento del mercado proyectado: 12.5% ​​anual
• Rango primario de edad del consumidor: 21-45 años

Demografía Urbana Young

Análisis de segmento de consumo urbano:

Característica del mercado urbano	Porcentaje
Consumidores urbanos de cannabis	67% del mercado total
Tasa de compromiso digital	82% de los jóvenes consumidores urbanos

Usuarios experimentados de cannabis

Características de los consumidores experimentados de cannabis:

• Frecuencia de compra frecuente: 2-4 veces al mes
• Gastos mensuales promedio: $ 150- $ 250
• Preferencia por las líneas de productos premium

Consumidores orientados a la salud y el bienestar

Segmento de consumidor de cannabis centrado en la salud:

Categoría de bienestar	Cuota de mercado	Interés del consumidor
Productos de CBD	24% del mercado de cannabis	Alivio y relajación del estrés
Usuarios de cannabis medicinal	18% del total de consumidores	Manejo del dolor y terapia alternativa

High Tide Inc. (HITI) - Modelo de negocio: Estructura de costos

Gastos operativos de la tienda minorista

A partir del tercer trimestre de 2023, High Tide Inc. reportó gastos operativos totales de $ 16.7 millones. Desglose de costos relacionados con la tienda:

Categoría de gastos	Costo anual ($)
Alquiler y servicios públicos	4,200,000
Salario del personal	5,600,000
Mantenimiento de la tienda	1,300,000

Costos de adquisición de inventario

Gastos de adquisición de inventario para 2023:

• Costo de adquisición de inventario total: $ 22.3 millones
• Inventario de productos de cannabis: $ 14.5 millones
• Inventario de accesorios: $ 7.8 millones

Tecnología y mantenimiento de la plataforma

Gastos de infraestructura tecnológica:

Gasto tecnológico	Costo anual ($)
Plataforma de comercio electrónico	1,100,000
Infraestructura	850,000
Licencia de software	450,000

Marketing y adquisición de clientes

Gastos de marketing para 2023:

• Presupuesto total de marketing: $ 3.6 millones
• Publicidad digital: $ 1.8 millones
• Campañas de redes sociales: $ 650,000
• Programas de lealtad del cliente: $ 400,000

Gastos de cumplimiento regulatorio

Costos relacionados con el cumplimiento en 2023:

Categoría de cumplimiento	Costo anual ($)
Consultoría legal	750,000
Tarifas de licencia	500,000
Informes regulatorios	250,000

High Tide Inc. (HITI) - Modelo de negocio: flujos de ingresos

Ventas minoristas de productos de productos de cannabis

Para el tercer trimestre de 2023, High Tide reportó ingresos minoristas de cannabis de $ 31.8 millones. La compañía opera 124 tiendas minoristas de cannabis en Canadá a partir de noviembre de 2023.

Canal minorista	Número de tiendas	Ingresos (tercer trimestre de 2023)
Tiendas de cabana	124	$ 31.8 millones

Transacciones de plataforma de comercio electrónico

Cabana Marketplace generó $ 4.1 millones en ingresos durante el tercer trimestre de 2023, que representa una plataforma de ventas en línea para cannabis y accesorios.

Ingresos de distribución al por mayor

Los ingresos al por mayor de distribución de cannabis para el tercer trimestre de 2023 fueron de $ 5.2 millones, con distribución en múltiples provincias canadienses.

Provincia	Distribución al por mayor
Alberta	Región de distribución primaria
Ontario	Mercado en expansión

Venta de productos de marca

High Tide posee múltiples marcas de cannabis que generan ingresos:

• Cannabis de palmetto
• Radiante
• Extrange amistoso

Mercancía auxiliar de cannabis

Las ventas de mercancías a través de Canna Cabana y las plataformas en línea generaron aproximadamente $ 2.5 millones en el tercer trimestre de 2023.

Categoría de mercancía	Contribución de ingresos
Accesorios para fumar	$ 1.2 millones
Productos de estilo de vida de cannabis	$ 1.3 millones

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.