High Tide Inc. (HITI): Business Model Canvas [Dec-2025 Updated]

You're trying to get a clear picture of how High Tide Inc. is actually structuring its business to win in the competitive cannabis sector, and frankly, it's a masterclass in retail density married to data. Honestly, their model hinges on volume: running 218 Canna Cabana discount stores across Canada while locking in customers through a Cabana Club loyalty program with over 2.15 million members, which helped them post a record Q3 2025 revenue of $149.7 million (CAD). But the real strategic play isn't just the massive retail footprint; it's how they are using that scale to fuel private-label growth and make an early push into the German medical cannabis market. Check out the full Business Model Canvas below to see the nine core components that drive this strategy, from their key partnerships to how they are actually structuring their costs.

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

You're looking at the core relationships that fuel High Tide Inc.'s multi-faceted cannabis strategy, especially as they push into Europe and aggressively expand their domestic footprint. These aren't just vendor agreements; they are strategic capital and supply chain anchors.

Licensed Producers (LPs) for Cannabis Supply and Procurement Expertise

High Tide Inc. relies on a network to keep its wholesale division, Valiant Distribution, stocked. Valiant Distribution maintains operational hubs in Las Vegas, Calgary, and Amsterdam to support its logistics. The relationship with major LPs is underscored by strategic capital events; for instance, the recent debt financing was described as a second vote of confidence from a major licensed producer in recent months. High Tide leverages its procurement experience, built on over $1.9 billion in Canadian cannabis sales since legalization, to enhance supply chain value, particularly in international ventures.

• Wholesale solutions are provided via Valiant™.
• Licensing partnerships are managed under the Famous Brandz™ name.

Remexian Pharma GmbH for German Medical Cannabis Import and Wholesale

The entry into the German medical cannabis market is cemented through the acquisition of a majority stake in Remexian Pharma GmbH. High Tide Inc. completed the acquisition of 51% of Remexian for an estimated purchase price of €26.4 million on September 2, 2025. This move positions High Tide Inc. to leverage Remexian's established import network, which is licensed to import from 19 countries, with Canadian product accounting for approximately 33% of their total imports into Germany. Remexian is a leader in the German landscape, having sold 7 tonnes of cannabis flower in Q2 2025, which was 16% of the 43 tonnes imported that quarter. The transaction implies an enterprise valuation of €53.4 million, representing 3.64065 times annualized Adjusted EBITDA generated during the six months ended March 31, 2025.

Financial Partners like Cronos Group for Strategic Debt Financing

High Tide Inc. secured a significant capital injection from Cronos Group Inc. On July 16, 2025, High Tide Inc. closed a loan agreement for a principal amount of $30 million in convertible debt. This financing boosted the company's cash position to $65 million, up from $35 million cash and $23 million debt at the end of Q2 2025. The Junior Secured Loan bears interest at 4% per annum and has a five-year term. Cronos also received warrants exercisable into up to 3,836,317 Common Shares at an exercise price of $3.91 per share. The conversion price for the debt is set at $4.20 per Common Share, subject to mutual agreement.

Real Estate Developers for New Canna Cabana Store Locations

Expansion of the Canna Cabana retail network is a key focus, with real estate partnerships securing prime locations. As of December 5, 2025, High Tide Inc. reached a total store count of 218 Canna Cabana locations across Canada. The company's goal for calendar 2025 was to open 20 to 30 new locations. The Canadian footprint breaks down by province as follows:

The company stated it targets opening two to three new locations per month entirely from its own profits. The Canna Cabana brand holds a growing 12% share of the cannabis retail market across the five provinces where it has a presence.

Global Logistics Providers for E-commerce and International Distribution

High Tide Inc. utilizes logistics partners to support its global e-commerce platforms. These platforms include Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com. The company's distribution network, Valiant Distribution, has physical operations in Las Vegas, Calgary, and Amsterdam. The global Cabana Club membership surpassed 5.87 million as of the end of Q2 2025.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core actions High Tide Inc. (HITI) is taking to drive value right now. It's all about scaling retail, locking in loyalty, and making strategic international moves. Here's the quick math on what they are actively doing as of late 2025.

Operating 218 Canna Cabana discount club retail locations in Canada

The physical footprint is the backbone of High Tide Inc.'s operations. The company has been aggressively adding stores, pushing to meet its annual goal.

• As of December 5, 2025, the total store count reached 218 Canna Cabana locations across Canada.
• This network is concentrated in key provinces, with 91 locations in Alberta and 94 in Ontario.
• This latest announcement put the company at the upper end of its goal to open 20 to 30 new locations for the 2025 calendar year.
• The long-term Canadian target is now set at 350 Canna Cabana locations.

The performance of these stores is notable; an average Canna Cabana generated 2.3 times the revenues of its peers.

Managing the Cabana Club loyalty program with over 2.15 million members

The loyalty program is a massive key activity, directly influencing in-store sales volume. It's the engine for their discount club model.

Since its launch in October 2021, the Cabana Club has driven a 132% increase in same-store sales, while competitors saw sales fall by 10% over the same period.

Organic store expansion, targeting 20 to 30 new locations annually

This activity focuses on disciplined, self-funded growth within the existing Canadian footprint. They are selective about where they plant new flags.

• The company reiterated its plan to add 20 to 30 new stores organically during the 2025 calendar year.
• In 2024, High Tide Inc. added 29 new stores.
• The company stated it continues to self-fund growth, targeting two to three new locations per month from its own profits.

Developing and marketing high-margin private-label (white-label) cannabis products

High Tide Inc. is actively developing its own product lines to capture higher margins within the ecosystem. Unique white label products are specifically noted as hallmarks of the Cabana Club loyalty program.

Executing the German medical cannabis market entry strategy

This represents a significant international expansion activity, leveraging a strategic acquisition to enter the European market.

Germany's medical cannabis patient base has grown from an estimated 250,000 to nearly 900,000 over the last year.

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

You're looking at the core assets High Tide Inc. (HITI) relies on to execute its strategy. These aren't just line items; they are the engines driving revenue and market position as of late 2025. Honestly, the physical footprint and the digital ecosystem are tightly woven together.

Physical and Digital Footprint

The retail presence is massive, giving High Tide Inc. a physical advantage that few competitors match. This scale is a primary resource for data collection and customer acquisition.

• Extensive retail footprint of 218 Canna Cabana stores across five Canadian provinces as of December 5, 2025.
• The store count includes 91 locations in Alberta and 94 locations in Ontario as of December 5, 2025.
• Canna Cabana held a 12% share of the Cannabis Retail Market across its five core provinces during May and June 2025.

The global e-commerce platforms capture accessory and CBD demand with relatively low capital expenditure compared to physical build-out.

• Global e-commerce platforms include Grasscity.com, NuLeafNaturals.com, SmokeCartel.com, DailyHighClub.com, DankStop.com, FABCBD.com, and BlessedCBD sites in the U.K. and EU.

Customer Loyalty and Data Infrastructure

The Cabana Club loyalty program is arguably the most critical non-physical asset, directly influencing in-store performance. The program's scale provides a rich, proprietary data stream.

Here's a quick look at the loyalty program scale as of the Q3 2025 reporting period:

The program drives the majority of retail revenue; the loyalty-focused discount club model is credited with Canna Cabana same-store sales being up 137% since October 2021, while the average operator declined 2% over the same period (to June 2025).

Financial Strength and Intellectual Property

The ability to self-fund growth is a key resource, demonstrated by recent cash generation. This financial stability allows for continued organic expansion without immediate external capital reliance.

• Generated $7.7 million in Free Cash Flow in Q3 2025.
• Generated $16.6 million in Free Cash Flow over the trailing four quarters.

Proprietary brands and intellectual property provide margin opportunities and brand differentiation in both retail and wholesale channels. These brands sit on top of the retail data ecosystem.

• Flagship brands include Queen of Bud and Cabana Cannabis Co.
• These two brands achieved a combined $6.4 million in sales in the twelve months leading up to September 8, 2025.
• The company sells 75 cannabis and accessory SKUs across these two brands.

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.

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.

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.

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:

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:

• 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:

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:

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.