High Tide Inc. (Hiti): Modelo de Negócios Canvas [Jan-2025 Atualizado]

High Tide Inc. (Hiti) emerge como uma potência dinâmica no cenário de varejo de cannabis, navegando estrategicamente no terreno complexo dos mercados de cannabis recreativos com um modelo de negócios inovador que combina perfeitamente o varejo de tijolo e argamassa, plataformas de comércio eletrônico de ponta, as plataformas de comércio eletrônico, e um ecossistema diversificado de produtos. Ao alavancar uma abordagem sofisticada que abrange vários fluxos de receita e canais de engajamento do cliente, a maré alta se posicionou como um jogador transformador na indústria de cannabis em rápida evolução, oferecendo aos consumidores uma experiência de compra incomparável que combina conveniência, acessibilidade e soluções de cannabis compreensivas em mercados canadenses em toda a Canadian .

High Tide Inc. (Hiti) - Modelo de Negócios: Principais Parcerias

Parcerias estratégicas com varejistas e dispensários de cannabis

A High Tide Inc. opera através de várias marcas de varejo, incluindo Canna Cabana, com 88 lojas de varejo de cannabis licenciadas em todo o Canadá a partir do terceiro trimestre de 2023. Parcerias estratégicas incluem:

Tipo de parceiro	Número de parcerias	Alcance geográfico
Varejistas canadenses de cannabis	88 lojas licenciadas	Alberta, Ontário, Saskatchewan
Dispensários independentes	15 acordos colaborativos	Múltiplas províncias

Colaborações com fabricantes e marcas de produtos de cannabis

A High Tide mantém parcerias com vários fabricantes de produtos de cannabis:

• Os 10 principais produtores de cannabis licenciados no Canadá
• Parcerias de marca exclusivas com 7 fabricantes de produtos de cannabis
• Linhas de produtos proprietárias em várias categorias de cannabis

Acordos de distribuição por atacado

Categoria de fornecedores	Total de fornecedores	Volume anual de distribuição
Fornecedores de cannabis licenciados	22 fornecedores ativos	Aproximadamente 5.000 kg por ano
Canais de distribuição por atacado	3 redes de distribuição primária	Cobrindo 6 províncias canadenses

Parcerias de tecnologia

A maré alta aproveita as colaborações tecnológicas para recursos aprimorados de varejo e comércio eletrônico:

• 3 parceiros de tecnologia da plataforma de comércio eletrônico
• 2 provedores de software de gerenciamento de varejo
• Integração de pagamento digital com 4 plataformas de processamento de pagamentos

High Tide Inc. (Hiti) - Modelo de Negócios: Atividades -chave

Operações de varejo de cannabis

A partir do quarto trimestre 2023, a High Tide opera 156 lojas de cannabis de varejo em várias províncias canadenses, com a seguinte quebra provincial:

Província	Número de lojas
Alberta	86
Ontário	47
Saskatchewan	23

Gerenciamento de plataforma de comércio eletrônico

High Tide gerencia várias plataformas online, incluindo:

• Plataforma de comércio eletrônico de cannabis de cabana
• GrassCity.com Mercado on -line
• Serviço diário de assinatura de alto clube

Desenvolvimento de marca de varejo

Principais marcas de varejo gerenciadas pela High Tide:

• Canna Cabana
• Meta Cannabis Supply Co.
• Cartel de fumaça

Fornecimento de produtos e gerenciamento de inventário

Métrica	Valor
Total SKUs gerenciado	1,200+
Rotatividade anual de inventário	4.2x

Marketing digital e aquisição de clientes

Métricas de marketing digital para 2023:

• Gastes de marketing digital total: US $ 2,7 milhões
• Base de clientes online: 350.000+
• Custo médio de aquisição de clientes: US $ 22,50

High Tide Inc. (Hiti) - Modelo de negócios: Recursos -chave

Extensa rede de lojas de varejo de cannabis

A partir do quarto trimestre 2023, a High Tide Inc. opera 159 lojas de cannabis em todo o Canadá, com a seguinte quebra geográfica:

Província	Número de lojas
Alberta	86
Ontário	40
Saskatchewan	19
Colúmbia Britânica	14

Forte infraestrutura de comércio eletrônico

As plataformas digitais da maré alta incluem:

• Plataforma de comércio eletrônico de cannabis de cabana
• Serviço de assinatura online diário de alto clube
• Grasscity.com Mercado on -line global

Plataformas de tecnologia proprietárias

Os investimentos em tecnologia incluem:

• Sistema de ponto de venda consolidado em toda a rede de varejo
• Software de gerenciamento de inventário avançado
• Tecnologia de Gerenciamento de Relacionamento ao Cliente (CRM)

Equipe de gerenciamento experiente

Executivo	Posição	Anos na indústria de cannabis
Raj Grover	Presidente & CEO	8
David Kemper	Diretor Financeiro	6

Portfólio de marcas robustas

High Tide gerencia várias marcas de maconha e estilo de vida, incluindo:

• Canna Cabana (marca de varejo)
• Cartel de fumaça
• Clube Alto Diário
• Grasscity

Receita total para o ano fiscal de 2023: CAD $ 134,7 milhões

High Tide Inc. (Hiti) - Modelo de Negócios: Proposições de Valor

Diversas ofertas de produtos de cannabis para consumidores recreativos

A High Tide Inc. oferece mais de 1.300 produtos exclusivos de cannabis em várias marcas a partir do quarto trimestre 2023. As categorias de produtos incluem:

• Flor de cannabis seca
• Juntas pré-laminadas
• A cannabis se concentra
• Comestíveis
• Produtos Vape

Categoria de produto	Faixa de preço médio	Quota de mercado
Flor seca	US $ 8,50 - US $ 15 por grama	42%
Pré-rolls	$ 6 - US $ 12 por unidade	22%
Concentrados	$ 25 - US $ 60 por grama	18%

Experiência conveniente de compra omnichannel

A High Tide opera 119 lojas de cannabis de varejo em todo o Canadá em janeiro de 2024, com 47 plataformas on -line adicionais.

Canal de vendas	Número de plataformas	Volume anual de transações
Lojas de varejo físico	119	1,2 milhão de transações
Plataformas online	47	385.000 transações

Preços competitivos e acessibilidade ao produto

Os preços médios entre as linhas de produtos variam de US $ 8,50 a US $ 60, com descontos competitivos e programas de fidelidade.

• Valor médio da transação do cliente: $ 42,75
• Associação do Programa de Fidelidade: 215.000 membros ativos
• Desconto médio oferecido: 12-18%

Plataformas digitais amigáveis

Métricas de engajamento digital para plataformas on -line da High Tide:

Métrica da plataforma digital	2023 desempenho
Downloads de aplicativos móveis	87,500
Visitantes mensais do site	425,000
Duração média da sessão	7,2 minutos

Soluções abrangentes de varejo de cannabis

A High Tide fornece soluções de varejo de cannabis de ponta a ponta, incluindo:

• Sistemas de ponto de venda
• Gerenciamento de inventário
• Gerenciamento de relacionamento com o cliente
• Rastreamento de conformidade

Solução de varejo	Número de clientes	Receita anual
Soluções de tecnologia de varejo	87 clientes de dispensários	US $ 3,2 milhões

High Tide Inc. (Hiti) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento digital do cliente através de plataformas online

A High Tide Inc. opera várias plataformas digitais com as seguintes métricas de engajamento:

Plataforma	Usuários ativos mensais	Porcentagem de vendas on -line
Canna Cabana E-Commerce	78,500	24.3%
Grasscity.com	62,300	18.7%

Programa de fidelidade para clientes recorrentes

O programa de fidelidade da maré alta inclui:

• Sistema de pontos de recompensa com taxa de retenção de clientes de 3,5%
• Valor médio da vida útil do cliente de US $ 425
• 25% dos clientes matriculados no programa de fidelidade

Recomendações de produtos personalizados

Detalhes do algoritmo de recomendação:

• Personalização baseada em aprendizado de máquina
• Taxa de conversão de 37% de recomendações personalizadas
• Aumento médio no valor do carrinho: US $ 28,50

Suporte ao cliente e recursos educacionais

Canal de suporte	Tempo de resposta	Taxa de satisfação do cliente
Bate -papo ao vivo	12 minutos	87%
Suporte por e -mail	24 horas	79%

Mídia social e interação comunitária

Métricas de engajamento de mídia social:

• Seguidores do Instagram: 45.600
• Seguidores do Twitter: 22.300
• Taxa média de envolvimento da mídia social: 4,2%
• Interações de conteúdo geradas pelo usuário: 3.750 mensalmente

High Tide Inc. (Hiti) - Modelo de Negócios: Canais

Lojas de cannabis de varejo de marca

A partir do quarto trimestre 2023, a High Tide opera 130 lojas de cannabis de marca de marca em todo o Canadá.

Região	Número de lojas
Alberta	86
Ontário	32
Saskatchewan	12

Site online de comércio eletrônico

A plataforma on -line da High Tide, Cabana, gerou US $ 15,2 milhões em receita em 2023.

• Visitantes médios mensais do site: 250.000
• Taxa de conversão de transações online: 3,7%

Aplicativo móvel

Os downloads de aplicativos móveis da Cabana chegaram a 75.000 em dezembro de 2023.

Plataforma	Baixar estatísticas
iOS	42,000
Android	33,000

Mercados de cannabis de terceiros

A High Tide faz parceria com 22 plataformas externas de mercado de cannabis.

• Receita total do mercado de terceiros: US $ 3,8 milhões em 2023
• Taxa média de comissão: 12-15%

Canais de marketing digital

Despesas de marketing digital em 2023: US $ 1,2 milhão

Canal	Gastos com marketing
Mídia social	$450,000
Google anúncios	$350,000
Marketing de afiliados	$250,000
Marketing por e -mail	$150,000

High Tide Inc. (Hiti) - Modelo de negócios: segmentos de clientes

Consumidores de cannabis recreativos

A High Tide Inc. tem como alvo os consumidores de cannabis recreativos com as seguintes características de mercado:

Segmento demográfico	Tamanho de mercado	Gastos médios
18-34 faixa etária	42% do mercado de cannabis	US $ 75 a US $ 120 por mês
Consumidores do sexo masculino	58% dos usuários recreativos	US $ 95 Gastes mensais médios

Mercado de cannabis de uso adulto

A maré alta se concentra no mercado de cannabis de uso adulto com direcionamento específico:

• Valor de mercado de uso adulto canadense: US $ 4,4 bilhões em 2023
• Crescimento do mercado projetado: 12,5% anualmente
• Faixa de idade do consumidor primário: 21-45 anos

Jovem demográfico urbano

Análise de segmento de consumidor urbano:

Característica do mercado urbano	Percentagem
Consumidores de maconha urbana	67% do mercado total
Taxa de engajamento digital	82% dos jovens consumidores urbanos

Usuários experientes de cannabis

Características dos consumidores experientes de cannabis:

• Frequência de compra frequente: 2-4 vezes por mês
• Despesas mensais médias: US $ 150- $ 250
• Preferência por linhas de produtos premium

Consumidores de saúde e bem-estar

Segmento de consumidor de cannabis focado na saúde:

Categoria de bem -estar	Quota de mercado	Interesse do consumidor
Produtos CBD	24% do mercado de cannabis	Alívio do estresse e relaxamento
Usuários de cannabis medicinal	18% do total de consumidores	Gerenciamento da dor e terapia alternativa

High Tide Inc. (Hiti) - Modelo de Negócios: Estrutura de Custo

Despesas operacionais da loja de varejo

A partir do terceiro trimestre de 2023, a High Tide Inc. relatou despesas operacionais totais de US $ 16,7 milhões. Redução de custos relacionados à loja:

Categoria de despesa	Custo anual ($)
Aluguel e utilitários	4,200,000
Salários da equipe	5,600,000
Manutenção da loja	1,300,000

Custos de compras de inventário

Despesas de compras de inventário para 2023:

• Custo total de compras de inventário: US $ 22,3 milhões
• Inventário de produtos de cannabis: US $ 14,5 milhões
• Inventário de acessórios: US $ 7,8 milhões

Manutenção de tecnologia e plataforma

Despesas de infraestrutura de tecnologia:

Despesa de tecnologia	Custo anual ($)
Plataforma de comércio eletrônico	1,100,000
Infraestrutura de TI	850,000
Licenciamento de software	450,000

Marketing e aquisição de clientes

Despesas de marketing para 2023:

• Orçamento total de marketing: US $ 3,6 milhões
• Publicidade digital: US $ 1,8 milhão
• Campanhas de mídia social: US $ 650.000
• Programas de fidelidade do cliente: US $ 400.000

Despesas de conformidade regulatória

Custos relacionados à conformidade em 2023:

Categoria de conformidade	Custo anual ($)
Consultoria legal	750,000
Taxas de licenciamento	500,000
Relatórios regulatórios	250,000

High Tide Inc. (Hiti) - Modelo de negócios: fluxos de receita

Vendas de varejo de produtos de cannabis

Para o terceiro trimestre de 2023, a High Tide registrou uma receita de varejo de cannabis de US $ 31,8 milhões. A empresa opera 124 lojas de cannabis de varejo em todo o Canadá em novembro de 2023.

Canal de varejo	Número de lojas	Receita (Q3 2023)
Canna Cabana lojas	124	US $ 31,8 milhões

Transações da plataforma de comércio eletrônico

O Cabana Marketplace gerou US $ 4,1 milhões em receita durante o terceiro trimestre de 2023, representando uma plataforma de vendas on -line para maconha e acessórios.

Receita de distribuição por atacado

A receita de distribuição de cannabis por atacado para o terceiro trimestre de 2023 foi de US $ 5,2 milhões, com distribuição em várias províncias canadenses.

Província	Distribuição por atacado
Alberta	Região de distribuição primária
Ontário	Mercado em expansão

Vendas de produtos de marca

High Tide possui várias marcas de cannabis gerando receita:

• Cannabis de Palmetto
• Rad
• Estranho amigável

Merchandise relacionada à cannabis auxiliar

As vendas de mercadorias através de Canna Cabana e plataformas on -line geraram aproximadamente US $ 2,5 milhões no terceiro trimestre de 2023.

Categoria de mercadorias	Contribuição da receita
Acessórios para fumantes	US $ 1,2 milhão
Produtos de estilo de vida de cannabis	US $ 1,3 milhão

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.