High Tide's HITI, a retail-led cannabis company, announced Friday that it ranks 87th out of 417 companies listed in the 2024 Business Report ranking of Canada's Top Growth Companies.
High Tide achieved an impressive three-year revenue growth rate of 486%. This consistent growth has earned the company a spot on the index for four consecutive years.
Consistent growth in a competitive market
High Tide's 2024 ranking follows its 2023 performance in which it ranked 38th with an impressive 1,040% growth rate.
This consistent upward trajectory can be attributed to the company's strong retail strategy and operational success. CEO Raj Grover highlighted its success. “Our aggressive sales growth is reflected in our free cash flow generation.”
Get Benzinga's exclusive analysis and top cannabis industry and market news delivered to your inbox every day, free of charge. Subscribe to our newsletter here. If you're serious about your business, you can't afford to miss it.
This growth has allowed High Tide to expand its retail presence and capture 12% of market share in five Canadian provinces.
High Tide's annual run rate now exceeds $525 million, with net income reaching $800,000 last quarter.
In addition to dominating the Canadian market, High Tide also aims to expand internationally. The company has its sights set on the emerging cannabis markets of Germany and the United States.
Also read: Canada's largest cannabis retailer High Tide partners to provide marijuana at events
About ranking
The complete list of Canada's Top Growing Companies 2024 winners, along with detailed editorial coverage, is published in the October issue of Report on Business magazine.
The ranking recognizes the achievements of 417 companies who qualified by completing a thorough application process and meeting specific revenue requirements.
Launched in 2019, the program celebrates Canada's most forward-thinking and fastest-growing companies across a variety of sectors.
Cover image: Courtesy of High Tide
Market news and data powered by Benzinga API
© 2024 Benzinga.com. Benzinga does not provide investment advice. Unauthorized reproduction is prohibited.
Click on the image for more information.
Cannabis rescheduling looks like it's just around the corner
Curious about what this means for the future of the industry?
Hear directly from top executives, investors, and policymakers at the Benzinga Cannabis Capital Conference in Chicago this October 8-9.
Click this link to get your tickets now before prices go up.
