High Tide Inc. HITI, a retail-driven cannabis company, announced Friday that it placed No. 87 out of 417 companies listed on the 2024 Report on Business ranking of Canada's Top Growing Companies.
High Tide achieved an impressive three-year revenue growth rate of 486%. This consistent growth earned the company a place in the index for the 4th year in a row.
Consistent Growth In A Competitive Market
High Tide’s ranking in 2024 follows its 2023 achievement, where it placed 38th with a remarkable growth rate of 1,040%.
This consistent upward trajectory can be attributed to the company’s strong retail strategy and operational success. CEO Raj Grover highlighted the success. “Our aggressive top-line growth is being translated into free cash flow generation.”
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This growth allowed High Tide to expand its retail presence, capturing 12% of the market share in five Canadian provinces.
High Tide's annualized run rate now exceeds $525 million, with net income reaching $0.8 million in the last quarter.
In addition to dominating the Canadian market, High Tide is looking to expand internationally. The company has set its sights on emerging cannabis markets in Germany and the United States.
Read Also: Canada’s Largest Cannabis Retailer High Tide Partners To Bring Marijuana Offerings To Events
About The Ranking
The full list of the 2024 winners of Canada's Top Growing Companies is featured in the October issue of Report on Business magazine, along with detailed editorial coverage.
This ranking recognizes the achievements of 417 businesses that qualified by completing a thorough application process and meeting specific revenue requirements.
Launched in 2019, the program celebrates Canada's most forward-thinking and fast-growing companies across various sectors.
Cover Image: Courtesy of High Tide Inc.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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