High Tide Inc., a Calgary-based cannabis retailer and technology company, reported a dramatic increase in sales on April 20, 2024, amid broader acceptance and celebrations of the cannabis holiday ‘4/20’. Such growth highlightes the company’s strong market presence in both physical and online sales, as well as marking significant legislative changes internationally.
High Tide Inc., a leading name in the cannabis retail and technology sector, reported significant sales growth during the annual cannabis celebration known as ‘4/20’. The Calgary-based company announced a whopping CAD $1.965 million in total retail gross revenues on April 20, 2024, marking a 35% increase compared to sales on the previous Saturday. This surge is a testament to the growing acceptance and normalization of cannabis in commercial and social cultures.
The increase was witnessed both in the company’s physical locations and across its multiple e-commerce platforms. High Tide’s Canadian brick-and-mortar stores, under the banner Canna Cabana™, noted a 30% increase in sales. Meanwhile, their online platforms experienced an astonishing 119% boost in sales compared to the previous week. These platforms include a variety of niche websites such as Grasscity.com, Smokecartel.com, and several others focusing on hemp-derived CBD and consumption accessories.
Raj Grover, the Founder and CEO of High Tide, expressed enthusiasm about the sustained growth in sales, particularly highlighting the strategic positioning of their physical stores and the expansive reach of their online presence. Grover emphasized how special this year’s 4/20 was, as it coincided with significant legislative changes in the cannabis industry globally. Notably, 4/20 in 2024 was celebrated as a legal holiday in Germany and potentially the last time it would be marked under stringent regulations in the United States, where cannabis is still classified as a Schedule I drug.
Adding to the festivities, High Tide also continued its tradition of the ‘4/20 Car Giveaway,’ a much-anticipated event among the cannabis community. This year, the winner of the giveaway was a member of the company’s ELITE program from the very first Canna Cabana store, highlighting the community and loyalty-building initiatives that High Tide has successfully implemented.
High Tide Inc. stands as a giant in the North American cannabis market, operating the largest number of non-franchised retail cannabis stores in Canada. The company’s innovative approaches, such as the integration of retail kiosks and smart lockers through their Fastendr™ technology, and a diverse online presence, have positioned it as a forward-thinking leader in the industry.
Recognition for the company’s growth and innovative business model has come from numerous quarters; being named one of Canada’s Top Growing Companies by the Globe and Mail’s Report on Business Magazine and ranking highly in the Financial Times list of Americas’ Fastest Growing Companies for 2023.
As cannabis continues to grow out of its controversial past into a mainstream product with substantial commercial potential, High Tide’s latest financial and operational achievements offer a compelling glimpse into the future potentials of this industry. As more regions around the world begin to embrace the economic and medicinal benefits of cannabis, companies like High Tide are well-positioned to capitalize on these evolving market dynamics and continue their trajectory of growth and influence in the industry.