High Tide operates across data analytics, advertising, product sourcing, medical cannabis distribution, and accessories retail through a network of physical stores, e-commerce platforms, and wholesale distribution. The company is a retail-forward enterprise built to deliver value across the cannabis ecosystem.
Cyborg Score Rationale
High Tide reported fiscal 2025 revenue of $593.99 million, representing 13.72% growth year-over-year. The company added 34 Canna Cabana stores in 2025 and closed a 51% acquisition of Remexian Pharma to enter the German medical cannabis market. Management expects to remain free cash flow positive for the 2026 fiscal year.
Top Insights
As of February 2026, High Tide operates 219 Canna Cabana locations in Canada with 95 in Ontario, representing continued disciplined expansion.
The White House Executive Order on cannabis rescheduling and announced Medicare CBD pilot create opportunities for High Tide's NuLeaf Naturals and FAB CBD brands.
Q4 gross profit reached $42.5M with 26% margin and cash position of $47.9M as of October 31, 2025.
High Tide is evaluating Canna Cabana licensing opportunities with major U.S. operators and exploring international expansion through Remexian partnerships.
Named Competitors
Multi-brand Retail Network — Independent cannabis retailers and regional chains in Canada and U.S.
E-commerce Accessories — Online consumption accessories retailers (brands owned by High Tide)
Retail Pharmacy — Potential competitors for CBD/pharmaceutical distribution post-regulation
Recent Developments
(February 2026) Opened 219th Canna Cabana store in Scarborough, Ontario on February 9, 2026.
(January 2026) Reported fiscal 2025 year-end results with record revenue and adjusted EBITDA.
(December 2025) Welcomed White House Executive Order advancing cannabis rescheduling and Medicare CBD pilot program announcement.
(Calendar 2025) Added 34 Canna Cabana stores and closed 51% acquisition of Remexian Pharma for German medical cannabis market entry.
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