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Alberta-Based, High Tide Inc. (NASDAQ:HITI) (TSXV:HITI) announced that its Cabana Club loyalty program has surpassed 1.5 million members across Canada. Membership has increased by 5% since June 13, 2024, marking an annual growth rate of 37%. Since launching its discount club model in October 2021, over 1.2 million members have joined, reflecting a growth of more than 400%.
"I am thrilled that our first-of-its-kind discount club model in cannabis has grown by more than 400% in just a few short years. This rapid surge in loyalty has resulted in our Canna Cabana store network generating more than 111% growth in same-store sales since the launch of the discount club model" said founder and CEO Raj Grover.
High Tide also announced the opening of a new Canna Cabana store in Belleville, Ontario. Located at 150 Sidney Street, the store began selling recreational cannabis products and consumption accessories for adult use on August the 7th. This opening marks High Tide’s 181st Canna Cabana retail cannabis location in Canada, the 66th in Ontario, and the first store in Belleville.
"The Ontario cannabis market, the largest in Canada, holds great potential for the future expansion of our Canna Cabana brand as we continue building towards our goal of 150 locations across the province. Our focus will always be to offer an unbeatable selection and prices to communities across Ontario and beyond," Grover said.
High Tide, specialized in retail sales, also recently announced the initial closing of its previously disclosed subordinated debt facility for CA$15 million in gross proceeds.
The Canadian cannabis market continues to grow steadily. Statistics Canada reported a 7.1% increase in cannabis sales for March, reaching C$414.1 million, up from February’s revised C$386.8 million. On a per-day basis, sales rose 0.2%. Compared to last year, sales were up 1.9%, down from August’s 19.8% growth rate. Total sales for 2023 increased by 12.5% to C$5.09 billion, while 2024 saw a modest 3.2% rise from a year ago.
High Tide was trading at 1.72% lower at $1.71 per share at the closing on Wednesday afternoon.
Cover Image: Courtesy of High Tidy Inc.
