Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

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<ul><li>Key F3Q25 takeaways include: 1) ongoing retail outperformance can be tied to more potent economics, with Canna Cabana stores generated more than 2x the revenue per store average for peers, as well as best-in-class sales per square foot metrics 2) Cabana Club loyalty program memberships exceeded 2.15 million, up nearly 40% over the LTM, with 115,000+ recurring/high-margin revenue-generating ELITE members, up more 2x over the last year and 3) the company maintains ample liquidity and steady free cash flow to fund organic growth, with management guiding to the upper end of the prior 20-30 new store openings target for C2025 and reiterating the company's long-term goal of operating 300+ locations across Canada.</li></ul>

Key F3Q25 takeaways include: 1) ongoing retail outperformance can be tied to more potent economics, with Canna Cabana stores generated more than 2x the revenue per store average for peers, as well as best-in-class sales per square foot metrics 2) Cabana Club loyalty program memberships exceeded 2.15 million, up nearly 40% over the LTM, with 115,000+ recurring/high-margin revenue-generating ELITE members, up more 2x over the last year and 3) the company maintains ample liquidity and steady free cash flow to fund organic growth, with management guiding to the upper end of the prior 20-30 new store openings target for C2025 and reiterating the company's long-term goal of operating 300+ locations across Canada.

<ul><li>High Tide Inc. (HITI) engages in the distribution and sale of cannabis and cannabis-related products.</li><li>The company's bricks-and-mortar footprint in Canada spans 200+ stores (branded Canna Cabana) across five provinces (Alberta, Ontario, Saskatchewan, Manitoba and British Columbia).</li><li>In addition, High Tide manufactures and distributes CBD and consumption accessories through e-commerce platforms, and provides data analytics services.</li></ul>

High Tide Inc. (HITI) engages in the distribution and sale of cannabis and cannabis-related products.The company's bricks-and-mortar footprint in Canada spans 200+ stores (branded Canna Cabana) across five provinces (Alberta, Ontario, Saskatchewan, Manitoba and British Columbia).In addition, High Tide manufactures and distributes CBD and consumption accessories through e-commerce platforms, and provides data analytics services.

HITI: Initiating Coverage of a High-Growth Specialty Retailer Focused on Cannabis with Sustainable Competitive Advantages

Canada

High Tide Inc. is an Alberta-based, retail-focused cannabis corporation. The Company focuses on the manufacturing and distribution of smoking accessories to wholesale and retail clients, as well as sells cannabis products to retail consumers. High Tide serves customers in Canada.

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High Tide (HITI US)

HITI: F3Q25 Earnings Review

Key F3Q25 takeaways include: 1) ongoing retail outperformance can be tied to more potent economics, with Canna Cabana stores generated more than 2x...

Zacks Small Cap Research

HITI: Initiating Coverage of a High-Growth Specialty Retailer Focused on Cannabis with Sustainable Competitive Advantages

High Tide Inc. (HITI) engages in the distribution and sale of cannabis and cannabis-related products. The company's bricks-and-mortar footprint in...

Zacks Small Cap Research

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