High Tide brought in $137.8 million in revenue in the three months ended April 30, 2025 (Q2 2025), $35.5 million in gross profits, a net loss of $2.8 million and a comprehensive loss of $3.9 million.
The company’s revenue was up 11% compared to the second quarter of 2024, but down 3.4% from the previous quarter, while gross profits remained level year-over-year. High Tide’s net loss in Q2 2025 compared with $171,000 in net income in Q2 2024 and a $2.7 million net loss in Q1 2025. Most of High Tide’s revenue in the most recent quarter came from its brick and mortar retail Canna Cabana locations ($133.1 million), which reported gross profit of $34 million and $3.8 million in profit. This was an increase from $1.7 million in profit in this category in Q2 2024. High Tide says its revenue growth is primarily due to continued same-store sales growth and new store build-outs. The company increased from 168 Canna Cabana locations as of April 30, 2024, to 196 as of April 30, 2025. Same store sales increased by 6% as compared to the six months ended April 30, 2024. The company now operates 200 Canna Cabana locations across Canada, the largest cannabis retail brand in the country. Most locations are in Alberta (87) and Ontario (83). Cannabis and CBD products were $118.6 million in the most recent quarter, while consumption accessories brought in $3.3 million and the company’s Cabanalytics Business Data and Insights Platform and other revenues brought in $11.2 million, a 25% increase year-over-year. “I’m incredibly proud of the continued momentum we are seeing in our core bricks-and-mortar business, which once again led the pack in retail market share, same-store sales growth, and free cash flow generation—even in a seasonally slower quarter with three fewer days,” said Raj Grover, Founder and Chief Executive Officer of High Tide. “Our success is a testament to the strength of our loyalty-focused retail model, which is unmatched in the cannabis industry.” High Tide also currently sells 67 cannabis and accessory SKUs across both of its flagship Queen of Bud and Cabana Cannabis Co. brands, with $5.3 million in sales in the past 12 months. While the company previously announced it was pausing its plan to enter the German cannabis space by acquiring Germany’s Purecan GmbH, High Tide says it has been engaging in “ongoing and exclusive discussions regarding a transaction with a leading German medical cannabis importer and wholesaler,” with due diligence on the transaction is in its final stages. The company also submitted a model project proposal to the German Federal Office for Agriculture and Food (BLE) in response to a December 2024 ordinance signed by the German Agriculture Minister related to the study of commercial cannabis use by adults.
