I’m picky when it comes to adding new stocks to our Cannabis Watchlist.
I search for different ways to invest in the cannabis sector. I don’t want to just follow the crowd into the biggest names and hope for the best.
After digging through the data, and reading your comments, I think I’ve settled on our next Cannabis Watchlist winner.
Shilo M. wrote on YouTube:
Do a video on High Tide.
Short, sweet and to the point. Thanks for writing in, Shilo.
In today’s Marijuana Market Update, I analyze High Tide Inc. (OTC: HITIF), a Canadian, vertically-integrated cannabis company.
Let’s see why HITIF deserves a spot on the Cannabis Watchlist.
High Tide’s Rapid Growth
High Tide distributes cannabis accessories and sells cannabis products at a long list of retailers.
As of February 2021, the company operates 70 Canna Cabana retail stores and has several brands under its banner:
Canna Cabana. Meta Cannabis. NewLeaf Cannabis. Kushbar. Grasscity. CBCCity. Valiant Distribution. Famous Brandz.
In 2018, High Tide’s revenue went from $8.5 million CAD (about $6.7 million USD) in 2018 to $30.9 million CAD ($24.4 million USD) in 2019.
And its growth isn’t projected to slow down any time soon.
High Tide released quarterly earnings on March 2. In fiscal 2020, the company brought in $83.3 million in total revenue ($65.87 million USD) — a 123% increase from fiscal 2019.
That revenue is expected to grow to $268.1 million ($212 million USD) in 2022 — a 43% increase over 2021 and a 3,054% jump from 2018 figures.
That is a massive growth projection in just three years.
Since December 2020, High Tide’s stock price has jumped dramatically.
HITIF (Red) Jumps 1116% in 12 Months
HITIF took off in January and now sits at $0.59 per share after hitting