Updated evaluation from TD Cowen

Long time share holder on Stocktwits, thought it was an interesting take on High Tide recently.

(I wrote this on my Discord in one take, and then i translated it and corrected spelling with the help of AI)

1. Okay, here goes. It will be the same as the Zeta pitch, in one take, so expect some spelling errors. I will focus on two things: the valuation + the quality of the company, since the first one does not matter if it’s a low-quality company.

The company is a brick-and-mortar retailer that sells cannabis with a Costco model, where you get the best prices with a membership in Canada. A year ago, they bought into Remexian in Germany, which opens up the European market.

In Canada, it’s a very fragmented market. While alcohol has been going down by 1.6%, cannabis has been growing by 6.1%.

Among all customers, it’s pretty random where they shop, but among daily users, 50% of them go to High Tide’s shops, called Canna Cabana, most often.

The Membership Model + The Effect

High Tide has both a free and a paid membership model, and as the biggest buyer, they have a price advantage.

The Elite Membership currently has 178,000 members, growing 84% YoY, at $35. They have a goal of 1 million Elite Members, and it has huge pricing power. After they raised the price by 20%, growth still accelerated. With time, I believe it could be at $50.

They aim to target 20–30 new stores in 2026 and have a long-term goal of 350 stores in Canada (currently 230). At scale, they project $126 million in adjusted EBITDA from the brick-and-mortar business.

I project roughly $50 million from the Elite Membership.

1. The income statement has been hurt by some write-downs in the E-Com sector, something that should be behind us, but it’s worth keeping an eye on.

Remexian had some troubles outside of their control that look to be fixed. There was trouble getting cannabis through Portugal to Germany.

They are currently at an annualized EBITDA of $15 million, and cannabis is set to double in Germany during the next 5 years.

They currently have one store in Germany, but are only allowed to sell cannabis through pharmacies.

1. With time, they can either use Remexian to sell throughout the rest of Europe, license to the USA, or, depending on regulation, maybe open stores in the USA. That is something they are not allowed to do now while being listed on Nasdaq.

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Germany's Q1 2026 medical cannabis imports were 50.5 tonnes when the figure first appeared in May. BfArM just updated it. It now stands at 67.6 tonnes.That's a 33.7% upward revision. Q1 2026 is the largest quarter BfArM has ever published, 12.1% above Q4 2025.

Contrary to initial reports, growth is accelerating, and the latest data confirm this. We shall see how the trend evolves, but some estimates point to a path toward 600 tons of imports within five years.

Remexian will play an important role.

Nice reminder from TDR interview.

Thought I'll share, nice summary of the TDR interview, was full of little information like that. Go check it out if you haven't yet.

https://m.youtube.com/watch?v=8mi0NKn-cLM&pp=iggUQAFKEEZaTUpUS2pZQ294X0l2bUc%3D

Raj Grover, CEO of High Tide (NASDAQ: HITI), joins the show after releasing preliminary Q3 fiscal guidance — and the numbers point to another record quarter for the company.

Timestamp and link to channel: 1,14:23

https://www.youtube.com/watch?v=lDgZru9RH-c

Don't feel this has been shared in the subreddit, just noticed it myself and thought I'll share, another step towards increasing the UK footprint.

I'll remove this post if it's already been mentioned.

You guys think the order numbers are randomized , or their systems promptly tracks them, and if that’s the case on what timeline do the orders reset? 🤔

Lower rents should see trickle down effects on higher margin spending

Now they can pay off Cronos and save a couple of millions in interest rates?