High Tide Inc. (CSE:HITI) (OTCQB:HITIF) is one of Rich’s patented pot stock picks. The Alberta-based company has quite a head start on the cannabis competition, as it’s already been operating in the cannabis space for ten years. With total assets around $47.7 million and a total revenue of $15.9 million, High Tide is primed for growth.
And grow it sure has. Since legalization High Tide has seen a flurry of development to establish itself as the leading cannabis retailer in Alberta. Outside of its home province, it is growing at an incredible rate, signified by the fact that this week alone it opened not just one, but two new retail locations. That brings the total number of stores under the company’s banner to 25.
“These guys are doing some big things, and people need to know,” says Rich.
High Tide’s Impressive Growth
Yesterday, the company announced that its Canna Cabana retail store in St. Albert, Alberta, received its first delivery of cannabis products from Alberta Gaming, Liquor and Cannabis.
Then, this morning, High Tide announced that its KushBar retail store located in Camrose, Alberta just began selling recreational cannabis products and accessories.
“With the big news today I would not be surprised to see the High Tide rise,” says Rich.
These stores represented the 24th and 25th retail locations opened by the company. The majority of these stores—21, in fact—are in Alberta, but the company also has a Canna Cabana retail cannabis store in Swift Current, Saskatchewan, as well as three branded locations in Hamilton, Sudbury, and Toronto, Ontario.
In addition to Canna Cabana and KushBar, High Tide also owns Smoker’s Corner, RGR Canada, and Famous Brandz.
While Canna Cabana is the most established brand, Famous Brandz has an incredible amount of buzz surrounding it due to a wealth of celebrity endorsements. Snoop Dogg, Jay and Silent Bob, the Trailer Park Boys, and even Cheech and Chong have all endorsed Famous Brandz.
“These are all names familiar to the cannabis sector,” Rich adds with a laugh. “When it comes to cannabis, you can’t do much better than this.”
HITI Stock Performance
High Tide stock opened today at $0.37. Rich notes that the company’s 52-week high was $0.63 and its low was $0.27.
“I think the stock is pretty close to the bottom. This seems like a good time to position ourselves in the company,” he explains. “One of the things I really like about High Tide is that there’s under 200 million shares issued and outstanding, so it’s not like they have a huge float for a stock that’s trading at $0.37.”
A total of 25 locations for a company this size is remarkable. It indicates that High Tide has been investing in itself over the last year to establish its reach, and is likely to see the benefit of that investment over the coming year.
What do you think? Is High Tide ready for a big bump? If you’re thinking about investing in this company, or have another company you would like to see profiled on RichTV Live, let us know about it in the comments below.
Featured image: Canva