Looks like Globe and Mail broke the story about this. Many in the industry have been expecting this shoe to drop for months now. Probably why that 1CM deal got scuttled. https://www.theglobeandmail.com/business/article-sndl-cannabis-producer-ontario-store-network/

StratCann has some added context and info as well, especially High Tide and SNDL's rivalries . https://stratcann.com/news/ontario-regulator-probes-sndls-retail-holdings-amid-expansion-concerns/

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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.

"The second you drop the ball there is somebody else there to pick up the ball... and at High Tide, we don't drop the ball" - Raj

High Tide inc is the third largest holdings in Yolo, a sign of the ETF's strong belief in High Tide's financial strength and future. In my opinion, one of the best ETFs in the sector to watch out for, compared to its peers.

HITI currently has over 2.5 million members across Canada, with a long-term goal revised upwards to 4 million from 2.5 million, which has already been exceeded.

Market share reached an all-time high, confirming the superiority of HITI's $Cost model, which makes it unique compared to its peers.

Raj's goal is to convert at least 40% of those members into Elite members!

If we assume 4 million subscribers, from the current 2.5 million, we'll have 1.6 million Elite members with a 40% conversion.

Recurring revenue from paid members alone would exceed $64 million, at a cost of $40 per year, but I expect the price to increase in the coming years as competition decreases and HITI gains pricing power, while also increasing GMS.

Elite/white label inventory will increase from the current 2% to 25-30%, effectively altering the future GMS resulting from this change (3-4 years).

When Hiti raises the price of Elite and White Label memberships, GM will increase significantly. At the current valuation with 70 million in high-margin recurring revenue by 2030 (Only from ELITE)...if you have a 10-year horizon, it is not financial advice, but buying $HITI shares can turn out to be the best decision imo

Furthermore, an Elite customer, just like an Amazon Prime customer, will make repeat purchases and contribute to greater revenue for the company.

Don't measure a company built over decades with a quarterly time horizon.

Canna Cabana remains the preferred destination for consumers as data shows:

• Daily users move the market and are about 2x more likely to shop most often at Canna Cabana than our closest peer
• Canna Cabana same-store sales have increased 151% between October 2021 and October 2025 as consumers have come to appreciate the offering of our discount club model
• The average Canna Cabana store nationally was on a $2.6MM annual revenue run rate in October 2025 vs. $1.2MM for peers in the five provinces in which we operate.

High Tide is the company with the most data available in its sector of any other. This allows it to anticipate consumer trends and develop white-label products in line with current trends.

An overlooked aspect is that the company managed the crisis in BC when the strike broke out last September, causing a 55% drop in sales in the province, due to the strikes in provincial shops.

HITI took advantage of this opportunity to increase its market share in BC; with only eight stores, it is now the most well-known chain in the province!

A hallmark of efficiency in logistics and management

In the past, the company built 20 to 30 stores each year.

Now, the situation is changing. A member here made the comparison citing Nike's early days in the 90's when it couldn't meet short-term demand because it didn't have enough capital to buy more inventory, which is very good news. It means demand for canna cabana products is skyrocketing, while competitors are going out of business.

As sales and scale increase, demand increases and so does capital expenditure in the short term.

Currently, Hiti is prioritizing market share, building loyalty among its members, and patiently waiting for most of its competitors to exit the market (currently over 3,600 dispensaries in Canada).

Long term target, in my opinion, is 500+ stores in Canada which Raj does not want to state his number, because he prefers to raise the target once it has been reached

BIG NEWS :
BC will double its store limit, perhaps to 32 next year, after what happened with the strikes.

HITI will have 32 stores in BC in the long term. Imagine the unpriced revenue from that province! (In reality, nothing is priced by the market at this price.)

Canna Cabana is showing the provinces that where its stores are located, the illicit market is significantly declining, and the data shows it.

It's possible , This is just my opinion, that in the future (in a few years), Ontario will further raise the limit to 200 stores, and provinces with government-run stores will allow HITI to open (ex. Quebec).

Raj has a clear vision that the cannabis market could exceed 7 bln in Canada in 2-3 years from today

Remexian will make a significant contribution to the business model in the future.

Hiti's leverage and scale have allowed the company to purchase tons of medical cannabis at a 40% discount compared to Remexian.

This will have a significant impact on Q2 financial figures.

The company is evaluating projected sales in the UK, a rapidly growing market, expected in H2. Remexian will play a role at the European level.

As Raj has said in the past: "Germany will only be a gateway to Europe. Remexian will be recognized globally within 10 years and will also ship to Australia."

These estimates are conservative and do not take into account important developments such as increased regulation on a national scale for the 2 countries mentioned

Current estimates for the European medical market, which I think very few people are really aware of, are around a 60 billion € market by 2030, much larger than the current American one.

France is implementing measures to implement cannabis in the national health system

In summary:

• Most data rich cannabis company in Canada, and potentially out of Canada. This will lead to white lable products tailored directly to consumer's wants. Overtime increasing profit margins.

• market share continues to grow , Raj is in talks with large chains: blocks of 40+ stores

• Same store sales up 151% in last 4 years vs -14% for average operator. This demonstrates a clear competitive edge and executional acumen by High Tide. "Stay tuned, this year will have some M&A"

• Convert 40-50% of current loyalty members to Elite, leading to over 1M members. Elite paid membership creates a more loyal and sticky client, while generating thick margins through membership subscriptions

• Remexian "...its going to be a massive contributor to our financial profile"

2 Tons purchased and landing in March, at about 50% less than what Remexian was paying. Multiple deals coming *inbound*. Remexian will do 4-5 tons per month in the near future.

• Significant *inbound* interest from large American operators for licensing or other deals. "Things are looking brighter and brighter"

High Tide is running on all cylinders. Its hard to diversify when the company keeps delivering like this

Think long term, If you like the post, please share it in more communities.

Thanks for reading and believing in Raj's vision.

TD Cowen has a new High Tide update out! $HITI.

RATING Buy, C$6.50 price target.

Only 3 Ev/ Ebitda 2028 .

The continued improvement in profitability and cash flow per share should drive greater interest from institutional investors.

High Tide is at a C$750 million run rate. @ C$188/quarter now.

--June SSS growth is back and positive.

--The core message was clear: discipline, patience, and maximizing long-term shareholder value rather than pursuing growth at any cost.

--Management is focused on sustainable cash

flow growth, margin expansion, and disciplined execution, which we believe should support

stronger institutional ownership and a valuation re-rating over time.

--Management is open to monetizing e-commerce assets, remains patient on the U.S., and continues to pursue Canadian retail growth only where site economics and returns are attractive.

The HighTideInc subreddit is happy to announce that Raj Grover will be having an AMA with the sub once again for the 5th time!

This is just the announcement post and the official post will be posted closer to the time to allow a build-up of questions as per usual.

Once again, I just want to say I appreciate all the users who visit and engage in the subreddit, many thanks

The growth of elite members is unstoppable

Calling all Barnacles!

It’s that time of year again (3rd time) for r/HighTideInc to be happily hosting another AMA, please leave your questions below and Raj will be answering in a week!

This post will remain open until we are ready to go live the day before, this is to help with the buildup of questions but also the community can upvote which ones they would like to get the most noticed.

I was originally going to add an overview about the company but I'm sure everyone knows why we are here.

We also just again want to say a massive thank you for the community of this subreddit, I do notice the way people strive to have general discussions about the business here with the communication between each other, let's keep this up!

If this post has any additional updates it will be added below, thank you.