The Benzinga Cannabis Capital Conference, the world’s largest gathering of cannabis decision-makers, founders and investors is returning to Miami Beach, Florida on April 11-12, 2023 and Raj Grover, president and CEO of High Tide, will be there. High Tide Inc.
HITI+1.48%+ Free Alerts is Canada’s largest non-franchised retailer of recreational cannabis so you won’t want to miss out on what he’s got to say about the industry.
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Since starting his first company at the age of 22, Grover established himself as one of Canada’s foremost business strategists and deal-makers. Through organic growth and strategic acquisitions, Raj grew High Tide from one small shop with 2 employees in 2009 into Canada’s largest cannabis retailer with over 1,450 amazing team members and business interests spanning North America and Europe.
“We’re now looking to expand into Germany and the USA – where we have offices in Las Vegas and Denver. Provided that the legalization process in Germany goes smoothly, we anticipate cannabis retail sales to begin in 2024,” Grover told Newsweek. However, when it comes to U.S. expansion, it’s still an “uphill battle” due to lack of regulation, Grover recently told Benzinga.
Raj also spearheaded High Tide’s support of World Vision, which has seen the company sponsor a growing number of kids from developing countries. “On a personal level, Raj has also been a long-time supporter of Operation Smile, an organization that works to deliver free, safe cleft surgery to children in need saving them from a lifetime of pain and isolation,” per his LinkedIn profile.
Founded in 2009, HiTi established its international CBD brand and cannabinoid wellness company NuLeaf Naturals in the Canadian market. The company acquired the Netherlands-based Grasscity in 2018 and entered the UK market with the acquisition of BlessedCBD.
Recently, High Tide released its 2022 financials showing a 97% revenue increase to CA$356.9 million ($265.4 million) for the year ended October 31, 2022, and increased sequentially by 14% to CA$108.2 million in the fourth quarter of 2022.
“High Tide continues to consolidate the Canadian retail industry, and management is pointing to >50% sales growth this calendar year on the back of 4-5% seq same-store sales growth, and by adding another 40-50 stores to its network,” said Cantor Fitzgerald’s Pablo Zuanic, who maintained a ‘Neutral’ rating on Hi Ti’s stock, reducing the price target from CA$2.75 ($2.03) to $2.7. (Full Story)