High Tide Named Among Canada’s Fastest-Growing Companies

High Tide (HITI) announced Friday that it has made the Globe & Mail’s third-annual ranking of Canada’s top growing companies, based on three-year revenue growth.

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High Tide is a retail-focused cannabis company bolstered by the manufacturing and distribution of consumer accessories. (See High Tide stock charts on TipRanks)

High Tide ranked 82nd out of 448 companies in 2021 in the Globe & Mail Report on Business Ranking, with three-year growth of 733%.

High Tide president and CEO Raj Grover said, “Today’s recognition from The Globe and Mail, one of Canada’s most prestigious daily newspapers, is further validation of High Tide’s continued operational execution. …

“Since opening our first cannabis retail store in October of 2018 we have been able to grow as a company from just 160 employees to almost 100 stores and over 900 employees today. In the months ahead we will continue to drive revenue growth by expanding our retail bricks and mortar and e-commerce businesses organically and through strategic acquisitions in Canada, the United States and Europe.”

The full list of 2021 winners, and accompanying editorial coverage, is published in the October issue of Report on Business magazine, which will be available on Saturday, and is already online.

On September 13, Roth Capital analyst Scott Fortune initiated coverage of HITI with a Buy rating and a C$15.18 price target. This implies 87.1% upside potential.

Consensus among Wall Street analysts is that HITI is a Moderate Buy, based on two Buys. The average High Tide price target of C$17.07 implies 110.5% upside potential to current levels.