High Tide Reports Q3 2026 Financial Results

CALGARY – High Tide Inc. posted revenue of $198.8 million for the three months ended July 31, 2026, a 33% increase from the same period last year and the fifth consecutive quarterly record. Gross profit came in at $52.7 million, up 32% year-over-year, with gross margin holding steady at 27%. Adjusted EBITDA reached $16.2 million, up 53% from a year ago, with the 8.2% margin the strongest reading in 12 quarters. Net income reached $12.7 million, compared to $832,000 in Q3 2025.

Free cash flow was $7 million, and cash and equivalents stood at $47.1 million. After quarter close, the company closed $40 million senior secured credit facilities with the Bank of Montreal. Founder and CEO Raj Grover called the outcome proof of “the operating leverage we have spent years building toward,” noting that High Tide is approaching an annualized revenue run rate of approximately $800 million.

Canada

The retail presence of Canna Cabana stood at 229 branded locations across Canada as of July 31, 2026, represented by 92 locations in Alberta, 104 in Ontario, 13 in Saskatchewan, 8 in British Columbia, and 12 in Manitoba. Three more stores opened after quarter close, bringing the total to 232. Same-store sales turned positive year-over-year in June and held there through July – a benchmark the company had been working to reclaim. Canna Cabana held a 14% share of the Cannabis retail market in the Canadian provinces where it operates, excluding British Columbia, up from 13% a year ago. The Cabana Club loyalty program now counts 2.73 million members, with the paid ELITE tier up 62% year-over-year to more than 186,000 subscribers. High Tide also expanded its Canadian retail presence by acquiring Northern Helm, which comprises four retail Cannabis stores in Ontario.

Germany

Remexian Pharma GmbH distributed a record 10.2 tons of medical Cannabis into the German market during the third fiscal quarter, making the highest quarterly distribution volume in the company’s history. Volumes increased 62% compared to the previous year and 35% sequentially. The segment generated $38.2 million in revenue at a 26% gross margin. Remexian holds a 10.5% share of the German medical Cannabis market and is licensed to import from 19 countries, including Canada.

U.S. Policy

High Tide is also tracking federal developments in the United States, where the DEA moved FDA-approved Cannabis drug products from Schedule I to Schedule III in April 2026. The company [has since initiated outreach to the Nasdaq and TSX Venture Exchange to assess how broader federal rescheduling [currently under administrative review] could open pathways for exchange-listed companies to enter U.S. adult-use Cannabis markets.

High Tide’s Q3 results mark a genuine inflection point for a company that has spent years proving its model. The return of positive same-store sales in Canada, combined with Remexian’s surging distribution volumes in Germany, confirms that the dual-engine platform is gaining traction on both sides of the Atlantic. With margins at their highest for 12 quarters and free cash flow intact despite heavy growth spending, investors are no longer questioning the strategy’s viability. Now, the focus is on scale and velocity.