High Tide Inc. has reported its financial results for the second fiscal quarter of 2026, ending April 30, 2026, achieving record revenue of $179.3 million and adjusted EBITDA of $13.9 million. The company also reported positive free cash flow and net income for the quarter.
Record Revenue and Growth
The company's German medical cannabis subsidiary, Remexian Pharma GmbH, generated record revenue of $31.6 million, with gross margins increasing to 27%. High Tide's Canadian Cabana Club membership now exceeds 2.65 million, a 39% increase compared to the previous year. ELITE members in Canada have surpassed 178,000, up 84% year-over-year.
Market Leadership
High Tide remains the highest revenue generating cannabis company reporting in Canadian dollars and continues to hold a leading 12% share of the cannabis retail market across the five provinces where it operates. The company has secured credit approval with Bank of Montreal for $40 million of senior secured credit facilities to fuel further non-dilutive growth.
CEO Commentary
Raj Grover, Founder and Chief Executive Officer of High Tide, stated: "Our second quarter results highlight the strength of High Tide’s diversified growth strategy and our ability to execute at a high level across multiple geographies. Through the continued integration of Remexian, we have expanded our supply chain capabilities, eliminated unnecessary intermediaries, and are procuring biomass at materially lower costs, enabling us to achieve key operational and financial objectives approximately 90 days ahead of our internal expectations."
Grover added: "Meanwhile, our core Canadian bricks-and-mortar business continues to outperform the broader cannabis retail sector across virtually every meaningful metric. This has resulted in High Tide reporting significantly higher income from operations, sustained positive free cash flow, and net income. As we look ahead, although we are already the leaders in both Canada and Germany when it comes to market share, we believe we have significant runway ahead to keep posting gains."
Future Outlook
The company remains optimistic about its momentum and is eyeing other markets in Europe to build upon its global ambitions. With a tier-one bank as a long-term credit partner, High Tide believes it is exceptionally well positioned for long-term value creation.
