At the heart of High Tide’s success is Canna Cabana’s discount club model, first introduced in 2021. The approach mimics warehouse-style loyalty retail, offering members exclusive pricing and personalized perks. Since launch, same-store sales have climbed 137%, even as the broader Canadian cannabis retail market saw a 2% decline.
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GLOHigh Tide Inc. (Nasdaq: HITI; TSXV: HITI), Canada’s largest cannabis retailer by revenue, reported its strongest quarter yet, highlighting how its loyalty-driven discount club strategy continues to fuel growth.
For the fiscal third quarter ended July 31, 2025, the company delivered:
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Record revenue of $149.7 million, up 14% year-over-year.
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Record adjusted EBITDA of $10.6 million, its 22nd consecutive positive quarter.
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$7.7 million in free cash flow, a 148% increase from last year.
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Positive net income of $832,000, reversing a $2.8 million loss in the prior quarter.
Loyalty: The Growth Engine
At the heart of High Tide’s success is Canna Cabana’s discount club model, first introduced in 2021. The approach mimics warehouse-style loyalty retail, offering members exclusive pricing and personalized perks. Since launch, same-store sales have climbed 137%, even as the broader Canadian cannabis retail market saw a 2% decline.
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Cabana Club membership now exceeds 2.15 million in Canada, up 39% year-over-year.
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The premium ELITE tier has surged past 115,000 Canadian members, more than doubling in the past year. Globally, Cabana Club counts 6.15 million members, including over 123,000 ELITE subscribers.
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ELITE members, who pay for enhanced benefits, are proven to shop more frequently and spend more than base-tier customers.
This scale has given High Tide a 12% market share across its five operating provinces, up from 11% a year ago, and positioned it as the highest revenue-generating cannabis company reporting in Canadian dollars.
Strategic Expansion: Beyond Canada
CEO Raj Grover called the results “our most powerful quarter to date,” crediting loyalty as the foundation for long-term growth. He also emphasized the company’s international ambitions, pointing to the recent acquisition of a 51% stake in Germany’s Remexian Pharma GmbH, making High Tide a leader in Europe’s largest medical cannabis market.
Top Canadian cannabis brands are beginning to sign exclusive distribution deals with High Tide, strengthening its retail dominance. The company remains on track to surpass 300 Canna Cabana locations nationwide, with 207 currently operating.
Looking Ahead
High Tide is betting that loyalty will remain its competitive advantage in an increasingly crowded retail landscape. The Cabana Club has become the world’s largest cannabis loyalty program, and with the expansion of its ELITE tier, the company is proving that data-driven membership models can unlock recurring revenue, deepen customer engagement, and create resilience even as marketing budgets tighten.
“These results prove that our loyalty-first, discount club model continues to resonate strongly with customers. It not only drives same-store sales growth but also positions us for sustainable free cash flow generation at home and abroad,” said Grover.
With record financial performance, surging loyalty memberships, and new footholds in Europe, High Tide is positioning itself as a global cannabis retail powerhouse built on loyalty economics.
Source: High Tide Inc.
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