CALGARY, AB - High Tide Inc. (NASDAQ:HITI) (TSXV:HITI) (FSE:2LYA), a prominent player in the cannabis retail sector, announced a change in its executive team with the upcoming transition of its Chief Financial Officer (CFO) role. The company revealed that Sergio Patino will step down as CFO, and his successor, whose details will be disclosed in a forthcoming press release, will assume the position on May 1, 2024.
As part of the transition, Mr. Patino will continue to work with High Tide for a mutually agreed period to ensure a smooth handover. The company expressed gratitude to Mr. Patino for his contributions and wished him success in his future endeavors.
High Tide is recognized as a leading cannabis enterprise in North America and operates the largest non-franchised cannabis retail chain in Canada under the Canna Cabana™ brand, with a significant presence across various provinces. The company is also involved in retail innovation through Fastendr™, e-commerce platforms, cannabis brands, CBD products, and wholesale distribution.
The company has achieved notable growth, being listed as one of Canada's Top Growing Companies and ranking high on the Financial Times list of Americas' Fastest Growing Companies for 2023. High Tide continues to expand its reach and influence in the cannabis market through strategic partnerships and license agreements.
This announcement is based on a press release statement from High Tide Inc.
InvestingPro Insights
In light of the executive team changes at High Tide Inc. (NASDAQ:HITI), investors and stakeholders may find the following real-time data and InvestingPro Tips valuable for understanding the company's current financial health and market position.
As of the latest financial metrics, High Tide boasts a market capitalization of $197.69 million, demonstrating its considerable size within the cannabis retail sector. The company's revenue growth has been impressive, with a 23.58% increase over the last twelve months as of Q1 2024, and a quarterly revenue growth of 8.46% in Q1 2024, reflecting its ongoing expansion and market penetration efforts.
Despite not being profitable over the last twelve months, with a P/E ratio of -7.26, analysts are optimistic, predicting the company will turn a profit this year. This forecast aligns with High Tide's strong performance in the stock market, where it has seen a 1-year price total return of 89.06%, indicating robust investor confidence and market momentum for the company's shares.
InvestingPro Tips for High Tide Inc. highlight a valuation that implies a strong free cash flow yield, suggesting that the company is generating ample cash relative to its share price. Additionally, High Tide operates with a moderate level of debt, which may provide some financial stability as the company navigates through its growth strategy and the transition of its CFO role.
For those looking to delve deeper into High Tide's financials and future prospects, InvestingPro offers additional insights. Currently, there are 9 more InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/HITI. To enhance your InvestingPro experience, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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