High Tide’s Vahan Ajamian talks to Cantech Letter

High Tide’s (High Tide Stock Quote, Chart, News, Analysts, Financials TSXV:HITI) Vahan Ajamian sat down with Jon Erlichman at the 2025 Cantech Investment Conference in Toronto on October 9th.

Are analysts bullish on HITI right now? You bet.

In an October 15th update, following what he called “record quarterly results and accelerating momentum” across the company’s Canadian operations, Beacon Securities analyst Doug Cooper maintained a “Buy” rating and raised his target price for High Tide to $7.50 (from $6.50), saying the stock “could easily double”.

High Tide, Canada’s largest cannabis retailer, operates 207 Canna Cabana stores across five provinces. With 16 new openings this year, the company is on track to reach the upper end of its goal of 20–30 new stores in calendar 2025 and continues to target more than 300 nationwide. Since adopting a membership-based discount club model in 2021, High Tide has grown to more than 2.0 million Cabana Club members and over 10,000 ELITE subscribers.

JON ERLICHMAN SITS DOWN WITH HIGH TIDE’S VAHAN AJAMIAN AT CANTECH 25

For the third quarter ended July 31, 2025, High Tide reported record revenue of $149.7-million, up 14% year-over-year and 9% sequentially, with its Canadian brick-and-mortar segment, now 97% of consolidated revenue, up 18% year-over-year.

Cooper said the quarter showed “very positive” key performance indicators, including same-store sales growth of 7.4%, gross margin of 26.8% (up 120 basis points from Q2), net income of $0.8-million, and continued membership growth. Cabana Club members rose 39% year-over-year to 2.15 million, while ELITE subscribers jumped 102% to 115,000, with the conversion rate increasing to 5.3% from 3.7% last year.

The analyst said the company’s evolution remains in early stages, predicting further industry consolidation and the introduction of private-label products, which could materially boost margins.

“We believe shares of High Tide could easily double over the next couple of years simply by generating about 25% of Canadian cannabis revenue through private label,” he added.