Canadian cannabis companies have been on the rise recently, and part of that wave includes High Tide, Inc. (High Tide Stock Quote, Chart, News, Analysts, Financials TSXV:HITI). Andrew Semple of Echelon Capital Markets Tuesday reiterated his "Speculative Buy" rating on the company, along with a $20.00\/share target price, implying a potential upside of 150 per cent in the next 12 months. High Tide is a Canadian retailer, distributor, and e-commerce provider of legal adult-use cannabis products and related accessories. The Company's retail segment operates licensed cannabis stores in Canada, as well as e-commerce smoking accessory platforms. High Tide\u2019s wholesale operations oversee the design, manufacture, and distribution of smoking accessory products. Semple\u2019s most recent analysis comes after High Tide announced a definitive agreement to acquire e-commerce consumption accessory product retailer DankStop for $3.85 million in stock considerations, which Semple believes will be an immediately accretive acquisition. \u201cDankStop generated TTM revenues of US$3M as of April 30 and produced low double-digit EBITDA margins,\u201d he said. \u201cWe believe there are clear revenue growth and cross-selling opportunities upon closing the transaction, which is expected in the coming weeks.\u201d DankStop has been a leader in the online consumption supply industry since 2014, with B2B services for the cannabis industry serving as a complement to the company\u2019s retail operations. \u201cThis acquisition is yet another example of how High Tide\u2019s U.S. e-commerce infrastructure and network keep getting stronger. Rolling multiple established e-commerce platforms into our network is positioning us nicely to create numerous synergies and efficiencies across our ecosystem. Along with this transaction, our last two acquisitions have increased High Tide\u2019s social media reach by leaps and bounds, giving us access to an invaluable potential customer base,\u201d said Raj Grover, President and Chief Executive Officer of High Tide in a July 20 press release. \u201cBeing vertically integrated in the consumption accessories space and having access to the end consumer will continue to result in our ability to make meaningful high margin sales across all of our channels. Having already commenced online cannabis sales in three Canadian provinces, and already possessing an established customer network in place in the U.S. positions us well to commence online cannabis sales and cannabis subscription boxes in the United States if and when federally permissible.\u201d Semple\u2019s projections have High Tide\u2019s revenues on a track to grow exponentially year-over-year, jumping from the reported $83.3 million the company made in 2020 to a projected $186.3 million in the 2021 fiscal year, with a further escalation to $314.5 million forecast for 2022. Meanwhile, the company\u2019s adjusted EBITDA is projected to experience a similar hike, as Semple has it rising from the 2020 figure of $8.2 million to a projected $22.7 million in 2021 before rising again to a projected $53.8 million, keeping the company\u2019s projected gross margin largely consistent between 36 and 37 per cent over the next two years. Accordingly, per Semple\u2019s projections, valuation ratios are set to fall in the same timeframe, with the EV\/Sales multiple dropping from 5.5x in 2020 to a projected 2.5x in 2021 against a target of 7.2x, then dropping to an estimated 1.5x in 2022 compared to the target of 4.3x. 2021 projects to be the first year High Tide will post a meaningful EV\/EBITDA multiple, with a forecast of 20.2x for this year compared to a 59.1x target, while 2022 currently projects a multiple of 8.5x compared to the 24.9x target. From a competitive standpoint, High Tide trades at an attractive valuation of 8.5x EV\/2022E EBITDA based on our estimate compared to the cannabis retailer average multiple of 11.5x 2022E EBITDA, and ~14.5x 2021E multiple for comparable retailers from other industries. High Tide has kept busy on all fronts in recent months, which includes closing the acquisition of another cannabis consumption accessory and subscription box retailer in Daily High Club on July 6. The company also launched a new store in Lethbridge, Alberta, as well as two more Ontario locations in Thunder Bay and Ottawa, with the new Rideau Street store serving as the company\u2019s 20th retail operation in the province. Finally, the company recently sold off its KushBar assets to Halo Collective Inc., with a price tag of $5.7 million. With attractive valuations and continued potential for future growth, Semple remains optimistic about High Tide\u2019s path going forward. \u201cWe continue to see upside to High Tide\u2019s valuation upon future M&A announcements, which should prove to be a tailwind to financial forecasts and valuation multiples,\u201d he said. Share of High Tide closed today down 4.16 per cent to $6.22.