High Tide Bundle
Who Owns High Tide Inc.?
High Tide Inc.'s ownership structure is a key factor in its strategic direction and market influence. The company's journey began in 2009, evolving from a glassware importer to a major player in the cannabis industry.
Understanding who holds significant stakes in High Tide Inc. is crucial for grasping its operational decisions and future growth potential. The company has experienced substantial expansion, becoming a leader in Canadian cannabis retail.
High Tide Inc. is a publicly traded company, meaning its ownership is distributed among various shareholders. As of August 14, 2025, it operates over 203 retail locations, making it the largest cannabis retail brand in Canada and the second-largest globally by store count. Its fiscal year 2024 revenue reached an all-time record of $522.3 million, with trailing revenue exceeding $550 million by June 2025. The company's success is partly attributed to its innovative discount club model and loyalty programs, attracting over 2.0 million Cabana Club members by April 30, 2025. For a deeper understanding of its market positioning, consider a High Tide PESTEL Analysis.
Who Founded High Tide?
High Tide Inc. was founded in 2009 by Raj Grover, also known as Harkirat Grover, in Calgary, Canada. Grover, who started his entrepreneurial path at 22, quickly became a significant business strategist and dealmaker in Canada. The company's initial focus was on importing glassware and cannabis consumption accessories, operating under the name 'Smokers Corner' as High Tide Ventures Inc. This early strategy was a result of Grover's anticipation of cannabis legalization in Canada.
While precise initial equity splits among founders are not publicly detailed, Raj Grover's consistent leadership as President, CEO, and Executive Chairman since February 2018 highlights his foundational influence. The company's evolution from a two-employee startup in 2009 to Canada's largest cannabis retailer, employing over 1,700 individuals globally, is a testament to Grover's strategic foresight. Information regarding early angel investors, friends and family stakes, or specific early agreements like vesting schedules or founder exits is not disclosed. Similarly, no initial ownership disputes or buyouts have been documented. The founding team's vision, spearheaded by Grover, strategically positioned the company in the accessories market before expanding into recreational cannabis retail following legalization, a journey detailed in articles discussing Revenue Streams & Business Model of High Tide.
Early Ownership Landscape
Specific details on initial shareholding percentages, angel investors, or early agreements are not publicly available.
- Raj Grover is the sole listed founder.
- Grover has held key leadership roles since February 2018.
- The company grew from 2 employees in 2009 to over 1,700 globally.
- The initial strategy focused on the accessories market.
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How Has High Tide’s Ownership Changed Over Time?
High Tide Inc. transitioned from a private entity to a publicly traded company in early 2019, marking a significant shift in its ownership structure. This move broadened its shareholder base to include public investors and institutions, fundamentally altering who owns High Tide.
| Institutional Owner | Shares Held | Percentage of Holdings |
| Amplify ETF Trust - Amplify Alternative Harvest ETF | ||
| AdvisorShares Investments LLC | ||
| YOLO - AdvisorShares Pure Cannabis ETF | ||
| Renaissance Technologies LLC | ||
| Susquehanna International Group, LLP | ||
| Baader Bank INC | ||
| State of Wyoming | ||
| TOKE - Cambria Cannabis ETF | ||
| Murchinson Ltd. |
As of August 15, 2025, High Tide Inc. has 45 institutional owners and shareholders who have filed with the SEC, collectively holding 7,659,127 shares. Institutional ownership represented 5.11% of High Tide's stock in April 2025, with mutual funds increasing their holdings to 8.82% in the same month. This indicates a growing interest from managed funds in the company's trajectory.
Strategic Acquisitions Shaping Ownership
High Tide's ownership and strategic direction have been significantly influenced by its active acquisition strategy. The company's expansion efforts, including the acquisition of Queen of Bud in March 2024, demonstrate a clear path towards consolidating market presence.
- Acquisition of Queen of Bud in March 2024.
- Definitive agreement to acquire a 51% stake in Remexian Pharma GmbH on August 14, 2025.
- Estimated purchase price of €27.2 million for the Remexian Pharma stake.
- Anticipated addition of approximately $100 million in revenue from the Remexian Pharma acquisition.
- Focus on international growth, particularly in the German medical cannabis market.
These moves, alongside its discount club strategy, are reshaping High Tide's corporate structure and market position, integrating direct-to-consumer sales with wholesale and e-commerce. Understanding these developments is key to grasping the Growth Strategy of High Tide.
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Who Sits on High Tide’s Board?
High Tide Inc.'s governance is overseen by a board of directors comprising five members. As of May 29, 2025, all directors were elected with substantial shareholder backing, each securing over 98% of the votes. This structure ensures a unified direction for the company's operations.
| Director Name | Role | Independence Status |
|---|---|---|
| Raj Grover | Founder, President, CEO, and Executive Chairman | Executive |
| Arthur H. Kwan | Director | Independent |
| Nitin Kaushal | Director | Independent |
| Christian Sinclair | Director | Independent |
| Andrea Elliott | Director | Independent |
The voting power within High Tide Inc. adheres to a one-share-one-vote principle, indicating a straightforward ownership structure without special voting rights for specific shareholders. This system ensures that each share carries equal weight in corporate decisions. The company's commitment to orderly shareholder processes is further demonstrated by the approval of an Advance Notice By-Law in July 2023, which standardizes the director nomination and information disclosure procedures.
Understanding High Tide's Board and Voting
High Tide Inc.'s corporate structure emphasizes shareholder participation and transparent governance. The board composition reflects a balance between executive leadership and independent oversight.
- Raj Grover, the founder, holds key executive and board positions.
- A fixed board size of five directors was maintained as of May 2025.
- Shareholders approved a Shareholder Rights Plan with 67.94% support.
- The one-share-one-vote principle governs voting power.
- An Advance Notice By-Law was approved in July 2023 to streamline shareholder meetings.
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What Recent Changes Have Shaped High Tide’s Ownership Landscape?
Over the past three to five years, High Tide Inc. has experienced significant growth and strategic shifts impacting its ownership landscape. The company's revenue trajectory, reaching $522.3 million in fiscal year 2024 and $137.8 million in Q2 fiscal 2025, reflects this expansion. These developments are closely watched by current and potential High Tide investors.
| Fiscal Period | Revenue | Year-over-Year Growth |
|---|---|---|
| FY 2024 (ended Oct 31, 2024) | $522.3 million | 7% |
| Q2 FY 2025 (ended Apr 30, 2025) | $137.8 million | 11% |
High Tide Inc.'s ownership structure shows a blend of institutional and insider holdings, with a notable presence of its founder. Raj Grover serves as the Founder, CEO, President, and Executive Chairman, providing stable leadership. As of February 2025, institutional ownership stood at 4.52%, with institutional investor holdings at 5.11% and mutual fund holdings at 8.82% by April 2025. Despite these percentages, there has been consistent engagement from 26 institutional investors and hedge funds over the last two years, indicating sustained interest in who owns High Tide.
Revenue Growth and Cash Flow
High Tide Inc. reported $522.3 million in revenue for FY 2024 and $137.8 million in Q2 FY 2025. The company generated $22.0 million in free cash flow over the trailing four quarters ending October 31, 2024.
Strategic Acquisitions and Expansion
Key acquisitions include Queen of Bud in March 2024 and a 51% stake in Remexian Pharma GmbH in August 2025. The company operates 200 Canna Cabana locations and plans to open 20-30 more in 2025.
Institutional Investor Activity
Institutional ownership was 4.52% in February 2025, with a consistent number of institutional investors and hedge funds participating. This indicates a steady, albeit not dominant, presence of external shareholders.
Leadership and Future Outlook
Raj Grover, the founder, remains CEO, President, and Executive Chairman. The company's strategy focuses on international expansion, particularly in Germany, and organic growth, aiming to create shareholder value.
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