High Tide reported record quarterly revenue of nearly $199 million for its third fiscal quarter of 2026, while net income climbed to $12.7 million as the Canadian marijuana retailer continued expanding domestically and in Germany.
The company reported revenue of $198.8 million for the three months ending July 31, up 33% from $149.7 million during the same period last year and 11% from the previous quarter. It marked High Tide’s fifth consecutive quarter with record revenue.
Gross profit reached a record $52.7 million, an increase of 32% year over year, while adjusted EBITDA rose 53% to a record $16.2 million. The company’s adjusted EBITDA margin reached 8.2%, its highest level in 12 quarters.
Net income totaled $12.7 million, compared with $832,000 during the same quarter in 2025. Income from operations increased 133% to $8.7 million.
High Tide also generated $7 million in free cash flow during the quarter, up from $1.5 million during the previous quarter. Cash and cash equivalents, including restricted cash, totaled $47.1 million as of July 31.
The company’s Canna Cabana chain now operates 232 locations across Canada and holds an estimated 14% share of the marijuana retail market in the provinces where it operates, excluding British Columbia. Cabana Club membership has surpassed 2.73 million, up 27% from a year earlier.
High Tide also reported substantial growth from Remexian, its German medical marijuana subsidiary. Remexian distributed a record 10.2 metric tons of medical marijuana during the quarter, up 62% year over year and 35% from the previous quarter. Revenue from the segment reached a record $38.2 million, compared with $31.6 million during the second quarter.
High Tide said it remains on track with its longer-term goal of surpassing 350 Canna Cabana locations in Canada and plans to open more than 20 locations during calendar year 2026. The company has also continued expanding its presence in Germany while evaluating opportunities in other European markets.
