💸 The Tape

High Tide Inc. (Nasdaq: HITI), Canada’s favorite cannabis discount club operator, just delivered its strongest quarter yet—and CEO Raj Grover wasted no time pointing out that the tide is rolling in their favor.

Record Revenue and Profitability

For the three months ending July 31, 2025, High Tide reported record revenue of $149.7 million, a 14% year-over-year jump and the fastest growth in nearly two years. Its core bricks-and-mortar segment, the engine of its business, surged 18% year over year, proving once again that Canadians still like to shop in person—especially when a discount is involved.

On the profitability side, things looked equally rosy. Gross profit climbed to $40.1 million, margins ticked up, and adjusted EBITDA hit a record $10.6 million. Perhaps most importantly, free cash flow soared to $7.7 million, up a whopping 148% from last year. That’s not just growth—that’s liftoff.

Same-Store Sales Shine

One of the quarter’s more telling stats: same-store sales jumped 7.4%, the best performance in two years. Since High Tide launched its membership-driven discount club in 2021, those same-store sales are up a jaw-dropping 137%. For context, the average Canadian operator over the same period has eked out… a 2% decline.

Meanwhile, Canna Cabana, the company’s flagship retail chain, now boasts 207 stores nationwide and a 12% market share. Annualized sales per square foot clocked in at $1,735, surpassing even big-box stalwarts like Wal-Mart and Target. For cannabis retail, that’s the equivalent of breaking the sound barrier.

Membership Momentum

The Cabana Club has ballooned to 2.15 million Canadian members—including 115,000 ELITE subscribers, who double down on loyalty perks. Globally, membership sits north of 6 million. That kind of stickiness is the dream for any retailer, cannabis or otherwise.

A German Playbook

While Canada keeps the registers ringing, Grover has his eyes on Europe. High Tide recently closed the acquisition of 51% of Remexian Pharma GmbH, a leading German medical cannabis distributor licensed to import from 19 countries. With Germany now the world’s largest importer of medical cannabis, this gives High Tide instant credibility (and cash flow) on the continent.

Grover called the deal “the cherry on top,” saying it not only diversifies revenue streams but cements High Tide as a leader in Europe’s largest cannabis market. With Remexian’s €70 million annualized revenue and deep distribution channels, the move looks less like a cherry and more like a whole new orchard.

The Bottom Line

Between record Canadian sales, accelerating membership, and a transformative German acquisition, High Tide is proving it can surf multiple waves at once. And with Grover confidently eyeing 300+ Cabana locations, shareholders may be forgiven for thinking this tide has plenty of room left to rise.

Earnings Release

📈 Dog Walkers

Texas Continues To Do Texas Things

What’s Going On Here: The Texas Supreme Court has declined to hear an appeal over San Marcos’s voter-approved marijuana decriminalization ordinance, effectively siding with state officials who overturned the measure.

The case stems from the 2022 local initiative backed by 82% of San Marcos voters, which barred police from arresting or citing people for small-scale cannabis possession. Attorney General Ken Paxton’s office challenged the law, arguing state law preempts any city policy that limits enforcement of drug statutes. The appellate court agreed earlier this year, saying local governments can’t take enforcement tools “off the table,” citing Section 370.003 of state law.

Reform advocates were blunt in their response. Catina Voellinger of Ground Game Texas called the ruling “a direct dismissal of working Texans’ voices,” while Eric Martinez of Mano Amiga Action said it amounted to an “attack on local democracy.” Both groups pledged to keep pressing for reform despite the judicial setback.

Why it matters: The decision underscores how aggressively Texas officials are moving to quash city-level cannabis reforms, even when backed by overwhelming local support. It’s a setback for activists, but they say the fight is far from over: “The courts may be stacked, but we outnumber them.”

$GTBIF ( ▼ 4.59% ) Going Live In Minnesota

What’s Going On Here: Green Thumb Industries (CSE: GTII; OTCQX: GTBIF) is marking a historic step forward in Minnesota as RISE Dispensaries begin adult-use cannabis sales at five locations—Brooklyn Park, Eagan, Mankato, New Hope, and Willmar—starting September 17. A ribbon-cutting ceremony kicks off the celebration at 8:00 a.m., followed by giveaways, music, and treats.

In a community-minded move, first-day profits will benefit local nonprofits, including Balanced Veterans Network and Metro Meals on Wheels. Green Thumb is also donating to the Annunciation Hope & Healing Fund to support victims of the recent Minneapolis tragedy.

Customers will find a full lineup of Green Thumb’s leading brands—RYTHM flower, Beboe gummies, Dogwalkers pre-rolls, Good Green, and &Shine vapes and edibles—backed by expert staff ready to guide both new and experienced consumers.

“This is a historic day for Minnesota,” said Green Thumb President Anthony Georgiadis, highlighting RISE’s focus on both adult-use customers and medical patients, who will retain benefits like curbside pickup and priority parking.

With a state-of-the-art facility in Cottage Grove and eight dispensaries across Minnesota, Green Thumb is reinforcing its footprint in the Midwest. Adult-use sales will soon expand to Baxter and St. Paul, with St. Cloud slated for October.

🗞️ The News

📺 YouTube

Cannabis CEO Comments on Rescheduling Timeline and Finance I TTB Powered by Dutchie

What we will cover:

✅ Cannabis rescheduling, new financing realities, and a major corporate move from Verano Holdings (CSE: VRNO | OTCQX: VRNOF) are front and center this week. On the Trade To Black Podcast with host Shadd Dales and Anthony Varrell, we sit down with Anthony Coniglio, CEO of NewLake Capital Partners (OTCQX: NLCP), to discuss what these developments mean for the cannabis industry.

NewLake Capital (OTCQX: NLCP) is one of the largest cannabis-focused REITs in the U.S., providing sale-leaseback financing and long-term capital to multi-state operators. If rescheduling is announced, the changes could be significant: operators may access lower-cost debt, institutional investors may be able to participate in the sector, and tenant credit profiles across NewLake’s portfolio could strengthen. Anthony outlines how the company is preparing for this scenario and what adjustments might come to their leasing and capital strategies.

We also press on the timeline — does he still believe the Trump administration will act on rescheduling before the end of 2025? With political pressure building, the answer carries weight for investors and operators alike.

The conversation also covers Verano Holdings (CSE: VRNO | OTCQX: VRNOF) plan to redomicile its parent company from British Columbia to Nevada, a move designed to streamline governance, reduce cross-border complexities, and potentially open doors to U.S. market advantages.