High Tide Inc., a retail-focused company based in Calgary, reported a 79% increase in revenue over the 4/20 Weekend, recording approximately $789,000 in total sales from April 19-21, up from $441,000 last year.
Despite Canadians sheltering at home due to the COVID-19 pandemic, the company’s 31 branded brick-and-mortar cannabis stores across the country accounted for 68% of the total, while the remaining 32% came from their e-commerce accessory brand Grasscity.com.
Raj Grover, President and CEO of High Tide Inc. credits the “strong retail ecosystem of cannabis products and accessories that [they] have been building in bricks-and-mortar and online over the last year” for their 4/20 Weekend success.
High Tide describes itself as a “retail-focused cannabis corporation enhanced by the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products.” Along with their wholesale brands Famous Brandz and RGR Canada, they are responsible for the lifestyle and accessory chain Smoker’s Corner, cannabis retail storefronts Canna Cabana and KushBar, and online accessory retailer Grasscity.com.
By diversifying their offerings and enabling online sales and payments through their e-commerce stores and storefronts, High Tide has managed to side-step at least a few of the issues plaguing retailers in the last few months. The company continues to stay engaged with its customers through social media and email, as well as utilizing attractive brand colours and providing educational content such as tutorials and guides to attract and connect with online users.
“High Tide continues to develop and enhance its retail brands, leveraging our decade of experience in the industry to attract, connect, and retain loyal customers throughout North America and worldwide,” adds Grover.