Intro

In this Business Breakdown, David Barbato and Ian Cassel sit down with High Tide Inc’s (HITI) CEO Raj Grover and Capital Market Advisor Vahan Ajamian. The company was originally profiled by Ian Cassel on November 10, 2025, at $3.00 USD per share. 

This discussion took place live on February 17th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/join-now/

In this conversation, Raj Grover, CEO of High Tide, discusses the company's journey from a single tobacco shop to the largest cannabis retailer in Canada. He shares insights into their innovative business model, including a unique loyalty program that has significantly boosted customer engagement and sales. The discussion also covers Hightide's expansion strategy, both domestically and internationally, as well as the challenges and opportunities within the cannabis market. Grover emphasizes the importance of location, store economics, and the company's commitment to becoming a global leader in cannabis retail.

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Chapters

00:00 Introduction to Hightide and Its Leaders

04:31 Raj Grover's Entrepreneurial Journey

07:06 Hightide's Business Model and Growth

12:56 Loyalty Programs and Customer Engagement

19:00 Market Share and Expansion Plans

23:47 Financial Performance and Future Projections

28:08 Challenges and Opportunities in the Cannabis Market

34:21 Retail Expansion and Location Strategy

40:27 Unit Economics and Store Performance

45:34 Inorganic Growth and Acquisitions

49:32 White Label Strategy and Product Differentiation

54:24 European Market Expansion and Ramexion Acquisition

01:01:47 Future Plans and U.S. Market Strategy

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