High Tide is Canada's largest cannabis retailer, operating 218 stores under the Canna Cabana banner across Alberta, Ontario, Saskatchewan, Manitoba, and British Columbia. High Tide does not grow or produce cannabis — it purchases cannabis from licensed producers through provincial wholesalers and resells it alongside consumption accessories. The core business model centers on a discount club loyalty program called Cabana Club, which has 1.9M members in Canada. Customers can pay for an "ELITE" membership tier that unlocks lower prices, driving repeat visits and basket size. High Tide also sells white-label products (Queen of Bud, Cabana Cannabis Co.) that carry higher margins than branded products, and monetizes its store network and customer data through Cabanalytics, an advertising and analytics platform. The primary growth strategy is organic store expansion in Canada, targeting 20–30 new stores per year, funded from operating cash flow, with Ontario as the key growth market. Beyond Canadian retail, High Tide operates a small portfolio of U.S.- and internationally-facing e-commerce sites selling cannabis accessories and CBD products, though this segment is a drag on profitability and management has flagged it as a potential divestiture candidate. High Tide also operates Remexian, a Germany-based medical cannabis importer and wholesaler, through which it is building a wholesale distribution business serving German pharmacies, leveraging procurement relationships with Canadian licensed producers.