How High Tide Became the ‘Costco of Cannabis’

How High Tide Became the ‘Costco of Cannabis’

<![CDATA[While 2022 has been a challenging year for the cannabis industry, one company has grown exponentially despite market challenges.Founded in 2009 and headquartered in Alberta, Canada, High Tide operates as a retail-focused cannabis company with brick-and-mortar and global e-commerce assets.The company is a lead player in the Canadian cannabis retail market through its flagship retail brand, Canna Cabana—which has 141 locations across Ontario, Alberta, British Columbia, Manitoba and Saskatchewan. High Tide also serves the U.S. and Europe through consumption accessories and CBD-focused e-commerce platforms. High Tide has become known for its discount club retail model at its Canna Cabana locations, modeled after Costco’s membership-based program. Some have even deemed the company the “Costco of Cannabis.”High Tide’s differentiated retail approach has contributed to its success. In the third quarter of 2022, High Tide’s revenue increased to $95.4 million—up 98% compared to quarter three last year ($48.1 million).So, how has the company continued to position itself as a leader in the Canadian cannabis retail space using its differentiated discount club approach?Becoming the Costco of Cannabis© Courtesy if High TideGroverHigh Tide knew it had to differentiate itself to stand out and be successful in Canada’s cannabis market, says Raj Grover, founder, president, and CEO of High Tide.“We’ve always been innovative and differentiated in our approach and ideas,” he says. “We’ve always thought, ‘If I’m selling the exact same product as the next company, what differentiates us?’ And Canada’s a very mature market, so you have to come up with strategies that are going to diversify [you] and set your business apart.”Canna Cabana offers two product prices for consumers: market price and member price. Canna Cabana loyalty members have access to the member prices—similar to how Costco advertises its Kirkland Signature brand, Grover says. On the Canna Cabana website, market and member prices typically…

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Source : How High Tide Became the ‘Costco of Cannabis’

reposted by Cannabis News World

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