CALGARY, AB - High Tide Inc. (NASDAQ: NASDAQ:HITI) (TSXV: HITI), a prominent player in the retail cannabis sector, today announced the appointment of Mayank Mahajan as its new Chief Financial Officer.
Mahajan, who has over 15 years of experience in various sectors including financial services, technology, and manufacturing, will be bringing his expertise in mergers and acquisitions, business integration, and corporate governance to the company.
Prior to joining High Tide, Mahajan has held significant roles at several organizations such as Everyday People Financial Corp and Metamaterial Inc., as well as international positions at Jubilant Bhartiya Group.
His professional qualifications include being a Chartered Professional Accountant in Canada, a Certified Public Accountant in the United States, and a Chartered Accountant in India. He also holds an MBA from Gonzaga University and a Bachelor of Commerce from Chaudhury Charan Singh University.
Raj Grover, Founder and CEO of High Tide, expressed confidence in Mahajan's ability to contribute to the company's sustainable growth and success, citing his strategic financial acumen and leadership skills.
In conjunction with this appointment, High Tide disclosed the grant of 20,000 stock options and 591,772 restricted share units to its officers, directors, and employees under the Company's Omnibus Plan, which was established on June 2, 2022. These grants are part of the company's long-term incentive plan, designed to align the interests of its team with those of shareholders.
High Tide is recognized as the second-largest cannabis retailer in North America by store count, operating various brands and e-commerce platforms. The company has made headlines for its growth, having been listed among Canada's Top Growing Companies and the Financial Times list of Americas' Fastest Growing Companies.
The press release also contained forward-looking statements regarding the company's growth, which are based on current beliefs and are subject to risks and uncertainties that could cause actual results to differ materially.
This news article is based on a press release statement from High Tide Inc. and does not include any speculative content or endorsement of the company's claims.
InvestingPro Insights
As High Tide Inc. (NASDAQ: HITI) welcomes Mayank Mahajan as its new CFO, the market has witnessed notable movement in the company's financial metrics. According to real-time data from InvestingPro, High Tide boasts a market capitalization of $181.98 million, reflecting its standing in the retail cannabis sector.
Despite not being profitable over the last twelve months, which is a common trend among growth-oriented companies in this industry, analysts are predicting profitability for the current year. This could be a result of Mahajan's anticipated contributions to High Tide's strategic financial planning and corporate governance.
InvestingPro Tips reveal that High Tide has experienced a significant return over the last week, with a 13.37% price total return. This is indicative of the positive market response to recent company developments, including strategic appointments and expansions.
The company's valuation implies a strong free cash flow yield, suggesting that it could be undervalued based on its cash generation relative to its share price. With a robust revenue growth of 23.58% over the last twelve months as of Q1 2024, High Tide is demonstrating its potential to investors.
For those interested in deeper financial analysis and additional insights, InvestingPro offers more tips on High Tide Inc., allowing investors to make more informed decisions. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. Currently, there are 10 additional InvestingPro Tips available for High Tide, which can be accessed at: https://www.investing.com/pro/HITI
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