High Tide Inc. (NASDAQ:HITI) (TSXV:HITI) (FSE: 2LYA) is expanding its innovative Cabana Club membership program to the U.S., EU and UK through dedicated websites.
"Innovation and market disruption are at the core of High Tide's DNA, and today marks another milestone in our journey," Raj Grover, the company's founder and CEO, said. "I am excited to announce that, in celebration of Cyber Monday, we are taking our highly successful Cabana Club membership program global."
High Tide also said it's adding international snacks and confectionery to its e-commerce platform, alongside hemp-derived CBD and cannabis accessories.
With the move the company is tapping into the global e-commerce market for snacks and confectionery, which is, according to Statista, expected to reach over $113 billion in revenue in 2024, with an anticipated annual growth rate of 14%, resulting in a projected market volume of roughly $218 billion by 2029.
Read Also: High Tide Closes Final Tranche Of $15M Debt, Plans Retail Growth
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"I'm particularly excited about the launch of our international snacks and confectionery category, which complements our cannabis offerings and holds substantial growth potential," Grover said. "Sales across our ancillary cannabis e-commerce platforms have declined, particularly in the CBD segment."
The new global Cabana Club interface will provide members with a single point of login to access instant savings with the lowest price guaranteed.
The Canadian cannabis retailer said the Cabana Club membership program will be available for customers in the U.S. through cabanaclubusa.com. Members will be able to purchase hemp-derived CBD, consumption accessories as well as international snacks and confectionary items from Smoke Cartel, Daily High Club, DankStop, NuLeaf, and FABCBD.
Members across the entire EU and UK could reach the Cabana Club membership program through cabanaclub.eu. having access to the same products as the U.S. customers through Grasscity and Blessed CBD.
The Cabana Club loyalty program surpassed 1.5 million members across Canada in August. Since launching its discount club model in October 2021, over 1.2 million members have joined, reflecting a growth of more than 400%, the company said earlier this year.
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HITI Price Action
High Tide's shares traded 3.5244% higher at $3.375 per share at the time of this writing early Monday afternoon.
