Report: Delta 9 Cannabis, High Tide among Canada’s fastest-growing firms

A Canadian cannabis producer and retailer have earned spots on a national newspaper’s list of the country’s fastest-growing businesses.

Delta 9 Cannabis and High Tide placed seventh and 82nd, respectively, on Report on Business magazine’s 2021 ranking of Canada’s Top Growing Companies.

The magazine, a product of the Globe and Mail newspaper, ranked the three-year revenue growth of 448 companies.

The rankings are not necessarily comprehensive, as companies had to voluntarily apply to be ranked, providing supporting financial documentation.

Delta 9, a cannabis producer and retailer based in Winnipeg, Manitoba, earned its spot on the list thanks to three-year revenue growth of 5,413%.

Calgary, Alberta-based retailer High Tide had three-year revenue growth of 733%.

In a statement, High Tide CEO Raj Grover called the ranking “further validation of High Tide’s continued operational execution.”

High Tide opened its first cannabis store in October 2018 and now has almost 100 stores.

Delta 9, among Canada’s early federal medical cannabis production licensees in 2013, has a retail presence in Manitoba, Alberta and Saskatchewan.

“Moving forward we will continue to grow our retail store network throughout Canada, as well as online with our retail business strategy,” Delta 9 CEO John Arbuthnot said in a news release.

“We will add new craft brands which will enhance our product portfolio and market share, and we will continue to expand into the United States and other international markets as they develop through our cannabis and non-cannabis business segments.”

The full rankings, including the methodology, can be found here.

High Tide shares trade as HITI on the Nasdaq exchange and the TSX Venture Exchange.

Delta 9 shares trade on the Toronto Stock Exchange as DN.