High Tide’s Canna Cabana Ranks as Top Cannabis Retail Brand in Canada
According to a recent report by Rebel & Thorn, Canna Cabana, a subsidiary of High Tide (NASDAQ/TSXV:HITI), has emerged as the leading cannabis retail brand in Canada. The Toronto-based media and marketing company’s Q3 report highlights Canna Cabana’s impressive brand awareness, with 36% of Canadian cannabis consumers recognizing the brand, a significant increase from 29% year-over-year and 11% in Q4 2021.
High Tide’s nearest competitor, Fire & Flower, trailed behind with a brand recognition rate of 25%. Canna Cabana’s strong brand presence was observed across all markets surveyed, except the Maritimes, with the brand being particularly well-known in Alberta (55%), Ontario (42%), Manitoba and Saskatchewan (37%), British Columbia (24%), and Quebec (18%).
The report also notes that Canna Cabana is not only the top cannabis retail brand in Canada but also the second-largest globally. This dominance is reflected in consumer behavior, with 23% of Canadians naming Canna Cabana as their most frequented choice, a significant increase from 17% year-over-year and more than double the 11% registered by the runner-up.
Despite High Tide’s success, its stock has struggled in recent years, with a year-over-year decline of 26.34% and a 54.41% decline since 2021. However, the company’s strong brand recognition and market presence suggest that it may be poised for a rebound in the future.
