1) $HITI recap: brutal 2025, bullish 2026

$HITI (6% of my portfolio) had a brutal 2025 for investors.

Opened the year at $3.11, closed at $2.65 → -14,8% decline.

Meanwhile, $SPX gained +15%.

But I’m loading up for 2026.

Benjamin Graham nailed it:

“In the short run, the market is a voting machine, but in the long run, it is a weighing machine”.

Here’s why the stock price divorced from fundamentals in 2025 🧵 2) Brick-and-Mortar Dominance

In 2025, $HITI crushed it: 27 new Canna Cabana stores in Canada, hitting its guidance of 20-30 openings.

That brings the total to 218 stores, making it the largest cannabis retail chain in Canada.

Last quarter:

🏪 Brick-and-Mortar = 97.3% of total revenue

More importantly, margins are improving 📈

· Gross margin: 26.7% (vs 25.5 QoQ I 26.15% YoY)
· Adjusted EBITDA margin: 8.7% (vs 7.5 QoQ)

Once the company reaches 300 stores, I expect gross margins to approach 30%.