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High Tide Revenue Increases 180% YOY, 'Generates Strongest Results Since Inception'

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High Tide Revenue Increases 180% YOY, 'Generates Strongest Results Since Inception'

Cannabis retailer High Tide Inc. (CSE: HITI) (OTCQB: HITIFreported Wednesday its revenue spiked by 180% year-over-year to $23.2 million in the third quarter of fiscal 2020.

Moreover, gross profit for the third quarter increased by 202% compared to the third quarter of last year, to $9.23 million.

Earnings Breakdown

  • Retail sales accounted for 89% of the revenue.
  • The gross profit margin for the quarter rose to 40% from 37% for the corresponding quarter of 2019
  • Income from operation amounted to $2.11 million versus a loss from operations of $4.04 million for the same period of last year
  • Adjusted EBITDA was $3.96 million versus a loss of $3.37 million for the third quarter of 2019

The “exceptional combination of quarterly financial metrics… reinforces our conviction that High Tide is one of the top-performing cannabis companies in Canada today.”

Meantime, last month, the Calgary, Alberta-based company opted to enter into the stock-based merger deal with Meta Growth Corp. (TSXV: META).

High Tide agreed to buy all of the issued and outstanding shares of Meta Growth under the agreement.

Courtesy image

 

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