High Tide Inc HITI is trading higher Tuesday after the company announced better-than-expected financial results.
What Happened: High Tide reported quarterly revenue of CA$40.69 million ($32.9 million USD), which was up 99% year over year from CA$20.57 million. Gross profit increased by 93% to CA$15 million.
“Even during this difficult market environment, we continued to advance our bricks and mortar and online business. Despite the challenges and our continued rapid growth, we were able to increase not only our revenue, but also our Adjusted EBITDA sequentially to a new record of $4.7 million," said Raj Grover, president and CEO of High Tide.
High Tide is a retail-focused Canadian cannabis company that benefits from the manufacturing and distribution of consumption accessories.
Notable industry investors include Tilray Inc TLRY and Aurora Cannabis Inc ACB.
High Tide was listed on the Nasdaq on June 2. The cannabis company was the number one trending stock on Stocktwits at publication time.
Price Action: At last check Tuesday, the stock was up 8.90% at $8.91.
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