On Wednesday, retail-focused cannabis corporation
High Tide Inc. (CSE: HITI, OTCQB: HITIF, FRA:2LY, Forum) reported the financial and operating results for its fiscal Q3 2020.
The Company highlighted a 180% increase in revenue for the three months ended July 31st, to $23.2 million from $8.29 million for the same quarter last year. Gross profit also increased 202% to $9.23 million from $3.06 million for the same period of 2019.
Revenue break down:
- Retail: $20.54 million (89%, up from $6.64 million)
- Wholesale: 2.63 million (11%, up from $1.42 million)
- Corporate $40,000 (up from $230,000)
To read the results in full, click
here.
Raj Grover, High Tide’s President and Chief Executive Officer stated that the record levels and continued growth trends in revenue, gross profit margin, operating income, positive adjusted EBITDA and net income, represents the Company’s strongest results since its inception.
“Our dedicated and passionate employees worked together to achieve these outstanding results and they should feel extremely proud of their hard work in this collective accomplishment. I am very thankful to our shareholders and stakeholders for their ongoing support of our strategy and we remain committed to achieving the highest standard in Canadian Cannabis retail.”
This comes as High Tide recently announced that it intends to acquire all the issued and outstanding shares of
Meta Growth (TSX-V: META), a leader in secure, safe and responsible access legal recreational cannabis in Canada. Through its Canada-wide network of Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis recreational cannabis retail stores, this is expected to be the largest cannabis retailer in Canada.
FULL DISCLOSURE: High Tide Inc. is a client of Stockhouse Publishing.