Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

High Tide reports Q2 2021 financial results featuring a 99% increase in revenue

Stockhouse Editorial
1 Comment| June 29, 2021

{{labelSign}}  Favorites
{{errorMessage}}

Click to enlargeCanadian cannabis retailer High Tide Inc. (CSE.HITI) – a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories – filed its financial results for the second fiscal quarter of 2021 ending April 30, 2021, the highlights of which are included in this news release.

Second Quarter 2021 – Financial Highlights:
  • Revenue increased by 99% to $40.9 million in the three months ended April 30, 2021, compared to $20.6 million in the same quarter last year. The second quarter of 2021 financial results incorporate the acquisition of META Growth Corp. on November 18, 2020, and Smoke Cartel, Inc. on March 24, 2021.
  • Gross profit increased by 93% to $15.0 million in the three months ended April 30, 2021, compared to $7.8 million in the same quarter last year.
  • Gross profit margin in the three months ended April 30, 2021, was 37% compared to 38% in the same quarter last year.
  • Adjusted EBITDA(1) for the three months ended April 30, 2021, was $4.7 million compared to $1.8 million for same quarter last year.
  • Geographically in the three months ended April 30, 2021, $35.0 million of revenue was earned in Canada, $5.7 million in the United States and $0.2 million internationally.
  • Segment-wise in the three months ended April 30, 2021, $38.4 million of revenue was generated by Retail, $2.5 million by Wholesale, and an immaterial amount by Corporate.
  • Cash on hand as at April 30, 2021, totaled $29.4 million compared to $7.5 million as at October 31, 2020.

Raj Grover, President and Chief Executive Officer commented:

"I am extremely proud of our results this quarter, especially given the macro backdrop we faced. In Ontario, the largest cannabis market in Canada, due to pandemic related restrictions, our stores were closed for in-person shopping throughout most of the second quarter with only click-and-collect and delivery permitted by regulations.”

Full article here.


New to investing in Cannabis? Check out Stockhouse tips on How to Invest in Cannabis Stocks and some of our Top Cannabis Stocks.

For more of the latest info on Cannabis, check out the Cannabis Trending News hub on Stockhouse.


{{labelSign}}  Favorites
{{errorMessage}}

Comments

No comments yet. Be first to comment!

Leave a Comment

You must be logged in to be able to post a comment.

Get the latest news and updates from Stockhouse on social media

Follow STOCKHOUSE Today