Retail-focused hashish firm High Tide Inc. (CSE: HITI) (OTCQB: HITIF) reported that its income rose by 197% year-over-year, reaching CA$19.6 million (US$14.5 million) within the second quarter of 2020.
High Tides’ President and CEO Raj Grover praised the corporate’s efficiency in the course of the quarter, highlighting it “marks a historic moment in High Tide’s history.”
“A decade of experience with cannabis consumers has been the key ingredient to our substantial year-over-year increase in revenue and enhanced gross margin,” added Grover.
In addition to the record-high income, the Calgary-based firm acquired the Hamilton- and Sudbury-based branded Canna Cabana places.
It additionally expanded its presence in Alberta, by launching a Canna Cabana retailer in downtown Edmonton.
Here’s the breakdown of outcomes High Tide posted in the course of the second quarter:
- Gross revenue of CA$7.39 million, up by roughly 214% in comparison with the identical interval final yr
- Gross revenue margin went up by 2%, compared to the second quarter of 2019
- Positive adjusted EBITDA of CA$1.94 million versus a lack of CA$3.49 million within the corresponding quarter of final yr
- Substantial enhance in money and money equivalents from CA$810,000 to CA$7.04 million over the previous six months
High Tide’s 36 branded retail hashish places are unfold throughout Ontario, Alberta, and Saskatchewan.
Over the final three months, the corporate expanded its retail footprint in Saskatchewan by taking on Tisdale-based hashish retailer.
Following the coronavirus onset, Canna Cabana places continued its operations.
However, the corporate closed its Ontario stores for 2 weeks and laid off its workforce in Hamilton, Sudbury, and Toronto till additional discover.
Its different 27 shops in Alberta and Saskatchewan remained open. (The original story appeared in Benzinga.com)