Cannabis retailer High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) (FSE:2LYA) reported financials for the period ending July 31 on Tuesday after the market close, revealing that its quarterly revenue nearly doubled as its acquisition spree continues.
Q3 2021 Financial Highlights
- Revenue increased by 99% year-over-year, reaching CA$48.1 million ($38 million), encompassing acquisitions of META Growth Corp. (TSXV: META), Smoke Cartel, Inc. (OTCQB: SMKC), Fab Nutrition, LLC., and DHC Supply LLC., operating as Daily High Club. In addition, CA$38.4 million in revenue was earned in Canada, CA$9.6 million in the United States and an immaterial amount internationally.
- Segment-wise, CA$46.3 million of revenue was generated by retail, CA$1.8 million by wholesale
- and an immaterial amount by corporate.
- Gross profit increased by 75% to CA$16.7 million, compared to CA$9.5 million in the same quarter last year.
- The gross profit margin was 35% compared to 40% in the corresponding period of 2020.
- Adjusted EBITDA came in positive at CA$1.5 million compared to CA$3.4 million for the same quarter last year, …