High Tide nearly triples revenue in Q2 to $19.6 million and becomes the first Canadian cannabis retailer in its peer group to report positive adjusted EBITDA of $1.9 million
HIGH TIDE INC., a Canadian retail-focused cannabis corporation enhanced by the manufacturing and distribution of smoking accessories and cannabis lifestyle products, has reported its financial and operating results for the second quarter of fiscal 2020 ending April 30, 2020.
Second Quarter 2020 – Financial Highlights:
“The second fiscal quarter of 2020 marks a historic moment in High Tide’s history,” said Raj Grover, High Tide’s president and CEO. “I am fiercely proud of our team for delivering adjusted EBITDA well ahead of the company’s peer group and positive cash flow from operations through their unwavering commitment to our core strategy, especially throughout the pandemic. 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.”
“We are grateful to the many customers, employees, shareholders and other stakeholders who believed in High Tide’s vision and today share in our success” –Raj Grover, High Tide president and CEO
High Tide’s premier Canadian retail brand, Canna Cabana, operates in 33 locations in Ontario, Alberta and Saskatchewan, with additional locations under development across Canada. High Tide has been serving cannabis consumers for over a decade through its numerous lifestyle accessory enterprises, including e-commerce platforms Grasscity.com and CBDcity.com, lifestyle and licensed entertainment brand manufacturer, Famous Brandz, and its distribution divisions, RGR Canada and Valiant Distribution.
“We are grateful to the many customers, employees, shareholders and other stakeholders who believed in High Tide’s vision and today share in our success,” added Grover. “We remain focused on continuing to strengthen our balance sheet and delivering value by furthering our retail expansion across Ontario. I am confident that our future results will continue to reinforce our position as a leading cannabis operator.”
Second Quarter 2020 – Operational Highlights:
High Tide remains focused on the fundamentals of profitable retail, while continuing to leverage cannabis and its related accessories through the Company’s manufacturing and e-commerce portfolio. High Tide’s diverse mix of consumer channels provides access to layered insights and context unavailable to competitors, providing the Company with an advantage in understanding the development of North American and global cannabis user preferences in real time.
For more information about High Tide Inc., please visit www.hightideinc.com and its profile page on SEDAR at www.sedar.com.
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