High Tide Inc (NASDAQ: HITI) announced today that its Canna Cabana stores situated in Thunder Bay, Ontario, and Lethbridge, Alberta, have begun vending frivolous cannabis merchandise for adult use.
High Tide’s total branded retail locations rise to 89 with new openings
The new stores bring High Tide’s full proprietary retail sites vending recreational cannabis merchandise and ingesting trappings across Canada to 89.
The new stores are located off high circulation arterial roads in line with the company’s policy of motivating gradual evolution in lucrative neighborhoods. They are near numerous prevalent eatery chains and big box stores. The new Thunder Bay store is also High Tide’s first site in northwestern Ontario’s central city, with a populace of over 110,000.
The company sees a 99% Surge in Income and Record Adjusted EBITDA of $4.7 Million in the second quarter
- Income augmented by 99% to $40.9 million in the three months concluded April 30, 2021, compared to $20.6 million in the same quarter last year. The second-quarter financial results include the purchase of META Growth Corp. on November 18, 2020, and Smoke Cartel, Inc. on March 24, 2021.
- Gross return augmented by 93% to $15.0 million in the three months concluded April 30, 2021, compared to $7.8 million in the same quarter last year.
- The gross return margin in the three months concluded April 30, 2021, was 37% compared to 38% in the same quarter last year.
- THE THREE MONTHS’ attuned EBITDA for the three months concluded April 30, 2021, was $4.7 million compared to $1.8 million for the same quarter last year.
- Organically in the three months concluded April 30, 2021, $35.0 million of income was netted in Canada, $5.7 million in the United States, and $0.2 million globally.
- Segment-wise, in the three months concluded April 30, 2021, $38.4 million of income was created by Trade, $2.5 million by Wholesale, and an irrelevant amount by Business.
- As of April 30, 2021, cash on hand equaled $29.4 million compared to $7.5 million as of October 31, 2020.