High Tide Holdings Inc. (OTC: HTDD) (CSE: HTDD) (and its predecessors, High Tide Farms, High Tide-Cannatech and High Tide Farms-Cannatech) is a vertically integrated cannabis company that produces and sells cannabis products in Canada. The Company holds a portfolio of cannabis cultivation, production and retail stores. Our focus is on the retail sector and we are seeking to build a strong, sustainable retail footprint in Canada. We are a vertically integrated, Canadian cannabis company focused on retail, cultivation, production and medical research.
High Tide, Inc. (“High Tide”) (OTC: HTTH) today reported financial results for the second quarter ended June 30, 2017.High Tide reported revenue of $33.9 million in the second quarter of 2017, an increase of 99% compared with the second quarter of 2016, primarily due to higher cannabis sales and an increase in sales of edible products.
High Tide’s international sales grew by $30.2 million to $40.9 million, or 99%, for the second quarter of 2018.. Read more about high tide q2 2021 and let us know what you think.
High Tide reports financial results for the second quarter of 2021, in which revenue increased 99% and adjusted EBITDA was $4.7 million
CALGARY, AB, 28. June 20, 2021 /PRNewswire/ – High Tide Inc. (High Tide or the Company) (NASDAQ: HITI) (TSXV: HITI) (FSE: 2LYA), a cannabis company complemented by the manufacturing and distribution of consumer accessories, announced its financial results for the second fiscal quarter ended March 30. The April 2021 announcement, highlights of which are included in this press release. The full condensed consolidated interim financial statements and management’s discussion and analysis are available on High Tide’s website at www.hightideinc.com and on the Company’s profile page on SEDAR at www.sedar.com.
Financial performance in the second quarter of 2021:
- Within three months to 30. April 2021 revenues increased 99% to $40.9 million from $20.6 million in the same quarter last year. Second quarter 2021 financial results include the acquisition of META Growth Corp. 18. November 2020 and Smoke Cartel, Inc. 24. March 2021.
- Gross profit increased in the three months ended June 30. April 2021 increased 93% to $15.0 million from $7.8 million in the same quarter last year.
- Operating margin for the three months ended June 30 was 37%, compared to 38% in the same quarter last year.
- Adjusted EBITDA(1) for the three months ended September 30, 2021 was $4.7 million, compared to $1.8 million in the same quarter last year.
- Geographically, during the three months ended September 30, April 2021 generated $35.0 million in revenue in Canada, $5.7 million in the United States and $0.2 million overseas.
- Broken down by segment, the Group’s revenues for the three months ended September 30 were as follows Revenues for April 2021 were $38.4 million for retail, $2.5 million for wholesale and a small amount for corporate.
- The cash balance at April 30, 2021 was $29.4 million, compared to $7.5 million at April 31, 2021. October 2020.
I am very proud of our results this quarter, especially given the macroeconomic conditions we faced. In Ontario, Canada’s largest cannabis market, our stores were closed to personal purchases for most of the second quarter due to pandemic restrictions.
Raj Grover, Chairman and CEO,
Even in this difficult market environment, we were able to further develop our stationery and online business. Despite the challenges and continued rapid growth, we were able to increase not only revenue, but also adjusted EBITDA to a record $4.7 million. This is a clear indication of the strength of our operational activities and the ability of our management team to deliver good results even in more challenging markets.
It also highlights the strength of our unique and diverse ecosystem, which includes omni-channel sales of cannabis, accessories and CBD products, as well as the production and distribution of licensed and patented consumer accessories. In Ontario, it is now legal to shop in limited capacity stores, which should boost sales. With our recent acquisitions of FABCBD and Daily High Club, we expect further revenue and EBITDA growth in the third quarter, Grover added.
Operational performance in the second quarter of 2021:
- The Company completed the acquisition of Smoke Cartel, Inc. on March 24, 2021, strengthening the Company’s e-commerce business.
- Over $23.0 million of the debt was converted into common shares of the Company.
- On February 22, 2021, the Company exceeded the repurchase transaction by a total of $23.0 million.
- The company has begun selling cannabis-derived CBD products on Grasscity.
- The company extended the maturity date and reduced the corresponding interest rate from 10% to 7% for the convertible bond with a strategic partner.
- The company reported sales of about $0.8 million at the Cannabis 420 party.
- The company has filed a prospectus for $100,000,000.
- The company has opened 13 cannabis stores under the Canna Cabana and META brand names: five in Ontario and eight in Alberta.
Post balance sheet events :
- To date, approximately 151,240 (Q121 – 96,629) members have joined the Cabana Club, and over 50% of our average daily transactions are made by club members.
- The Company completed the acquisition of 80% of Fab Nutrition, LLC (trading as FABCBD) for $20.6 million. The company has an option to acquire the remaining 20% within 3 years.
- On the 26th. In May 2021, the Company completed an oversubscribed equity transaction for $23.2 million.
- The company announced the filing of its Form 40-F with the U.S. Securities and Exchange Commission, an important step toward listing on the NASDAQ.
- The company closed on May 14, 2021 and began a 15:1 share consolidation on May 2, 2021. June 2021 to begin trading on the Nasdaq under the symbol HITI.
- The company is included in two major ETFs: Cannabis ETF (THCX) and AdvisorShares Pure Cannabis ETF (YOLO).
- The company announced the liquidation of its senior secured debt.
- The company opened three new stores in Alberta.
- During the COVID-19 pandemic, all of the brand’s outlets remained operational, despite the difficult conditions faced by retailers across Canada. Friday, the eleventh. In June 2021, the company’s stores in Ontario reopened to 15% in-store shopping, in accordance with revised provincial regulations.
- The Company announced the acquisition of DHC Supply LLC (trading as Daily High Club) for $10.0 million. The transaction is expected to close shortly.
Selected financial information for the three and six months ended June 30, 2016. April 2021:
(Expressed in thousands of Canadian dollars)
A reconciliation of adjusted EBITDA to net loss is given below
High Tide remains the market leader in cannabis in Canada with 87 locations across the country. The company is focused on expanding its presence in Ontario and plans to increase the number of stores in the province from the current 18 and expand its footprint in the province by the 30th quarter. September 2021 to reach 30 open stores, at which point the limit a single retailer can own will increase from 30 to 75. COVID restrictions in the second quarter limited the Company’s stores in Ontario to a click and collect basis, which negatively impacted sales. On the eleventh. In June 2021, physical sales resumed at our stores in Ontario. It is still early, but we are seeing an increase in sales, which is consistent with our previous experience after two previous closures in the province. The company plans to enter the British Columbia market in the coming months.
In addition to the continued expansion of Canadian cannabis, the company expects further growth in its U.S.-focused business. Remarkably, the second quarter results include only 37 days of contributions from Smoke Cartel. Since the end of the second quarter, High Tide has completed the acquisition of FABCBD and expects to complete the acquisition of Daily High Club in the near future. We believe that strengthening our unique cannabis ecosystem across the value chain at a geographic and industry level provides significant synergy opportunities and creates a stronger company that is better positioned to thrive, regardless of short-term dynamics in a given area.
The company actively follows developments in the US cannabis sector. While further liberalization of laws and regulations at the federal level seems possible, our short-term strategy is not dependent on legislative changes. Either way, we are only one store away from entering the US retail market, if the government will let us. High Tide believes it is well positioned to capitalize on the growing markets for cannabis and CBD-derived co-products, and estimates its current U.S. revenue, including announced acquisitions, to be approximately $50 million.
About High Tide Inc.
High Tide is a cannabis company that manufactures and distributes consumer accessories. The company is Canada’s most profitable recreational cannabis retailer in terms of adjusted EBITDA, with 87 active locations in Ontario, Alberta, Manitoba and Saskatchewan. High Tide’s retail operations include Canna Cabana, KushBar, Meta Cannabis Co, Meta Cannabis Supply Co and NewLeaf Cannabis, as well as other locations nationwide. High Tide has been serving consumers for more than a decade through its well-known e-commerce platforms, including Grasscity.com and Smokeecartel.com, and more recently in the CBD cannabis space through CBDcity.com and FABCBD.com, as well as through its wholesale distribution division Valiant Distribution, which includes licensed entertainment producer Famous Brandz. High Tide’s strategy as a parent company is to expand and strengthen its integrated value chain while ensuring full customer satisfaction and maximizing shareholder value. High Tide’s major industry investors are Tilray Inc. (TSX:TLRY)(Nasdaq:TLRY) and Aurora Cannabis Inc. (TSX: ACB) (Nasdaq: ACB).
For more information about High Tide Inc. visit www.hightideinc.com and the company’s profile page on SEDAR at www.sedar.com.
Original press release
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High Tide Corp (OTCQB: HTLD) (the “Company”) today reported second quarter results of operations for the period ended June 30, 2018. Total revenue for the quarter was $12.4 million, an increase of 99% compared to $2.0 million during the second quarter of 2017. The Company reported a net loss attributable to common stockholders of $13.4 million for the quarter, or $0.56 per share, compared to a net loss of $2.1 million, or $0.10 per share, for the comparable period in 2017.. Read more about high tide earnings 2021 and let us know what you think.
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