One of Canada’s largest retail cannabis operators is seeing sales ramp up.
What’s happening:
- High Tide (NASDAQ: HITI) has announced an increase in their quarterly sales, bringing in approximately $131M CAD in total revenue from their operations
Why it matters:
- Large scale publicly traded cannabis operators have been starting to gain traction recently, with major American cannabis retail company Green Thumb Industries (CSE: GTII) also recently announcing a surge in total revenues as well as a major stock buy back
By the numbers:
- High Tide is on pace for annual revenues of more than $525M CAD
- Currently, High Tide has a cash position of approximately $35M CAD
- High Tide’s flagship retail brand Canna Cabana has a total of 183 retail locations across Canada
- High Tide has also opened 11 new retail locations in Canada recently across Alberta, Saskatchewan and Ontario
Going deeper:
- High Tide has established one of the most prominent network of retail cannabis dispensaries and locations across Canada, controlling a significant amount of the opportunity in some of the largest provinces in Canada including Ontario and Alberta
- High Tide has also vertically integrated their operations through owning multiple different consumer brands in both CBD and cannabis, which are sold in Canada, the United States and the United Kingdom
The intrigue:
- American cannabis retail sales have also been growing with multiple different states recently seeing noticeable upticks in total sales for both recreational and medical cannabis, including Maryland, Michigan and Missouri
