High Tide Inc. (OTCMKTS:HITIF) has announced an inspiring financial result for its third quarter of 2019. The company reported a 281% growth in revenue compared to the same period last year.
Q3 financial results and operation updates
The company had an impressive first nine months in 2019, growing its revenue significantly by around 199%. This growth was driven by the acquisition of Grasscity, a Canna Cabana retail operations that started generating revenue in October last year. Also, the company saw growth in sales to new customers through its Wholesale segment.
The Depositors Trust Company gave the company approval to make its common stock eligible for electronic clearing and settlement from the DTC so that its stock could be accessible to US investors. In late May, the company announced the acquisition of Dreamweavers Cannabis Products Ltd. This is a retailer and e-commerce business operating in Swift Saskatchewan. High Tide also announced a partnership with Halo Labs Inc. for distribution of DabTab Home Preparation Kits.
In June, the company opened a Smoker’s Corner location in Royal Chapelle, Edmonton. The company also received AGCO authorization on June 13 to open a Canna Cabana retail cannabis store in Yonge Street, Toronto. The Store opened on June 15. Also, the company upgraded the Grasscity to Magento 2 eCommerce platform.
Opening of more Canna Cabana retail stores
Following the acquisition of Canna Cabana, the company has since opened several retail locations under the brand. On July 3, High Tide announced that a Canna Cabana store in Grand Prairies had started selling cannabis with another 10 Alberta stores expected to follow. The Alberta based company also opened two Canna Cabana stores in Okotoks and Edmonton on July 10. They also opened there Canna Cabana retail outlets in Alberta selling recreational cannabis
The company has established a 25,000 sq. ft. the facility in Nevada that will be vital in facilitating its expansion. High Tide seeks to expand its Wholesale Segment by minimizing lead-times for the fulfillment of orders to meet the demand of the growing customer base in the US.