High Tide reports $4.3M profit in Q3; nearly triples sales

Canadian cannabis retailer High Tide Inc. (CSE.HITI) announced Wednesday that its fiscal third-quarter 2020 profit came in at $4.3 million, as the company’s sales nearly tripled from the same period a year ago.

High Tide – which manages 37 Canna Cabana locations in Ontario, Alberta, and Saskatchewan – reported revenue up by 180% to $23.2 million in its third quarter, as the retailer rolled out new outlets across the country.

The retailer said its gross profit margin also inched higher to 40%, up three percentage points from the same quarter last year. Despite the positive earnings news, the company’s shares closed down about 2.6% on the CSE Wednesday.

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