High Tide, a Canadian cannabis chain that is retail also sells CBD and marijuana accessories in the United States, reported revenue of 24.9 million Canadian dollars ($19.7 million) for its fourth quarter ended Oct. 31.
Total revenue for High Tide’s 2020 year that is fiscal CA$83.3 million, a growth of 166per cent from 2019.
High Tide’s loss that is net the fourth quarter was CA$1.3 million, with an annual net loss of CA$6.4 million.
Most of High Tide’s annual revenue, CA$68.4 million, was earned in Canada.
The Calgary-Alberta-based company’s revenue for the totaled CA$14.3 million for the U.S. and CA$600,000 internationally.
The year company’s U.S. assets include on line cannabis add-ons retailer Grasscity.com and CBD store CBDcity.com.
High Tide shut its purchase of Canadian store Meta development in and announced it acquired Smoke Cartel, a U.S. online accessories shop, in January.
In november December, High Tide applied to list on the Nasdaq exchange in the U.S.
Going forward in Canada, High Tide said it is focused on growth in the Ontario market, where the government has increased the pace of new store licensing.
“The company expects to reach 30 stores that are open the province by September 30, 2021, the date on that the limit that any one store can acquire is scheduled to boost from 30 to 75,” High Tide said in a Tuesday news release.
Meanwhile, Tall Tide stated it intends to start locations that are“several in Alberta this month.
In the U.S., High Tide said its strategy that is“immediate does depend on regulatory modification” about the federal status of marijuana.
“Despite this, we stay just one single deal far from going into the bricks and mortar market that is retail the U.S. when federally permissible,” High Tide said.
“The company is in discussions with various parties across the ecosystem that is federally permissible the U.S. which may assist further expand its operations – and thinks that its present economic health insurance and application to record its stocks regarding the Nasdaq can help speed up its growth.”(*)High Tide shares trade as HITI regarding the TSX Venture Exchange.(*)