High Tide Inc. (HITI) stock soared 3.34% in the pre-market trading session at the price of $6.36 following the opening of the Canna Cabana retail cannabis store in Guelph. HITI is the largest Canadian retailer of recreational cannabis. It is a retail-focused company that manufactures and commercializes proprietary and licensed consumption accessories. 

Opening of Canna Cabana Retail Cannabis Store 

On 17th September 2021, HITI published that its Canna Cabana retail cannabis store has started selling recreational cannabis products and consumption accessories. This store is located at 106 Silvercreek Parkway North in Guelph, Ontario. The store opening signifies High Tide’s 95th branded retail location across Canada and 24th in Ontario. This new Canna Cabana store is the High Tide’s second opened store in Guelph and the first in the city. It is less than a five-minute drive from Conestoga College’s Guelph Campus. 

CEO of HITI, Raj Grover, remarked that with the opening of this Guelph store they are on track to launch various other locations in Ontario over the next few weeks. They are excited to bring their unique one-stop-shop experience to the residents of Guelph. This Canna Cabana brand has actively been received by the customers across their store networks. They are committed to the continued growth of the e-commerce portfolio while proceeding with their rapid bricks-and-mortar expansion in Canada. The company looks forward to sharing further news in this regard, he added.  

HITI Published Third Quarter 2021 Financial Results 

On 14th August 2021, HITI announced its financial results for the third fiscal quarter of 2021 ended 31st July 2021. For the three months ended 31st July 2021, revenue grew by 99% to $48.1 million. The revenues of $24.1 million, reported in the same quarter the previous year. The Cabana Club membership has risen by 45% to 221,127 as of today. The increased membership resulted from the success of the ‘One Stop Shop’ accessories promotion. Gross profit increased by 75% to $16.7 million in the three months ended 31st July 2021.  The gross profit was $9.5 million in the same quarter of 2020. 

HITI reported a gross profit margin of 35% in the third quarter ended 31st July 2021. Gross profit margin was 40% in the same quarter the prior year. Adjusted EBITDA for the three months ended 31st July 2021 was $1.5 million, compared to $3.4 million for the same quarter last year. The drop in adjusted EBITDA was caused by expenses related to the Nasdaq listing fees, one-time professional fees, and additional human resources supporting newly acquired companies.