High Tide Inc. opens three new cannabis stores in home city of Calgary

New retail location at 8835 MacLeod Trail Southwest represents company’s 75th shop in Canada.

High Tide Inc. operates in Alberta, Manitoba, Saskatchewan, and Ontario.

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High Tide Inc. has announced the opening of its 75th cannabis shop in Canada.

The company’s Canna Cabana retail store started operations Wednesday (March 10) in Calgary.

Specifically, cannabis lovers can find the shop at Unit 115-8835 MacLeod Trail Southwest in the Haysboro neighbourhood.

This marks the third new retail location opened by High Tide in its home city of Calgary since the beginning of March 2021.

“This new store is part of our plan to organically expand our Canadian retail footprint in underserviced neighbourhoods,” president and CEO Raj Grover said in a media release.

In addition, Grover noted that the strategy will allow the company to “continue growing retail revenue while protecting against increased competition”.

Grover grew High Tide from a small shop of two employees in 2009 into one of Canada’s biggest cannabis retailers.

On March 8, the company announced the opening of a shop at 1230 11 Avenue Southwest in Calgary’s Beltline neighbourhood.

High Tide offers a one-stop shop model that allows consumers to buy cannabis and consumption accessories under one roof.

In a media release for its 74th location, the company stated that the opening forms part of its plan to “drive organic growth within Canada”.

Moreover, High Tide announced its 73rd store in Canada on March 5 at 4600 Bowness Road Northwest in Calgary’s Montgomery neighbourhood.

As with all of company’s stores, the location follows its one-stop shop approach.

High Tide continues growth

High Tide operates in Alberta, Manitoba, Saskatchewan, and Ontario.

In addition, it conducts business in the U.S. and Europe.

On March 1, the company issued a media release about its year-end 2020 financial results.

The Calgary business reported that its revenue increased by 118 percent to $24.9 million in the fourth quarter of 2020.

Also, revenue expanded 166 percent to $83.3 million for the fiscal year that ended on October 31, 2020.

Further, gross profit increased by 112 percent to $8.7 million in the fourth quarter of 2020. Additionally, for the year ended on October 31, 2020, gross profit totaled $30.8 million.

As part of the release, High Tide reported that geographically in the fourth quarter of 2020, the Canadian market generated $20.6 million of revenue; U.S., $4.1 million; and others, $0.2 million.

For the year ended October 31, 2020, markets in Canada produced $68.4 million in revenue; U.S., $14.3; and others, $0.6 million.

High Tide trades in the Toronto Stock Exchange under the ticker symbol HITI.

The company’s stock was trading $0.68 on March 10.

Follow Carlito Pablo on Twitter at @carlitopablo

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