CALGARY, AB, – High Tide, a retail-focused cannabis corporation from Canada in the smoke shops market, filed its year-end 2020 financial results on March 1, 2021, the highlights of which include:
- Revenue increased by 118% to $24.9 million in the fourth quarter of 2020 and by 166% to $83.3 million for the year ended October 31, 2020. Note that the quarter does not include any contribution from META Growth Corp., the acquisition of which closed subsequent to the end of the quarter.
- Gross profit increased by 112% to $8.7 million in the fourth quarter of 2020 and by 172% to $30.8 million for the year ended October 31, 2020.
- Gross profit margin in the fourth quarter was 35% and 37% for the fiscal year ended October 31, 2020.
- Adjusted EBITDA for the fourth quarter was $3.6 million and $8.0 million for the year ended October 31, 2020.
“Despite the global slump in retail sales associated with the pandemic, and thanks to the tireless efforts of our team, we closed the year with approximately $8 million in Adjusted EBITDA making 2020 the best year in High Tide’s history,” said Raj Grover, President and Chief Executive Officer. “We continued to run our operations tightly, ending the year off with the record levels of revenue and Adjusted EBITDA.
We are excited about our trajectory in the United States and continue to prioritize and look for opportunities in that market. Our integrated value chain which includes Cannabis Bricks & Mortar stores, e-commerce platforms for consumption accessories and hemp derived CBD products, along with manufacturing and distribution of licensed and proprietary consumption accessories, experienced sizable growth on all fronts. We plan to continue to further strengthen our chain through organic growth and strategic acquisitions creating even more value for our shareholders.
Since the end of the fiscal year, we have already nearly doubled our size in Canada with the closing of the META Growth acquisition. For the fiscal first quarter of 2021 we expect to report revenue in the range of $37 million to $38 million,” added Mr. Grover.