High Tide Inc (OTCMKTS:HITIF) reported revenues of $38.3 million (up 179% YoY) in Q1 2021. It included the revenues of the recently acquired company META Growth Corp. The company posted a higher profit of $14.8 million (up 208% YoY) in Q1 2021.
Crosses 80-store milestone
CEO of High Tide, Raj Grover, said the company is excited to report the highest quarterly profit in its history. High Tide achieved a milestone of 80 store count in Canada despite the ongoing coronavirus and retailers’ challenges.
The securing of Smoke Cartel in Q1 2021 and submitting an application to get listed on the NASDAQ helped the company achieve its milestones to drive further growth.
In the past two months, he further said its team worked diligently in merging Meta Growth with High Tide. These initiatives helped the company to achieve 71% of its targets already. High Tide is adjusting its business model, including expansion to clinch opportunities in Europe and the US to improve EBITDA.
Meta Group’s takeover helped High Tide become a leading cannabis retailer in Canada in terms of annualized revenues.
Extends maturity date of credit facility
High Tide is pleased to extend the due date to December 31, 2022, for a credit facility of $10 million with Windsor Capital. It will pay a reduced interest of 10% during a one-year extension.
High Tide entered a loan accord for $6.75 million that matures on December 31, 2024. It also extended the maturity period for the existing debt of META to December 31, 2024. The company achieved a reduction of 2.5% to 10% in the interest rate during the extension. Its undrawn facility as of March 31, 2021, is $6.75 million.
High Tide converted a debt of $7.4 million into its common shares. It also inaugurated three cannabis retail locations in Calgary, Alberta; Toronto; and Guelph, Ontario, under the banners META and Canna Cabana.
In 2021, the company raised a capital of $23 million through bough-deal financing. High Tide converted a debt of $23 million into its common shares at the end of Q1 2021.
Between February 1, 2021, and March 31, 2021, High Tide inaugurated two retail cannabis locations in Ontario and 7 retail locations in Alberta.
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