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Cannabis retailer High Tide Inc. (NASDAQ:HITI) (TSXV:HITI) (FSE:2LYA) reported financials for the period ending July 31 on Tuesday after the market close, revealing that its quarterly revenue nearly doubled as its acquisition spree continues.
After announcing a $3.85 million purchase of an online retailer DS Distribution Inc., which operates as DankStop.com, in July, the Calgary-based company teamed up with cannabis retail tech company Jane Technologies to bring its full suite of e-commerce solutions, including the headless e-commerce software, Jane Roots, to cannabis operators in Canada and the U.S.
The opening of Canna Cabana stores in Calgary, Brampton and Ajax, came amid High Tide reducing its total debt balance to $28.4 million after closing the $71 million worth acquisition of META, including $21.15 million of META convertible debentures.
Moreover, on Wednesday, the company announced the opening of its META Cannabis retail store located at 366 Main Street in Selkirk, Manitoba.
The company has begun selling recreational cannabis products for adult use. The opening represents High Tide's 94th branded retail location across Canada and 9th in Manitoba.
Over the third quarter of fiscal 2021, the company kicked off cannabis sales at seven retail locations, including two in Ontario, four in Alberta and one in Saskatchewan.
"This last quarter saw us continue our organic growth momentum by opening seven new retail locations across Canada with a total of 93 locations today," Raj Grover, president and CEO of High Tide, disclosed Tuesday.
"While the Canadian retail market remains competitive, our one-stop cannabis shop concept is very well received," Grover continued, adding that Cabana Club membership grew by over 69,000 during the period.
The company plans to operate approximately 110 stores by the year-end and enter into the British Columbia market as well as Missouri.
With the newly revealed store design for its new cannabis retail value outlets, "Cannabis Chop Club," created in collaboration with Holland Design, High Tide is targeting value-focused customers in order to increase market share and lure customers away from the illicit market, Grover further explained.
High Tide's shares traded 5.19% lower at $7.30 per share after the market close on Tuesday.
Photo: Courtesy of Nataliya Vaitkevich from Pexels