Cannabis Retailer High Tide Reports Q3 Results

High Tide Inc. HITI reported its third-quarter financial results after Monday's closing bell. Here's a look at the details from the report. 

The Details: High Tide reported quarterly GAAP earnings of 74 cents per share and revenue of $97 million, which beat the consensus estimate of $92 million. 

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The company said gross profit margin for the quarter was 27%, compared to 28% in the same period last year and sequentially, and the quarter represented High Tide's 18th consecutive quarter of positive Adjusted EBITDA. 

“Over the last year, the High Tide team has presented investors with compelling proof points as to how we’re different than other retailers, and our third quarter results offer even further evidence of this. Our numbers continue to drive home the fact that we are a well-managed, innovative company that has grown responsibly while continuing to build value for shareholders," said Raj Grover, CEO of High Tide.

HITI Price Action: According to Benzinga Pro, High Tide shares are up 8.68% after-hours at $2.38 at the time of publication Monday. 

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Photo: Courtesy of High Tide, Inc.