TLRY - High Tide quarterly revenue nearly doubles amid acquisitions net loss widens

High Tide (NASDAQ:HITI) has added ~4.1% in the post-market after the company announced financials for the third fiscal quarter of 2021, indicating a ~99% YoY increase in revenue to $48.1M. Since November 2020, the Canadian retailer of recreational cannabis has completed several acquisitions, including META Growth (OTCPK:NACNF) and Smoke Cartel (OTCQB:SMKC). Canada and the Retail segment generated the largest revenue contribution making up ~80% and ~96% of the top-line, respectively.   While gross profit increased ~75% YoY to $6.7M and gross margin held relatively steady at ~35%, the company swung to a net loss of ~$1.8M during the quarter from ~$3.8M of net profit in the previous year as operating expenses jumped ~203% to $23.9M. However, cash on hand rose to $26.6M from $7.5M in October end of 2020. By of 2021, High Tide (HITI) expects to operate approximately 110 stores and plans to enter the British Columbia market by the end of fiscal

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High Tide quarterly revenue nearly doubles amid acquisitions, net loss widens