{"id":469254,"date":"2021-03-31T18:28:30","date_gmt":"2021-03-31T22:28:30","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=469254"},"modified":"2021-03-31T18:28:30","modified_gmt":"2021-03-31T22:28:30","slug":"high-tide-reports-first-quarter-2021-financial-results-featuring-a-179-increase-in-revenue-and-record-adjusted-ebitda-of-4-6-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/high-tide-reports-first-quarter-2021-financial-results-featuring-a-179-increase-in-revenue-and-record-adjusted-ebitda-of-4-6-million\/","title":{"rendered":"High Tide Reports First Quarter 2021 Financial Results Featuring a 179% Increase in Revenue and Record Adjusted EBITDA of $4.6 Million"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">CALGARY, AB<\/span>, <span class=\"xn-chron\">March 31, 2021<\/span> \/PRNewswire\/ &#8211; High Tide Inc. (&#8220;<b>High Tide<\/b>&#8221; or the &#8220;<b>Company<\/b>&#8220;) (TSXV: HITI) (OTCQB: HITIF) (FRA: 2LY), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, filed its financial results for the first fiscal quarter of 2021 ending <span class=\"xn-chron\">January 31, 2021<\/span>, the highlights of which are included in this news release. The full set of Condensed Interim Consolidated Financial Statements and Management&#8217;s Discussion and Analysis can be viewed by visiting High Tide&#8217;s website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3115987-1&amp;h=1603069728&amp;u=http%3A%2F%2Fwww.hightideinc.com%2F&amp;a=www.hightideinc.com\" rel=\"nofollow noopener noreferrer\">www.hightideinc.com<\/a>, its profile page on SEDAR at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3115987-1&amp;h=1960013490&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1479055\/High_Tide_Inc__High_Tide_Reports_First_Quarter_2021_Financial_Re.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1479055\/High_Tide_Inc__High_Tide_Reports_First_Quarter_2021_Financial_Re.jpg\" title=\"High Tide Inc. - March 31, 2021 (CNW Group\/High Tide Inc.)\" alt=\"High Tide Inc. - March 31, 2021 (CNW Group\/High Tide Inc.)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\n        <i>First Quarter 2021 \u2013 Financial Highlights:<\/i>\n      <\/p>\n<ul type=\"disc\">\n<li>Revenue increased by 179% to <span class=\"xn-money\">$38.3 million<\/span> in the first quarter of 2021 compared to <span class=\"xn-money\">$13.7 million<\/span> in the same quarter last year. The first quarter of 2021 financial results incorporate the acquisition of META Growth Corp. on <span class=\"xn-chron\">November 18, 2020<\/span>. <\/li>\n<li>Gross profit increased by 208% to <span class=\"xn-money\">$14.8 million<\/span> in the first quarter of 2021 compared to <span class=\"xn-money\">$4.8 million<\/span> in the same quarter last year. <\/li>\n<li>Gross profit margin in the first quarter of 2021 was 39% compared to 35% in the same quarter last year. <\/li>\n<li>Adjusted EBITDA<sup>(1)<\/sup> for the first quarter of 2021 was <span class=\"xn-money\">$4.6 million<\/span> compared to negative <span class=\"xn-money\">$0.8 million<\/span> for same quarter last year. <\/li>\n<li>Geographically in the first quarter of 2021, <span class=\"xn-money\">$34.2 million<\/span> of revenue was earned in <span class=\"xn-location\">Canada<\/span>, <span class=\"xn-money\">$3.9 million<\/span> in <span class=\"xn-location\">the United States<\/span> and <span class=\"xn-money\">$0.2 million<\/span> internationally. <\/li>\n<li>Segment-wise in the first quarter of 2021, <span class=\"xn-money\">$36.8 million<\/span> of revenue was generated by Retail, <span class=\"xn-money\">$1.5 million<\/span> by Wholesale, and an immaterial amount by Corporate. <\/li>\n<li>Cash on hand as at <span class=\"xn-chron\">January 31, 2021<\/span> totaled <span class=\"xn-money\">$16.6 million<\/span> compared to <span class=\"xn-money\">$7.5 million<\/span> as at <span class=\"xn-chron\">October 31, 2020<\/span>. The Company&#8217;s cash balance has subsequently increased to approximately <span class=\"xn-money\">$33 million<\/span> as of today.<\/li>\n<\/ul>\n<p>&#8220;I am extremely proud of our team for delivering the highest quarterly profit in High Tide&#8217;s history.\u00a0 Despite facing the same challenges that all retailers have confronted during this pandemic, we recently crossed the 80-store milestone across <span class=\"xn-location\">Canada<\/span>. Between the commencement of our application to list on the Nasdaq and the subsequent filing of the 40-F form with the SEC, and securing the acquisition of Smoke Cartel, the first quarter of 2021 has seen our team deliver on significant milestones that will drive future growth,&#8221; said Raj Grover, President and Chief Executive Officer. &#8220;Over the past few months, we have worked diligently to integrate META Growth into the High Tide family and as a result have already achieved 71% of our targeted synergies. As market dynamics continue to evolve in <span class=\"xn-location\">Canada<\/span>, we are taking aggressive steps to adjust our business model, where appropriate, while pursuing expansion opportunities in <span class=\"xn-location\">the United States<\/span> and <span class=\"xn-location\">Europe<\/span> that would have an immediate positive impact on EBITDA,&#8221; added Mr. Grover.\u00a0<\/p>\n<p>\n        <i>Fiscal First Quarter 2021 \u2013 Operational Highlights:<\/i>\n      <\/p>\n<ul type=\"disc\">\n<li>The Company completed the acquisition of META Growth Crop. and became the leading Canadian cannabis retailer by annualized revenue. <\/li>\n<li>The Company&#8217;s common shares moved up to the TSX Venture Exchange. <\/li>\n<li>The Company extended the maturity date on a <span class=\"xn-money\">$10.0 million<\/span> credit facility with Windsor Capital to <span class=\"xn-chron\">December 31, 2021<\/span> with a subsequent one-year extension to <span class=\"xn-chron\">December 31, 2022<\/span> and a reduction of interest rate from 11.5% to 10.0%. <\/li>\n<li>The Company entered into a loan agreement for <span class=\"xn-money\">$6.75 million<\/span> maturing on <span class=\"xn-chron\">December 31, 2024<\/span> of an undrawn balance on a <span class=\"xn-money\">$20.0 million<\/span> credit facility obtained through the acquisition of META Growth Corp. Additionally, the Company extended maturity of META&#8217;s existing debt to <span class=\"xn-chron\">December 31, 2024<\/span> and a reduction of all-inclusive interest rate from 12.5% to 10.0%. As of the date of this press release, the <span class=\"xn-money\">$6.75 million<\/span> facility remains undrawn. <\/li>\n<li>Approximately <span class=\"xn-money\">$7.4 million<\/span> of debt converted into the Company&#8217;s common shares. <\/li>\n<li>The Company opened three cannabis retail locations under the Canna Cabana and META banners: one in <span class=\"xn-location\">Guelph, Ontario<\/span>, one in <span class=\"xn-location\">Toronto, Ontario<\/span>, and one in <span class=\"xn-location\">Calgary, Alberta<\/span>.<\/li>\n<\/ul>\n<p>\n        <i>Subsequent Events:<\/i>\n      <\/p>\n<ul type=\"disc\">\n<li>The Company closed an oversubscribed bought deal equity financing for gross proceeds of <span class=\"xn-money\">$23 million<\/span>. <\/li>\n<li>After the first quarter of 2021, approximately <span class=\"xn-money\">$23 million<\/span> of debt converted into the Company&#8217;s common shares. <\/li>\n<li>The Company announced filing of Form 40-F with the U.S. Securities and Exchange Commission fulfilling a significant milestone for the NASDAQ listing. <\/li>\n<li>The Company completed the acquisition of Smoke Cartel, Inc. (OTCQB: SMKC) for <span class=\"xn-money\">US$8.0 million<\/span>. <\/li>\n<li>Between <span class=\"xn-chron\">February 1, 2021<\/span> and the date of this press release, the Company opened nine cannabis retail locations: seven in <span class=\"xn-location\">Alberta<\/span> and two in <span class=\"xn-location\">Ontario<\/span>. <\/li>\n<li>Through the COVID-19 pandemic, all retail branded locations have remained operational, despite the complex conditions facing the retail industry across <span class=\"xn-location\">Canada<\/span>. The Company has been nimble and adapted to frequently changing regulations \u2013 often at a municipal level \u2013 including launching delivery services to continue serving customers.<\/li>\n<\/ul>\n<p>\n        <i>Selected financial information for the first quarter ended <span class=\"xn-chron\">January 31, 2021<\/span>:<\/i>\n      <\/p>\n<p>\n        <i>(Expressed in thousands of Canadian Dollars)<\/i>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prnsbts prnrbrs prnvab prnsbbs prntar prnpl6 prnsbls prnpr14\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prnsbts prnrbrs prnvab prnsbbs prntac prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three Months Ended<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>January 31,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnrbrs prnvab prnsbbs prntar prnpl6 prnsbls prnpr14\">\n              \n            <\/td>\n<td class=\"prngen10 prnpr14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">%<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>38,319<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,715<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">179%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gross profit<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>14,768<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,793<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">208%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total operating expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(16,813)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6,910)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">143%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted EBITDA<sup>(a)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4,602<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(821)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">NM<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loss from operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(2,045)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,117)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10 prnpr4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net loss<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(16,845)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,945)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">327%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loss per share (basic)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(0.04)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.02)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loss per share (diluted)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(0.02)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.02)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">NM<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table id=\"convertedTableef67\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>(a)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/sup><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted EBITDA is a non-IFRS financial measure.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">NM \u2013 Not Meaningful<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>The following is a reconciliation of Adjusted EBITDA to Net Loss:<\/p>\n<div class=\"prntal\">\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prnsbts prnsbr1 prnvab prnsbbs prntac prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three Months Ended<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>January 31,<\/b><br \/>\n                  <b>\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net loss<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(16,845)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,945)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income taxes<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>588<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(85)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accretion and interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,702<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,734<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Depreciation and amortization<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>6,094<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,269<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>EBITDA <sup>(1)<\/sup><\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(7,461)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,027)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Foreign exchange<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>89<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revaluation of derivative liability <sup>(2)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>10,484<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(439)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Transaction and acquisition costs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,581<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">622<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revaluation of marketable securities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(15)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Debt restructuring gain<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(1,145)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loss on extinguishment of debenture<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>516<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Share-based compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>553<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Adjusted EBITDA <sup>(1)<\/sup><\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4,602<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(821)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table id=\"convertedTable8f87\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td class=\"prnsbtb0 prnrbrb0 prnvat prnsbtb0 prntar prnpl6 prnsblb0 prnpr8\">\n              \n            <\/td>\n<td class=\"prnsbtb0 prnrbrb0 prnvab prnsbtb0 prnpl6 prnsblb0 prnpr8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>(1)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/sup><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Earnings before interest, taxes, depreciation, and amortization (&#8220;EBITDA&#8221;) and Adjusted EBITDA. These measures do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Non-IFRS measures provide investors with a supplemental measure of the Company&#8217;s operating performance and therefore highlight trends in Company&#8217;s core business that may not otherwise be apparent when relying solely on IFRS measures. Management uses non-IFRS measures in measuring the financial performance of the Company.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n              \n            <\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>(2)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/sup><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">The Company recorded a loss from the revaluation of derivative liability of $10,484 during the first quarter of 2021 (2020: gain of $439).\u00a0 This non-cash accounting charge primarily relates to warrants issued to Windsor Private Capital in connection with the loan agreement entered into on January 6, 2020.\u00a0 The cashless exercise feature in the warrants creates a derivative liability which is required to be revalued each reporting period.\u00a0 The increase in our share price during the quarter resulted in an increase in the derivative liability.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <i>Outlook<\/i>\n      <\/p>\n<p>With the transaction of META having closed, the Company has solidified its leadership position in Canada.\u00a0 High Tide remains focused on the <span class=\"xn-location\">Ontario<\/span> market.\u00a0 While pandemic restrictions caused a delay in construction in much of the province, the Company is encouraged by the Alcohol and Gaming Commission of <span class=\"xn-location\">Ontario&#8217;s<\/span> decision on <span class=\"xn-chron\">February 16, 2021<\/span> to increase the pace of Retail Store Authorizations it issues from 20 to 30 a week.\u00a0 The Company expects to reach 30 open stores in the province by <span class=\"xn-chron\">September 30, 2021<\/span>, the date on which the cap for any one retailer can own is set to increase from 30 to 75.<\/p>\n<p>While competition is increasing in the <span class=\"xn-location\">Alberta<\/span> cannabis market, the Company has still been able to find pockets of areas where it believes it can profitably open new stores.\u00a0 With the slowdown in construction in <span class=\"xn-location\">Ontario<\/span>, the Company has increased the pace of buildouts in <span class=\"xn-location\">Alberta<\/span> and expects more locations to open in the province next month.<\/p>\n<p>The Company has been actively following developments in the U.S. cannabis sector, and while it appears that further liberalisation regarding the federal regulatory and legislative environment is possible, our immediate strategy does not rely on regulatory change.\u00a0 Despite this, we remain just one transaction away from entering the bricks and mortar retail market in the U.S. when federally permissible.\u00a0 High Tide believes it is very well positioned to take advantage of the growing ancillary and hemp derived CBD markets and estimates its current revenue run rate in the U.S., pro forma for the Smoke Cartel acquisition, to be over <span class=\"xn-money\">$25 million<\/span> today.\u00a0 The Company is in discussions with various parties across the federally permissible ecosystem in the U.S. which could help further expand its operations \u2013 and believes that its current financial health and application to list its shares on the Nasdaq may help accelerate its growth.<\/p>\n<p>\n        <b>About High Tide Inc.<\/b>\n      <\/p>\n<p>High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The Company is the largest Canadian retailer of recreational cannabis as measured by revenue, with 80 branded retail cannabis locations spanning <span class=\"xn-location\">Ontario<\/span>, <span class=\"xn-location\">Alberta<\/span>, <span class=\"xn-location\">Manitoba<\/span> and <span class=\"xn-location\">Saskatchewan<\/span>. High Tide&#8217;s retail segment features the Canna Cabana, KushBar, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis banners, with additional locations under development across the country. High Tide has been serving consumers for over a decade through its numerous consumption accessory businesses including e-commerce platforms Grasscity.com and CBDcity.com, and its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. High Tide&#8217;s strategy as a parent company is to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing shareholder value. Key industry investors in High Tide include Aphria Inc. (TSX:APHA) (NYSE:APHA) and Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB).\u00a0<\/p>\n<p>For more information about High Tide Inc., please visit\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3115987-1&amp;h=1603069728&amp;u=http%3A%2F%2Fwww.hightideinc.com%2F&amp;a=www.hightideinc.com\" rel=\"nofollow noopener noreferrer\">www.hightideinc.com<\/a>\u00a0and its profile page on SEDAR at\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3115987-1&amp;h=1960013490&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>.\u00a0<\/p>\n<p>\n        <b>Cautionary Note Regarding Forward-Looking Statements<\/b>\n      <\/p>\n<p>Certain statements in this news release are forward-looking information or forward-looking statements, including, but not limited to (i) the Company&#8217;s application to list on the NASDAQ; (ii) the Company&#8217;s plans to adjust its business model and pursue expansion opportunities in <span class=\"xn-location\">the United States<\/span> and <span class=\"xn-location\">Europe<\/span> (iii) the Alcohol and Gaming Commission of <span class=\"xn-location\">Ontario&#8217;s<\/span> intentions to increase the pace of Retail Store Authorizations it issues from 20 to 30 a week; (iv) the Company&#8217;s expectation to reach 30 open stores in <span class=\"xn-location\">Ontario<\/span> by September, 30, 2021; (v) the Company&#8217;s expectations to profitably open new stores in <span class=\"xn-location\">Alberta<\/span>, including several locations in the month of April; (vi) the Company&#8217;s belief that it is well positioned to take advantage of the growing ancillary and hemp derived CBD markets in <span class=\"xn-location\">the United States<\/span> and estimates regarding its current revenue run rate in <span class=\"xn-location\">the United States<\/span>, pro forma for the Smoke Cartel acquisition, to be over <span class=\"xn-money\">$25 million<\/span> as of the date of this release; (vii) the Company&#8217;s expectations to further expand the Company&#8217;s operations in <span class=\"xn-location\">the United States<\/span> through discussions with various parties across the federally permissible ecosystem in <span class=\"xn-location\">the United States<\/span>; and (viii) the Company&#8217;s belief that its application to list its shares on the Nasdaq may accelerate the Company&#8217;s growth. Such information and statements, referred to herein as &#8220;forward-looking statements&#8221; are made as of the date of this news release or as of the date of the effective date of information described in this news release, as applicable. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations, or beliefs regarding future events. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (generally, forward-looking statements can be identified by use of words such as &#8220;outlook&#8221;, &#8220;expects&#8221;, &#8220;intend&#8221;, &#8220;forecasts&#8221;, &#8220;anticipates&#8221;, &#8220;plans&#8221;, &#8220;projects&#8221;, &#8220;estimates&#8221;, &#8220;envisages, &#8220;assumes&#8221;, &#8220;needs&#8221;, &#8220;strategy&#8221;, &#8220;goals&#8221;, &#8220;objectives&#8221;, or variations thereof, or stating that certain actions, events or results &#8220;may&#8221;, &#8220;can&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;might&#8221;, or &#8220;will&#8221; be taken, occur or be achieved, or the negative of any of these terms or similar expressions, and other similar terminology) are not statements of historical fact and may be forward-looking statements.<\/p>\n<p>Such forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to the Company&#8217;s ability to execute on its business plan and that the Company will have sufficient funds to execute on its strategic growth objectives in 2021, including the ability of the Company to pursue and finance the potential acquisitions and new store openings referenced in this release; the Company&#8217;s ability to successfully list its shares on the Nasdaq;\u00a0 and that the Company will not be required to implement any measures to address unanticipated developments (including developments relating to COVID-19) affecting the Company&#8217;s business, which could adversely affect the Company&#8217;s proposed business plan. However, there can be no assurance that any one or more of the government, industry, market, operational or financial targets as set out herein will be achieved. Inherent in the forward-looking statements are known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking statements.<\/p>\n<p>The forward\u2013looking statements contained herein are current as of the date of this news release. Except as required by law, High Tide does not have any obligation to advise any person if it becomes aware of any inaccuracy in or omission from any forward-looking statement, nor does it intend, or assume any obligation, to update or revise these forward-looking statements to reflect new events or circumstances. Any and all forward-looking statements included in this news release are expressly qualified by this cautionary statement, and except as otherwise indicated, are made as of the date of this news release.<\/p>\n<p>\n        <i>Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.<\/i>\n      <\/p>\n<p>\n        <b><br \/>\n          <i>This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in <span class=\"xn-location\">the United States of America<\/span>. The securities have not been and will not be registered under the United States Securities Act of 1933 (the &#8220;1933 Act&#8221;) or any state securities laws and may not be offered or sold within <span class=\"xn-location\">the United States<\/span> or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.<\/i><br \/>\n        <\/b>\n      <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CA29123&amp;sd=2021-03-31\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/high-tide-reports-first-quarter-2021-financial-results-featuring-a-179-increase-in-revenue-and-record-adjusted-ebitda-of-4-6-million-301260115.html\">http:\/\/www.prnewswire.com\/news-releases\/high-tide-reports-first-quarter-2021-financial-results-featuring-a-179-increase-in-revenue-and-record-adjusted-ebitda-of-4-6-million-301260115.html<\/a><\/p>\n<p>SOURCE  High Tide Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CA29123&amp;Transmission_Id=202103311825PR_NEWS_USPR_____CA29123&amp;DateId=20210331\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire CALGARY, AB, March 31, 2021 \/PRNewswire\/ &#8211; High Tide Inc. (&#8220;High Tide&#8221; or the &#8220;Company&#8220;) (TSXV: HITI) (OTCQB: HITIF) (FRA: 2LY), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, filed its financial results for the first fiscal quarter of 2021 ending January 31, 2021, the highlights of which are included in this news release. The full set of Condensed Interim Consolidated Financial Statements and Management&#8217;s Discussion and Analysis can be viewed by visiting High Tide&#8217;s website at www.hightideinc.com, its profile page on SEDAR at www.sedar.com. First Quarter 2021 \u2013 Financial Highlights: Revenue increased by 179% to $38.3 million in the first quarter of 2021 compared to $13.7 million in the same quarter last &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/high-tide-reports-first-quarter-2021-financial-results-featuring-a-179-increase-in-revenue-and-record-adjusted-ebitda-of-4-6-million\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;High Tide Reports First Quarter 2021 Financial Results Featuring a 179% Increase in Revenue and Record Adjusted EBITDA of $4.6 Million&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-469254","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>High Tide Reports First Quarter 2021 Financial Results Featuring a 179% Increase in Revenue and Record Adjusted EBITDA of $4.6 Million - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/high-tide-reports-first-quarter-2021-financial-results-featuring-a-179-increase-in-revenue-and-record-adjusted-ebitda-of-4-6-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"High Tide Reports First Quarter 2021 Financial Results Featuring a 179% Increase in Revenue and Record Adjusted EBITDA of $4.6 Million - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire CALGARY, AB, March 31, 2021 \/PRNewswire\/ &#8211; High Tide Inc. (&#8220;High Tide&#8221; or the &#8220;Company&#8220;) (TSXV: HITI) (OTCQB: HITIF) (FRA: 2LY), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, filed its financial results for the first fiscal quarter of 2021 ending January 31, 2021, the highlights of which are included in this news release. The full set of Condensed Interim Consolidated Financial Statements and Management&#8217;s Discussion and Analysis can be viewed by visiting High Tide&#8217;s website at www.hightideinc.com, its profile page on SEDAR at www.sedar.com. First Quarter 2021 \u2013 Financial Highlights: Revenue increased by 179% to $38.3 million in the first quarter of 2021 compared to $13.7 million in the same quarter last &hellip; Continue reading &quot;High Tide Reports First Quarter 2021 Financial Results Featuring a 179% Increase in Revenue and Record Adjusted EBITDA of $4.6 Million&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/high-tide-reports-first-quarter-2021-financial-results-featuring-a-179-increase-in-revenue-and-record-adjusted-ebitda-of-4-6-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-31T22:28:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1479055\/High_Tide_Inc__High_Tide_Reports_First_Quarter_2021_Financial_Re.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/high-tide-reports-first-quarter-2021-financial-results-featuring-a-179-increase-in-revenue-and-record-adjusted-ebitda-of-4-6-million\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/high-tide-reports-first-quarter-2021-financial-results-featuring-a-179-increase-in-revenue-and-record-adjusted-ebitda-of-4-6-million\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"High Tide Reports First Quarter 2021 Financial Results Featuring a 179% Increase in Revenue and Record Adjusted EBITDA of $4.6 Million\",\"datePublished\":\"2021-03-31T22:28:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/high-tide-reports-first-quarter-2021-financial-results-featuring-a-179-increase-in-revenue-and-record-adjusted-ebitda-of-4-6-million\\\/\"},\"wordCount\":2274,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/high-tide-reports-first-quarter-2021-financial-results-featuring-a-179-increase-in-revenue-and-record-adjusted-ebitda-of-4-6-million\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/1479055\\\/High_Tide_Inc__High_Tide_Reports_First_Quarter_2021_Financial_Re.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/high-tide-reports-first-quarter-2021-financial-results-featuring-a-179-increase-in-revenue-and-record-adjusted-ebitda-of-4-6-million\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/high-tide-reports-first-quarter-2021-financial-results-featuring-a-179-increase-in-revenue-and-record-adjusted-ebitda-of-4-6-million\\\/\",\"name\":\"High Tide Reports First Quarter 2021 Financial Results Featuring a 179% Increase in Revenue and Record Adjusted EBITDA of $4.6 Million - 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(&#8220;High Tide&#8221; or the &#8220;Company&#8220;) (TSXV: HITI) (OTCQB: HITIF) (FRA: 2LY), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, filed its financial results for the first fiscal quarter of 2021 ending January 31, 2021, the highlights of which are included in this news release. The full set of Condensed Interim Consolidated Financial Statements and Management&#8217;s Discussion and Analysis can be viewed by visiting High Tide&#8217;s website at www.hightideinc.com, its profile page on SEDAR at www.sedar.com. 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