High Tide generated nearly $789,000 in systemwide revenues for 4/20.
High Tide Inc. (CSE:HITI), an Alberta-based, retail-focused cannabis corporation enhanced by the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, today announced approximately $789,000 in systemwide gross revenues from April 18-20, 2020, which is a 79% increase over the $441,000 recorded from April 19-21, 2019, despite the COVID-19 pandemic limiting the Company's scope of bricks-and-mortar operations. As a share of Total Sales, High Tide's 31 branded retail cannabis stores across Canada contributed 68%, while e-commerce accessory sales primarily generated on Grasscity.com comprised the remaining 32%. An approximate blended gross margin of 39% was generated over the 4/20 Weekend by the business-to-consumer aspects of the Company's assets.
Our achievement of these record 4/20 Weekend results is evidence of the strong retail ecosystem of cannabis products and accessories that we have been building in brick-and-mortar and online over the last year.Raj Grover President and Chief Executive Officer
"High Tide continues to develop and enhance its retail brands, leveraging our decade of experience in the industry to attract, connect and retain loyal customers throughout North America and worldwide," added Mr Grover. High Tide continues to monitor the COVID-19 situation closely, while respecting the orders and guidance of public health and other government officials, as it operates its retail and wholesale business segments both locally and abroad.
Separately, the Company issued an aggregate of 1,966,666 common shares of High Tide to certain holders of unsecured convertible debentures of the Company, in satisfaction of the annual amount of interest due to the holders.
To learn more about High Tide Inc, visit the company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
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