High Tide, a Canadian cannabis retail chain that also sells CBD and marijuana accessories in the United States, reported revenue of 24.9 million Canadian dollars ($19.7 million) for its fourth quarter ended Oct. 31.
Total revenue for High Tide’s 2020 fiscal year was CA$83.3 million, an increase of 166% from 2019.
High Tide’s net loss for the fourth quarter was CA$1.3 million, with an annual net loss of CA$6.4 million.
Most of High Tide’s annual revenue, CA$68.4 million, was earned in Canada.
The Calgary-Alberta-based company’s revenue for the year totaled CA$14.3 million for the U.S. and CA$600,000 internationally.
The company’s U.S. assets include online cannabis accessories retailer Grasscity.com and CBD retailer CBDcity.com.
High Tide closed its acquisition of Canadian retailer Meta Growth in November and announced it acquired Smoke Cartel, a U.S. online accessories shop, in January.
In December, High Tide applied to list on the Nasdaq exchange in the U.S.
Going forward in Canada, High Tide said it is focused on growth in the Ontario market, where the government has increased the pace of new store licensing.
“The company expects to reach 30 open stores in the province by September 30, 2021, the date on which the cap that any one retailer can own is set to increase from 30 to 75,” High Tide said in a Tuesday news release.
Meanwhile, High Tide said it plans to open “several locations” in Alberta this month.
In the U.S., High Tide said its “immediate strategy does not rely on regulatory change” regarding the federal status of marijuana.
“Despite this, we remain just one transaction away from entering the bricks and mortar retail market in the U.S. when federally permissible,” High Tide said.
“The company is in discussions with various parties across the federally permissible ecosystem in the U.S. which could help further expand its operations – and believes that its current financial health and application to list its shares on the Nasdaq may help accelerate its growth.”
High Tide shares trade as HITI on the TSX Venture Exchange.