Canadian Cannabis Retailer High Tide Reports Strong Q1 Earnings Growth

High Tide Stock Slides on Q1 Earnings, Company Says Canadian Cannabis Business Continues to Show Promise

Vancouver, British Columbia - High Tide Inc. (OTC: HITI), a leading provider of innovative cannabis and consumption accessories, reported its financial results for the first quarter ended March 31, 2022, and the company's stock took a hit in response.

High Tide's net loss for the quarter was $4.5 million, compared to a net loss of $2.3 million in the same period last year. Revenue increased by 15% to $13.3 million, driven by strong sales of cannabis and consumption accessories.

Despite the financial results, High Tide's stock price plummeted by over 10% in early trading, as investors reacted to the company's guidance for the full year 2022. The company expects its revenue to be in the range of $60 million to $70 million, which is below analysts' estimates.

However, High Tide's Canadian cannabis business continued to show promise, with revenue increasing by 24% to $5.3 million. The company stated that its Canadian cannabis business is performing well, with strong sales of dried cannabis and cannabis oils.

"We are pleased with the progress we have made in the first quarter, despite the challenges posed by the ongoing pandemic and supply chain disruptions," said Raj Grover, President and CEO of High Tide. "Our Canadian cannabis business continues to show promise, and we are confident that our diversified product offerings and strong brand presence will drive growth and profitability in the long term."

High Tide's stock price has been volatile in recent months, and the company's financial results and guidance are likely to continue to influence its stock price. Investors will be closely watching the company's progress in the coming quarters to see if it can regain its momentum.