High Tide quarterly operating income increases 152%

High Tide Cannabis is seeing strong revenue growth, the company says. (Photo via Instagram)

Calgary-based High Tide Inc. said Wednesday that operating income increased by 152 percent in its latest quarter, climbing to $2.11 million from a loss of $4.04 million over the same period last year.

Revenue for the quarter ending July 31 surged by 180 percent to $23.2 million from $8.29 million over last year’s quarter.

Profit margins also increased, with the company saying its gross profit margin climbed three points to 40% compared to the same quarter last year.

Gross profit for the quarter climbed to $9.23 million from $3.06 million, a gain of 202 percent over the same quarter last year.

In a news release, High Tide CEO Raj Grover said the increased revenue and other improved metrics “reinforces our conviction that High Tide is one of the top performing cannabis companies in Canada today.”

High Tide, a $43.79-million company by market cap, saw its share price fall slightly on Wednesday, trading at $0.19 as of 12:37 p.m.