Many cannabis companies have seen their stocks record handsome gains this year so far and one of those is the retail-oriented cannabis company High Tide Inc (CVE: HITI).
The High Tide stock has been one of the major gainers this year so far and managed to deliver gains of as much as 235%. On Wednesday, the company announced its financial results for the first quarter of 2021, which included the three-month period that ended on January 31, 2021.
High Tide managed to generate revenues of as much as $38.3 million for the quarter, which reflects a rise of as much as 179% from the $13.7 million it generated in the year-ago period. On the other hand, gross profits soared to $14.8 million, which works out to a year-on-year rise of 208%. High Tide managed to boost its gross profit margins to 39% as well. In the prior-year period, the gross profit margin was 35%. It now remains to be seen if the stock can add to its gains today.