High Tide Sees Prelim Q3 Sales $195.000M-$200.000M vs $171.167M Est

Why Is High Tide Stock Gaining Tuesday?

High Tide (NASDAQ: HITI) stock surged 13.11% on Tuesday following strong Q2 earnings with record revenue of $130.7 million (up from $96.9 million YoY) and adjusted earnings of 1 cent per share versus a 3-cent loss a year prior. The cannabis retailer also announced the acquisition of four Northern Helm stores in Ontario for approximately 7.74 million Canadian dollars and secured a new 40 million Canadian dollar credit facility from Bank of Montreal.

High Tide Q2 Adj. EPS $0.01 Up From $(0.03) YoY, Sales $130.731M Up From $96.939M YoY

High Tide Secures Credit Approval for C$40MM of Senior Secured Credit Facilities

High Tide Inc. has secured credit approval from Bank of Montreal for C$40 million in new senior secured credit facilities, consisting of a C$25 million revolving facility and a C$15 million delayed draw term loan. The new facilities will replace the company's existing senior credit facility and provide lower-cost capital for growth initiatives. Closing is expected within approximately 30 days.