High Tide to Announce Fourth Quarter and Full Fiscal Year 2020 Financial Results
Press Release
Calgary, AB, February 18, 2021 − High Tide Inc. (“High Tide” or the “Company”) (TSXV: HITI) (OTCQB: HITIF) (Frankfurt: 2LY), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories will release its financial and operational results for the quarter and year ended October 31, 2020 after market close on March 1, 2021. High Tide’s fourth quarter and year ended October 31, 2020 financial and operational results will be available on SEDAR and on the Company’s website at www.hightideinc.com/invest.
Following the release of its fourth quarter and year ended October 31, 2020 financial and operational results, High Tide will host a conference call with Raj Grover, President and Chief Executive Officer, and Rahim Kanji, Chief Financial Officer, at 8:30 AM Eastern Time on March 2, 2021. The conference call will discuss High Tide’s fourth quarter and year ended October 31, 2020 financial and operational results and updates on the Company’s plans for 2021.
Dial-In Information
US/CANADA Participant Toll-Free Dial-In Number: (833) 570-1148
US/CANADA Participant International Dial-In Number: (914) 987-7095
Conference ID: 7898014
In order to join the conference call, all speakers and participants will be required to provide the Conference ID listed above.
Encore Replay Information (Available until March 9, 2020)
Toll-Free Encore Dial-In Number: (855) 859-2056
Encore Dial-In Number: (404) 537-3406
Conference ID: 7898014
In addition to the toll-free number listed above, participants can also dial (800) 585-8367 to access Encore.
Guidance on Fourth Quarter and Full Fiscal Year 2020 Financial Results
At the request of the Underwriters (as defined in the Company’s news release dated February 2, 2021), the Company is pleased to provide guidance on select financial results for the fiscal fourth quarter and year ended October 31, 2020. For the fiscal fourth quarter of 2020 the Company expects to report revenue that is ahead of the range of analysts’ estimates of $23.3 million and $24.2 million, and gross margin percentage consistent with the percentage realized during the first nine months of the fiscal year. For the full year ended October 31, 2020 the Company expects to report revenue that is ahead of the range of analysts’ estimates of $79.7 million and $80.6 million.
Important Information Regarding Financial Results Cited
The preliminary estimated financial results and other data for the fourth quarter and fiscal year ended October 31, 2020 set forth above are forward-looking information, unaudited and subject to the completion of the Company’s financial closing procedures. This data has been prepared by, and is the responsibility of, the Company’s management. High Tide’s independent registered public accounting firm, Ernst & Young LLP, does not express an opinion or any other form of assurance with respect to the preliminary estimated financial results. The Company currently expects that its final results will be consistent with the estimates set forth above, but such estimates are preliminary and High Tide’s actual results of operations and other data could differ materially from these estimates due to the completion of final adjustments and other developments that may arise between now and the time such consolidated financial statements for the year ended October 31, 2020 are released.
About High Tide Inc.
High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The Company is the largest Canadian retailer of recreational cannabis as measured by revenue, with 70 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan. High Tide’s retail segment features the Canna Cabana, KushBar, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis banners, with additional locations under development across the country. High Tide has been serving consumers for over a decade through its numerous consumption accessory businesses including e-commerce platforms Grasscity.com and CBDcity.com, and its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. High Tide’s strategy as a parent company is to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing shareholder value. Key industry investors in High Tide include Aphria Inc. (TSX:APHA) (NYSE:APHA) and Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB).
For more information about High Tide Inc., please visit www.hightideinc.com and its profile page on SEDAR at www.sedar.com.
IBF4
