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Why Is High Tide (HITI) Stock Up Today?

There are not just one, but two reasons why High Tide (NASDAQ:HITI) stock is on the move today. For one thing, High Tide announced it just opened another retail cannabis store. In addition, the company beat out every other Canadian cannabis co…

There are not just one, but two reasons why High Tide (NASDAQ:HITI) stock is on the move today. For one thing, High Tide announced it just opened another retail cannabis store. In addition, the company beat out every other Canadian cannabis company to become the one with the highest revenue.

In the U.S., some financial traders probably have never heard of High Tide. Yet, surprisingly enough, it is apparently the top revenue-generating cannabis company in Canada.

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That’s according to data from New Cannabis Ventures, a cannabis business publication. Impressively, in the quarter ended July 31, 2022, High Tide generated 95.4 million CAD in revenue.

This put High Tide ahead of well-known cannabis industry giant Canopy Growth (NASDAQ:CGC), which took second place, and SNDL (NASDAQ:SNDL), which held the number-three spot on the list.

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Canopy Growth collected 88 million CAD and SNDL generated 78 million CAD during their most recently reported quarters. So, High Tide managed to beat them all and earn some bragging rights.

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What’s Happening with HITI Stock?

HITI stock snapped 20% higher after trading commenced on Wall Street. It pulled back slightly afterwards, but remained firmly in the green.

Besides gaining the number-one spot on the aforementioned list, High Tide also opened a second Canna Cabana retail store in Windsor, Ontario. This store sells recreational cannabis products and consumption accessories for adult use.

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With that, High Tide currently has 142 Canna Cabana retail locations in Canada. This helps to explain how High Tide managed to earn the number-one spot on the list of revenue-generating Canadian cannabis companies.

Given High Tide’s large number of Canadian retail stores, puzzled financial traders can now start to understand how the company outdid a giant like Canopy Growth. Whether HITI stock can continue its forward momentum from this morning, however, remains to be seen.

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On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

David Moadel has provided compelling content – and crossed the occasional line – on behalf of Motley Fool, Crush the Street, Market Realist, TalkMarkets, TipRanks, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.

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