Two of Canada’s biggest cannabis retailers, Edmonton, Alberta-based High Tide and Toronto’s Fire & Flower, reported small losses in their latest respective quarters.
However, one retailer is feeling the pinch from competitors more than the other.
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High Tide reported a net loss of 8.2 million Canadian dollars ($6.3 million) for its quarter ended April 30 on soaring revenue. The loss is smaller than what High Tide incurred a year ago.
The CA$81 million in sales is approximately doubled High Tide’s revenue in the same quarter last year.
Fire & Flower, on the other hand, lost CA$9.9 million on declining revenue.
The retailer’s CA$40.1 million in sales in the quarter represent a significant decline from last year’s revenue of CA$44.1 million in the same three-month period.
Fire & Flower attributes its falling sales “primarily to increasing competition from new (licenses) issued and pricing pressures in the cannabis retail market.”
The
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