Canadian cannabis retailer High Tide reported positive free cash flow of 4.1 million Canadian dollars ($3 million) for its third fiscal quarter of 2023, an important milestone as financing becomes harder to come by in the marijuana industry.
The positive free cash flow comes well ahead of High Tide’s financial forecast.
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“I’m thrilled to report that our third fiscal quarter was the best in High Tide’s history since our inception, as we met our goal of generating positive free cash flow of CA$4.1 million this quarter, five months ahead of our previously communicated timeline and hence becoming less reliant on macro and industry conditions,” CEO Raj Grover said in a statement.
“This record (free cash flow) generation was a result of continued increases in our same-store sales growth, which have continuously outpaced the national average and totaled a tremendous 114% over the last seven quarters.”
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