Why is HITI (High Tide) stock high today?

There are not just one, but two reasons for this The tide (NASDAQ:HURRY UP) stock is in motion today. For one, High Tide has announced that it has just opened another cannabis retail store. In addition, the company beat all other Canadian cannabis companies to become the one with the highest revenue.

In the US, some financial traders have probably never heard of High Tide. However, it is surprisingly obvious the most profitable cannabis business in Canada.

That’s according to New Cannabis Ventures, a cannabis business publication. Surprisingly, High Tide generated $95.4 million CAD in revenue for the quarter ending July 31, 2022.

With this, High Tide overtook the well-known giant of the cannabis industry Crown growth (NASDAQ:CGC), who took second place, and SNDL (NASDAQ:SNDL), which ranked third on the list.

Canopy Growth raised CAD 88 million and SNDL raised CAD 78 million in the most recent reported quarters. So High Tide managed to beat them all and earn some bragging rights.

What is happening with HITI shares?

HITI stock rose 20% in early trading on Wall Street. Then she pulled back a bit, but remained firmly in the green.

In addition to earning the top spot on the aforementioned list, High Tide also opened a second retail store, Canna Cabana v Windsor, Ontario. This store sells recreational cannabis products and adult consumption paraphernalia.

With this, High Tide currently has 142 Canna Cabana retail locations Canada. This helps explain how High Tide managed to earn the top spot on the list of top-grossing Canadian cannabis companies.

Given High Tide’s large number of Canadian retail stores, confused financial traders can now begin to understand how the company outperformed a giant like Canopy Growth. Whether HITI stock can continue its rally from this morning remains to be seen.

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