High Tide Inc. (NASDAQ:HITI) stock is trading higher in Tuesday’s session after the cannabis retailer reported record second-quarter financial results and announced an acquisition and a new credit facility.

Record Revenue And Profitability

High Tide reported adjusted earnings of 1 cent per share, compared with a loss of 3 cents per share a year earlier. Revenue rose to $130.7 million from $96.9 million.

In Canadian dollars, revenue reached a record 179.3 million Canadian dollars, up 30% year over year and 1% from the prior quarter. The company said it posted its strongest revenue growth in 11 quarters and its fourth straight quarter of record revenue despite seasonal weakness and fewer operating days.

Gross profit increased 36% year over year to a record 48.4 million Canadian dollars, while gross margin expanded to 27% from 26% a ...