High Tide Inc. ( HITI ) shares were trading higher Tuesday but have since reversed after the company reported better-than-expected third quarter financial results on Monday.

What To Know: High Tide reported earnings per share of 1 cent, beating the consensus estimate of a 1 cent-loss. In addition, the company reported sales of $108.95 million, beating the consensus estimate of $107.31 million.

Net income came in at $832,000, up 1% from last year and a sharp turnaround from a net loss of $2.8 million in the prior quarter.

Same-store sales increased 7.4% compared to the same period last year, representing the fastest growth rate in two years. The company also reported record adjusted EBITDA of $10.6 million, marking its 22nd straight quarter of positive results.

Canna Cabana, the company's retail chain, held a 12% share of the cannabis retail market across five provinces in May and June, up from 11% in the prior year. Membership in its Cabana Club surpassed 2.15 million, including more than 115,000 ELITE members, both of which reached new records

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HITI Price Action: At the time of writing, High Tide shares are trading 0.02% lower at $3.67, according to data from Benzinga Pro.

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