CALGARY, AB, July 16, 2021 /CNW/ - High Tide Inc. ("High Tide"
or the "Company") (TSXV: HITI) (NASDAQ: HITI) (FRA: 2LYA), a
retail-focused cannabis corporation enhanced by the manufacturing
and distribution of consumption accessories, announced today that
its Canna Cabana store located at 111 Rideau Street in Ottawa, Ontario, has begun selling
recreational cannabis products for adult use. The new store brings
High Tide's total branded retail locations selling recreational
cannabis products and consumption accessories across Ontario to 20. In line with the Company's
strategy of driving organic growth in profitable neighbourhoods,
the new store is located on one of the most iconic streets within
the downtown core of Canada's
national capital and is just a few feet away from major tourist
attractions like the Rideau Centre shopping mall, Parliament Hill
and the Byward Market.
"The opening of our twentieth store in Canada's largest province, along with the
continued growth of our e-commerce business, is powered by High
Tide's strong fundamentals," said Raj Grover, President and Chief
Executive Officer of High Tide. "With pandemic related restrictions
on construction now lifted, we will be accelerating the rate of
organic growth in our bricks and mortar Canadian business while
continuing to pursue immediately accretive e-commerce related
acquisitions in the United
States," added Mr. Grover.
About High Tide Inc.
High Tide is a retail-focused
cannabis company enhanced by the manufacturing and distribution of
consumption accessories. The Company is the most profitable
Canadian retailer of recreational cannabis as measured by Adjusted
EBITDA1, with 87 current locations spanning
Ontario, Alberta, Manitoba and Saskatchewan. High Tide's retail segment
features the Canna Cabana, Meta Cannabis Co., Meta Cannabis Supply
Co. and NewLeaf Cannabis banners, with additional locations under
development across the country. High Tide has been serving
consumers for over a decade through its established e-commerce
platforms including Grasscity.com and Smokecartel.com, and more
recently in the hemp-derived CBD space through CBDcity.com,
FABCBD.com, Dailyhighclub.com as well as its wholesale distribution
division under Valiant Distribution, including the licensed
entertainment product manufacturer Famous Brandz. High Tide's
strategy as a parent company is to extend and strengthen its
integrated value chain, while providing a complete customer
experience and maximizing shareholder value. Key industry investors
in High Tide include Tilray Inc. (TSX:TLRY) (Nasdaq:TLRY) and
Aurora Cannabis Inc. (TSX:ACB) (Nasdaq:ACB).
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this release.
_______________________
|
1
|
Adjusted EBITDA
is a non-IFRS financial measure.
|
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Certain information in this news release
constitutes forward-looking statements under applicable securities
laws. Any statements that are contained in this news release that
are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements are often
identified by terms such as "may", "should", "anticipate",
"expect", "potential", "believe", "intend" or the negative of these
terms and similar expressions. Forward-looking statements regarding
High Tide and its business include, but are not limited to,
statements with respect to: High Tide being added to other ETFs in
the future, and the Company's ability to increase shareholder
liquidity and appeal to international and institutional investors.
The forward-looking events and circumstances discussed in this
press release may not occur by certain specified dates or at all
and could differ materially as a result of known and unknown risk
factors and uncertainties affecting High Tide, including risks
relating to the listing of High Tide's securities in the United States, a shutdown of the United States government, the Company not
expanding globally, which could result in the Company not having a
diversified business platform for growth, the Company not being
well positioned to pursue additional opportunities for growth, or
such opportunities no longer being available to High Tide, risks
associated with the geographic markets in which High Tide operates,
risks associated with fluctuations in exchange rates (including,
without limitation, fluctuations in currencies), risks associated
with the cannabis industry and the regulation thereof, the failure
to comply with applicable laws, the failure to obtain regulatory
approvals, economic factors, market conditions, the equity and debt
markets generally, risks associated with growth and competition,
general economic and stock market conditions, risks and
uncertainties detailed from time to time in High Tide's filings
with the TSXV and Canadian Securities Administrators, the COVID-19
pandemic nationally and globally and the response of governments to
the COVID-19 pandemic in respect of the operation of retail stores
and other risks and many other factors beyond the control of High
Tide. Readers are cautioned that the foregoing list is not
exhaustive. Readers are further cautioned not to place undue
reliance on forward-looking statements as there can be no assurance
that the plans, intentions or expectations upon which they are
placed will occur. Such information, although considered reasonable
by management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those
anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement and reflect our
expectations as of the date hereof, and thus are subject to change
thereafter. High Tide disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by applicable securities laws.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/high-tide-opens-20th-ontario-cannabis-retail-store-on-ottawas-rideau-street-301335277.html
SOURCE High Tide Inc.