Company Opens Two New Retail Cannabis Stores in
Windsor and Cornwall, Ontario
CALGARY, AB, Sept. 30, 2021 /CNW/ - High Tide Inc. ("High
Tide" or the "Company") (TSXV: HITI) (Nasdaq: HITI) (FSE: 2LYA), a
retail-focused cannabis company enhanced by the manufacturing of
proprietary and licensed consumption accessories, announced today
that its Canna Cabana retail cannabis stores located at 4140 Walker
Road in Windsor, Ontario, and 960
Brookdale Avenue in Cornwall,
Ontario, have begun selling recreational cannabis products
for adult use. These openings bring High Tide's total number of
branded retail locations across Canada to 101, and 30 in Ontario, selling recreational cannabis
products and consumption accessories. With the opening of these
locations, the Company has launched eight organically-built stores
in the month of September alone.
The Windsor store is High
Tide's first in that community, which is Ontario's 10th-largest city with a population
of nearly 220,000. The store is located in a major retail and
commercial district in the south of the city, anchored by numerous
national big-box retailers, including a national hardware store
chain, and is well-connected to Highway 401, which is Canada's busiest highway.
The Cornwall store is also High
Tide's first to open in the community, a city of close to 50,000
people in eastern Ontario. It is
located in Cornwall's Brookdale
Centre, a large retail and commercial plaza anchored by several
national big-box retailers including a major grocery chain, and is
adjacent to the intersection of two highways which bring residents
and visitors in and out of the city.
Support for World Vision
To mark the 100-store milestone, High Tide is committing to
expand its long-standing partnership with World Vision that has
grown substantially from initial sponsorships of three children in
2006 to over 200 sponsorships in 2021. Moving forward, High Tide
will sponsor an additional two children through World Vision for
every new Canadian store opened.
"Being the first non-franchised Canadian cannabis retailer to
reach the 100-store milestone is a proud moment for our company.
This major accomplishment is a direct result of the tireless
efforts of our retail and support teams. I am a big believer
in setting and achieving targets. For some time now, I have
said that we were committed to reaching the 30-store milestone in
Ontario by the end of September.
We met that goal today, despite ongoing pandemic related challenges
that have slowed the process of securing building permits. Despite
these challenges, we are rapidly advancing our footprint across
Ontario and remain excited about
our trajectory to hit the new 75-store cap. While we have met two
major bricks and mortar milestones, we have also simultaneously
built an extensive e-commerce portfolio focussed on the U.S. market
that complements our existing business lines. As High Tide moves
forward, we intend to continue this pace of growth for the
remainder of 2021 and throughout 2022, with a goal of eventually
exceeding 200 retail locations across Canada. Our objective is to solidify our
leadership position with respect to Canadian market share, which
will set us up for long-term success by enhancing same-store sales
and allowing for the cross-selling of our in-house brands and
products across all of our platforms," said Raj Grover, President
and Chief Executive Officer of High Tide. "I have also long
believed that corporate social responsibility must be at the core
of High Tide's business operations. That is why, many years
ago, I made our support of World Vision a priority. I'm pleased by
how much it has grown over time and look forward to executing on
today's commitment to expand it further as we continue to grow. The
best is yet to come for High Tide, and I look forward to sharing
multiple additional positive developments in the coming weeks. I
want to take this opportunity to thank our customers, shareholders
and team members who have supported us throughout this journey,"
added Mr. Grover.
Grant of Options
Furthermore, High Tide granted 6,000 stock options (the
"Options") to certain employees, exercisable for a period of three
years.
About High Tide Inc.
High Tide is a retail-focused cannabis company enhanced by the
manufacturing of proprietary and licensed consumption accessories.
The Company is the largest Canadian retailer of recreational
cannabis as measured by revenue, with 101 current locations
spanning Ontario, Alberta, Manitoba and Saskatchewan, and was featured in the third
annual Report on Business Magazine's ranking of Canada's Top Growing Companies in 2021.
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 ecommerce platforms including Grasscity.com,
Smokecartel.com, Dailyhighclub.com, and Dankstop.com and more
recently in the hemp-derived CBD space through CBDcity.com and
FABCBD.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.
For more information about High Tide Inc., please visit
www.hightideinc.com, its profile page on SEDAR at www.sedar.com,
and its profile page on EDGAR at www.sec.gov.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this news release are forward-looking
information or forward-looking statements. Such information and
statements, referred to herein as "forward-looking statements" are
made as of the date of this news release or as of the date of the
effective date of information described in this news release, as
applicable. Forward-looking statements relate to future events or
future performance and reflect current estimates, predictions,
expectations or beliefs regarding future events. Any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (generally, forward-looking
statements can be identified by use of words such as "outlook",
"expects", "intend", "forecasts", "anticipates", "plans",
"projects", "estimates", "envisages, "assumes", "needs",
"strategy", "goals", "objectives", or variations thereof, or
stating that certain actions, events or results "may", "can",
"could", "would", "might", or "will" be taken, occur or be
achieved, or the negative of any of these terms or similar
expressions, and other similar terminology) are not statements of
historical fact and may be forward-looking statements.
Such forward-looking statements are based on assumptions that
may prove to be incorrect, including but not limited to the ability
of High Tide to execute on its business plan and that High Tide
will receive one or multiple licenses from Alberta Gaming, Liquor
& Cannabis, British Columbia's
Liquor Distribution Branch, Liquor, Gaming and Cannabis Authority
of Manitoba, Alcohol and Gaming
Commission of Ontario or the
Saskatchewan Liquor and Gaming Authority permitting it to carry on
its Canna Cabana Inc. and KushBar Inc. businesses. High Tide
considers these assumptions to be reasonable in the circumstances.
However, there can be no assurance that any one or more of the
government, industry, market, operational or financial targets as
set out herein will be achieved. Inherent in the forward-looking
statements are known and unknown risks, uncertainties and other
factors that could cause actual results, performance or
achievements, or industry results, to differ materially from any
results, performance or achievements expressed or implied by such
forward-looking statements.
The forward–looking statements contained herein are current
as of the date of this news release. Except as required by law,
High Tide does not have any obligation to advise any person if it
becomes aware of any inaccuracy in or omission from any
forward-looking statement, nor does it intend, or assume any
obligation, to update or revise these forward-looking statements to
reflect new events or circumstances. Any and all forward-looking
statements included in this news release are expressly qualified by
this cautionary statement, and except as otherwise indicated, are
made as of the date of this news release.
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SOURCE High Tide Inc.