Company Opens Two New Retail Cannabis Stores in
Windsor and Cornwall, Ontario
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210930005200/en/
Media Inquiries Omar Khan Senior Vice President - Corporate and
Public Affairs omar@hightideinc.com
Investor Inquiries Vahan Ajamian Capital Markets Advisor
vahan@hightideinc.com
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