CALGARY, AB, Oct. 12, 2021 /PRNewswire/ - High Tide Inc.
("High Tide" or the "Company") (TSXV: HITI) (Nasdaq: HITI) (FSE:
2LYA), a leading retail-focused cannabis company with bricks and
mortar as well as global e-commerce assets, is pleased to announce
that its wholly-owned subsidiary, Canna Cabana Inc., is now
provincially licensed to operate in British Columbia (BC), having received due
diligence approval from the British Columbia Liquor Distribution
Branch (BCLDB). With this approval in hand, Canna Cabana Inc. is
now able to proceed with site-specific licence applications. BC is
the westernmost province of Canada, situated between the Pacific Ocean and
the Rocky Mountains, and is a major global tourist destination,
seeing over six million overnight international visitor arrivals in
2019 according to the Tourism Industry Association of BC. With an
estimated population of 5.2 million as of 2021, it is also
Canada's third-most populous
province.
According to a recent study by the Canadian Institute for
Substance Use Research (CISUR), legal cannabis sales in
British Columbia doubled between
2019 and 2020. The same study also found that in 2020 the BC market
saw $290 million in gross
revenues.1
"I am delighted to share this very positive news of our approval
to operate in the province of British
Columbia with our shareholders today. I am very proud of our
team's perseverance over the last three years to achieve this major
milestone. This approval allows us to expand into Canada's third-most populous province which,
being famous for its 'BC Bud', has a long history of accepting
cannabis culture and was ground zero for legalization in
Canada," said Raj Grover President
and Chief Executive Officer of High Tide. "I am thrilled that, very
soon, BC residents and tourists will be able to enjoy an
unparalleled selection of cannabis and consumption accessories at
unbeatable prices through our signature one-stop shop experience.
We will be strategic in selecting our BC locations in order to
maximize our retail potential for years to come," added Mr.
Grover.
______________________
|
1 BC
legal cannabis sales grow briskly - University of Victoria
(uvic.ca)
|
Grant of Options
Furthermore, High Tide granted 25,000 stock options (the
"Options") to certain employees, exercisable for a period of three
years.
About High Tide Inc.
High Tide is a leading retail-focused cannabis company with
bricks and mortar as well as global e-commerce assets. 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 e-commerce 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.