CALGARY, AB, Jan. 10, 2021 /CNW/ - High Tide Inc.
("High Tide" or the "Company") (TSXV: HITI) (OTCQB:
HITIF) (FRA: 2LY), a retail-focused cannabis corporation enhanced
by the manufacturing and distribution of consumption
accessories, today announced the launch of a revamped website
at https://hightideinc.com/. The Company's website was overhauled,
primarily aimed at making its online presence more inviting for
current and potential investors and to better reflect where the
Company is today. News, articles and videos regarding the
Company can now all be found on the new platform in a more
intuitive user-friendly interface.
The Company would also like to take the opportunity to clarify
the following figures that were included on a live beta version of
the website without the appropriate footnotes:
- $148M in
revenue1
- Gross margin of 38%2
- $5.3M Positive adjusted
EBITDA3
- 67 total cannabis retail store count.
ABOUT HIGH TIDE
High Tide is a retail-focused cannabis company enhanced by the
manufacturing and distribution of consumption accessories. The
Company is the largest Canadian retailer of recreational cannabis
as measured by revenue, with 67 current locations spanning
Ontario, Alberta, Manitoba and Saskatchewan. High Tide's retail segment
features the Canna Cabana, KushBar, 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 numerous
consumption accessory businesses including e-commerce platforms
Grasscity.com and CBDcity.com, and 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 Aphria Inc. (TSX:APHA) (NYSE:APHA) and Aurora
Cannabis Inc. (NYSE:ACB) (TSX:ACB).
Neither the TSX Venture Exchange (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.
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1
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Annualized pro forma
incorporating the acquisition of META Growth Corp. Estimate is
based on most recent interim financial statements of High Tide and
Meta Growth Corp.
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2
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Based on the year to
date reported interim financial statements of High Tide (prior to
the acquisition of META Growth Corp) – Q1 2020 to Q3
2020.
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3
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Based on the year to
date reported interim financial statements of High Tide (prior to
the acquisition of META Growth Corp) – Q1 2020 to Q3 2020. Earnings
before interest, taxes, depreciation, and amortization ("EBITDA")
and Adjusted EBITDA. These measures do not have a standardized
meaning prescribed by IFRS and are therefore unlikely to be
comparable to similar measures presented by other issuers. Non-IFRS
measures provide investors with a supplemental measure of the
Company's operating performance and therefore highlight trends in
Company's core business that may not otherwise be apparent when
relying solely on IFRS measures. Management uses non-IFRS measures
in measuring the financial performance of the Company.
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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 in this
news release are based on certain assumptions made by High Tide.
While High Tide considers these assumptions to be reasonable, based
on information currently available, they may prove to be incorrect.
Readers are cautioned not to place undue reliance on
forward-looking statements.
Forward-looking statements also necessarily involve known and
unknown risks, including, without limitation, risks associated with
general economic conditions; adverse industry events; marketing
costs; loss of markets; future legislative and regulatory
developments involving the retail cannabis markets; inability to
access sufficient capital from internal and external sources,
and/or inability to access sufficient capital on favourable terms;
the retail cannabis industries generally; income tax and regulatory
matters; the ability of High Tide to implement its business
strategy; competition; currency and interest rate fluctuations; 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.
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 law. Factors that could cause anticipated opportunities
and actual results to differ materially include, but are not
limited to, matters referred to above and elsewhere in High Tide's
public filings and material change reports, which are and will be
available on SEDAR.
This news release does not constitute an offer to sell or
a solicitation of an offer to buy any of the securities in
the United States of America. The
securities have not been and will not be registered under the
United States Securities Act of 1933 (the "1933 Act") or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons (as
defined in the 1933 Act) unless registered under the 1933 Act and
applicable state securities laws, or an exemption from such
registration is available.
SOURCE High Tide Inc.