CALGARY, AB, June 29, 2021 /PRNewswire/ - 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 stores located at 949 Fort
William Rd. in Thunder Bay,
Ontario, and 1328 Mayor Magrath Dr. S in Lethbridge, Alberta, have begun selling
recreational cannabis products for adult use. The new stores bring
High Tide's total branded retail locations selling recreational
cannabis products and consumption accessories across Canada to 89. In line with the Company's
strategy of driving organic growth in profitable neighbourhoods,
the new stores are located off high traffic arterial roadways and
are near several popular restaurant chains and big box stores. The
new Thunder Bay store is also High
Tide's first location in northwestern Ontario's largest city with a population of
over 110,000.
"The new stores demonstrate our continued commitment to the
organic growth of our bricks and mortar retail business in
Canada. Like all of our locations,
they will offer customers our unique one stop cannabis shop
experience," said Raj Grover, President and Chief Executive Officer
of High Tide. "As pandemic-related restrictions ease in
Ontario we look forward to ramping
up our growth in Canada's largest
province with additional store openings expected very soon. I also
look forward to sharing more information imminently about our
expanded e-commerce footprint 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 89 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 established
e-commerce platforms including Grasscity.com and Smokecartel.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.
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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.
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SOURCE High Tide Inc.