High Tide Launches New Stores in Thunder Bay, Ontario and Lethbridge, Alberta
June 29 2021 - 6:02AM
Business Wire
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.
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.
1 Adjusted EBITDA is a non-IFRS financial measure.
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version on businesswire.com: https://www.businesswire.com/news/home/20210629005330/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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