CALGARY, AB, July 14, 2021 /CNW/ - 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,
welcomes the proposed Cannabis Administration and Opportunity Act
(CAOA) that was released today by Senate Majority Leader
Chuck Schumer, Finance Chairman
Ron Wyden and New Jersey Senator Cory Booker. If passed by both houses of
Congress and signed into law by President Biden, the bill would,
among other measures, federally deschedule cannabis, expunge prior
convictions, maintain the authority of states to set their own
cannabis policies, provide financial assistance to entrepreneurs
from marginalized communities and remove penalties on financial
institutions who choose to do business with licensed cannabis
companies.
High Tide, which is Canada's
most profitable retailer of recreational cannabis as measured by
Adjusted EBITDA1, and also operates several of the
world's most popular e-commerce platforms for consumption
accessories and hemp-derived CBD totalling almost 100 million site
visits in 20202, reiterated its commitment to continue
expanding into the United States
both through immediately accretive e-commerce acquisitions in the
near future, and bricks and mortar sales, should the CAOA be signed
into law.
"With eighteen states and Washington,
DC, having already legalized cannabis for adults, and thirty
seven states having done so for medical cannabis, a majority of
Americans already have access to cannabis, whether medically or
recreationally. This trend represents a huge opportunity for our
e-commerce platforms regardless of federal legalization," said Raj
Grover, High Tide's President & Chief Executive Officer. "As
our team monitors the progress of the CAOA and other cannabis
reform initiatives in Congress, we are engaged in several
conversations with potential partners to ensure that High Tide is
ready to begin bricks and mortar retail cannabis sales in
the United States as soon as
federally permissible," added Mr. Grover.
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1
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Adjusted EBITDA is a
non-IFRS financial measure
|
2
|
According to data
from Google analytics and Data Leaders
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ABOUT HIGH TIDE
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 EBITDA, 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
ecommerce platforms including Grasscity.com, Smokecartel.com and
Dailyhighclub.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 in this news
release include statements relating to the potential effects of the
Transaction on the business of High Tide and statements with
respect to High Tide's ability to close the Transaction. 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, High Tide's ability to close the Transaction, and
other risks. Readers are 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. Readers are further cautioned that the assumptions used in
the preparation of such forward-looking statements (including, but
not limited to, the assumption that (i) High Tide's financial
condition and development plans do not change as a result of
unforeseen events, (ii) there will continue to be a demand, and
market opportunity, for High Tide's product offerings; (iii)
current and future economic conditions will neither affect the
business and operations of High Tide nor High Tide's ability to
capitalize on anticipated business opportunities, although
considered reasonable by management of High Tide at the time of
preparation, may prove to be imprecise and result in actual results
differing materially from those anticipated, and as such, undue
reliance should not be placed on forward-looking
statements.
Forward-looking statements, forward-looking financial
information and other metrics presented herein are not intended as
guidance or projections for the periods referenced herein or any
future periods, and in particular, past performance is not an
indicator of future results and the results of High Tide in this
press release may not be indicative of, and are not an estimate,
forecast or projection of High Tide future results. 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.
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SOURCE High Tide Inc.