UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2024
Commission File Number: 001-40258
HIGH TIDE INC.
(Registrant)
11127 - 15 Street N.E., Unit 112
Calgary, Alberta
Canada T3K 2M4
(Address of Principal Executive Offices)
Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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HIGH TIDE INC.
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(Registrant)
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Date: July 31, 2024
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By
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/s/ Raj Grover
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Raj Grover
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President and Chief Executive Officer
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EXHIBIT INDEX
Exhibit
99.1
![](https://www.sec.gov/Archives/edgar/data/1847409/000127956924000940/logo.jpg)
High Tide Opens Four New
Canna Cabana Stores in Alberta and Ontario
Canna Cabana Reaches 180
Total Stores Canada Wide, Including 65 in the Province of Ontario
CALGARY, AB, July 31, 2024 /CNW/ – High Tide
Inc. ("High Tide" or the "Company") (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), the high-impact, retail-forward enterprise
built to deliver real-world value across every component of cannabis, announced today that its Canna Cabana retail cannabis stores located
at 20 Douglas Woods Dr SE Calgary, Alberta, 3630 Brentwood Road NW Calgary, Alberta ,1729 Walkley Rd, Ottawa, Ontario, and 94 Highway
8, Stoney Creek, Ontario, will open tomorrow, bringing the number of High Tide's Canna Cabana branded retail locations Canada-wide
to 180, including 65 stores in the province of Ontario.
Alberta
Douglasdale is a well-established and mature neighbourhood
in southeast Calgary. This new Canna Cabana will open in a previous retail cannabis store with an established customer base. Co-tenants
include a pharmacy, a liquor store and a gas station, amongst other businesses. This location is highly visible from a major roadway through
the community and is steps away from walking paths along the Bow River while boasting over 40,000 residents within a three-kilometer radius.
Situated in the northwest end of Calgary, Brentwood
is a community featuring a mix of high-density multi-family units and single-family homes. Located in a major retail shopping plaza beside
the University of Calgary, this new Canna Cabana opens in a retail unit previously leased by FOUR20 Cannabis, which has filed a notice
of intention to make a proposal to their creditors. Anchor tenants include a major discount retailer, a Canadian grocery chain, and several
quick-service restaurants. This new store also features excellent street visibility and a population density of over 56,000 in a three-kilometer
radius.
Ontario
The Walkley store opening brings the total number
of Canna Cabana locations in Ottawa, Canada's capital city, to five. Situated in a large shopping plaza along a major roadway, this brand-new
Canna Cabana is anchored by a discount grocery chain, a national pharmacy retail chain, and a major Canadian discount retailer. It is
also located in the densely populated southeast end of Ottawa, with minimal competition and over 180,000 residents within a five-kilometer
radius.
Located in the Hamilton suburb of Stoney Creek, this
new Canna Cabana opens in a major power centre surrounded by internationally recognized discount retailers, a large provincial grocery
store chain, as well as a national pharmacy chain and the provincial liquor retailer, amongst many other anchor tenants. It is the first
Canna Cabana in Stoney Creek and is situated along a significant thoroughfare connecting it to the surrounding suburban communities, with
over 100,000 residents within a five-kilometer radius.
"I can't think of a better way to end our third
fiscal quarter than by announcing the opening of four new Canna Cabanas, bringing our ever-expanding store count to 180 across Canada
and 65 in Ontario. Many of these new stores are part of our organic expansion strategy, which includes onboarding proven locations previously
run by competitors through lease takeovers, resulting in minimal store buildout costs. Since January 1, we have already added 18 new Cabanas
to our retail portfolio and are confident that we will meet or exceed our previously communicated goal of adding 20 to 30 new locations
this year," said Raj Grover, Founder and Chief Executive Officer of High Tide.
"Furthermore, I am thrilled that the majority
of this growth has been funded through our strong free cash flow generation from current operations. This approach will propel our future
organic growth which should help us continue an upward trajectory both in terms of our store count, but also with respect to overall Canadian
retail market share," added Mr. Grover.
Debt Financing Update
Regarding the debt financing announced by the Company
on June 13, 2024, the Company continues to work towards resolving all remaining outstanding items and drawing the initial tranche as early
as this week.
Employee Stock Options Grant
In addition, High Tide announces the grant of 204,000
incentive stock options (the "Options") to various employees, consultants and management of the Company. Each Option is exercisable
at the closing price of the Company's common shares listed on the TSX Venture Exchange (the "TSXV") based on the last trading
day immediately prior to this press release, which expires three years from the date of grant, and vests over a two-year period. Each
Option is exercisable to purchase one common share of the Company and are being issued pursuant to the terms of the Company's Omnibus
Plan, which became effective on June 2, 2022.
ABOUT HIGH TIDE
High Tide Inc. is the leading community-grown, retail-forward
cannabis enterprise engineered to unleash the full value of the world's most powerful plant and is the second-largest cannabis retailer
globally by store count1. High Tide (HITI) is uniquely-built around the cannabis consumer, with wholly-diversified and fully-integrated
operations across all components of cannabis, including:
Bricks & Mortar Retail: Canna Cabana™
is the largest cannabis retail chain in Canada, with 180 current locations spanning British Columbia, Alberta, Saskatchewan, Manitoba,
Ontario and growing. In 2021, Canna Cabana became the first cannabis discount club retailer in the world.
Retail Innovation: Fastendr™ is a unique
and fully automated technology that employs retail kiosks to facilitate a better buying experience through browsing, ordering and pickup.
Consumption Accessories: High Tide operates
a suite of leading accessory e-commerce platforms across the world, including Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com.
Brands: High Tide's industry-leading and consumer-facing
brand roster includes Queen of Bud, Cabana Cannabis Co, Daily High Club, Vodka Glass, Puff Puff Pass, Dopezilla, Atomik, Hue, Evolution
and more.
CBD: High Tide continues to cultivate the possibilities
of consumer CBD through Nuleafnaturals.com, FABCBD.com, blessedcbd.de and blessedcbd.co.uk.
Wholesale Distribution: High Tide keeps that
cannabis category stocked with wholesale solutions via Valiant™.
Licensing: High Tide continues to push cannabis
culture forward through fresh partnerships and license agreements under the Famous Brandz™ name.
High Tide consistently moves ahead of the currents,
having been named one of Canada's Top Growing Companies in 2021, 2022 and 2023 by the Globe and Mail's Report on Business Magazine, and
was named as one of the top 10 performing diversified industries stocks in both 2022 and 2024 TSX Venture 50. High Tide was also ranked
number one in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023. To discover the full impact
of High Tide, visit www.hightideinc.com. For investment performance, don't miss the High Tide profile pages on SEDAR+ and EDGAR.
Neither the TSX Venture Exchange 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
This press release may contain "forward-looking
information" and "forward-looking statements within the meaning of applicable securities legislation. The use of any of the
words "could", "intend", "expect", "believe", "will", "projected", "estimated"
and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information
and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. The forward-looking statements
herein include, but are not limited to, statements regarding: the timing of our new locations beginning to sell recreational cannabis
products and consumption accessories for adult use, the expected benefits of the store locations, our ability to meet our communicated
goals regarding store count and market share, and the anticipated closing date of our financing. Readers are cautioned to not place undue
reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements.
Although the Company believes that the expectations reflected in these statements are reasonable, such statements are based on expectations,
factors, and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties,
certain of which are beyond the Company's control, including but not limited to the risk factors discussed under the heading "Non-Exhaustive
List of Risk Factors" in Schedule A to our current annual information form, and elsewhere in this press release, as such factors
may be further updated from time to time in our periodic filings, available at www.sedarplus.ca and www.sec.gov, which factors are
incorporated herein by reference. Forward-looking statements contained in this press release are expressly qualified by this cautionary
statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no
obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events
or results, or otherwise, or to explain any material difference between subsequent actual events and such forward-looking information,
except as required by applicable law.
1
As reported by ATB Capital Markets based on store counts as of February 8, 2024. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/high-tide-opens-four-new-canna-cabana-stores-in-alberta-and-ontario-302210455.html
SOURCE High Tide Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2024/31/c8917.html
%CIK: 0001847409
For further information: CONTACT INFORMATION: Media Inquiries: Omar
Khan, Chief Communications and Public Affairs Officer, High Tide Inc., omar@hightideinc.com, 403-770-3080; Investor Inquiries: Vahan Ajamian,
Capital Markets Advisor, High Tide Inc., vahan@hightideinc.com
CO: High Tide Inc.
CNW 06:00e 31-JUL-24
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