CALGARY, AB, Jan. 4, 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,
is pleased to announce the appointment of Andrea Elliott as an independent director of the
Board effective January 4, 2021. Ms.
Elliott brings over 20 years of executive retail experience to High
Tide. She currently is Executive Vice President, Direct to Consumer
at Moose Knuckles – a successful global Canadian luxury outerwear
Previously, Andrea founded r2 retail resources, an independent
consultancy that supported domestic and international retailers
with strategic initiatives, growth plans, e-commerce ideation and
SG&A improvements. Ms. Elliott was previously VP & General
Manager of PVH Canada Retail (Calvin
Klein, Van Heusen, IZOD &
Bass), an EVP at PwC and COO with Karabus Management – a
wholly-owned subsidiary of PwC focused on the retail industry.
Prior to PwC, Andrea was the Director of Canada Operations for
Williams-Sonoma Inc. and held various senior positions at Gap Inc
in the International division.
"We are delighted to have Andrea join the Board and increase the
retail expertise, independence and diversity of our organization,"
said Raj Grover, President and Chief Executive Officer of High
Tide. "As we grow our national cannabis store footprint and our
international e-commerce businesses, Andrea's extensive retail
background will be invaluable as we implement strategic initiatives
to further differentiate High Tide from the competition," added Mr.
With the addition of Ms. Elliott, High Tide has also
strengthened its real estate competency at the Board level. "I'm
excited to join the Board of High Tide and contribute to the
evolution of this great company as it broadens its focus beyond
Canada to new opportunities in
the United States and abroad,"
said Andrea Elliott. "I view this as
a mutually beneficial opportunity and appreciate the warm welcome
to High Tide's Board," added Ms. Elliott. The Company looks forward
to Andrea's guidance as it continues to execute on its growth
Ms. Elliott replaces Mike Cosic
who resigned as a member of the Board effective January 4, 2021. Mr. Cosic became a director of
High Tide concurrent with the acquisition of Meta Growth Corp.
("META") on November 18, 2020 and
played an important role in facilitating the transition. Mr. Cosic
graciously resigned to allow the Board to attract Ms. Elliott and
High Tide thanks Mr. Cosic for his contributions.
The Board has approved the grant of 1,000,000 stock options for
Ms. Elliott to purchase common shares of High Tide. The options
have an exercise price of $0.255 per
common share and have a term of 3 years. Subject to the terms and
conditions of the Company's Stock Option Plan, the options shall
vest as per their previously announced schedule.
Furthermore, the Company issued an aggregate of 833,332 common
shares of High Tide ("Interest Shares") to certain holders
of unsecured convertible debentures of the Company, in satisfaction
of the annual amount of interest due to the holders. The Interest
Shares were issued at a deemed price of $0.24 per Interest Share. The Interest Shares are
subject to a statutory hold period of four months plus one day and
remain subject to final approval from the TSX Venture Exchange.
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.
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 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
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.