CALGARY, AB, Dec. 22, 2021 /CNW/ - High Tide Inc.
("High Tide" or the "Company") (TSXV: HITI) (Nasdaq:
HITI) (FSE: 2LYA), a leading retail-focused cannabis company with
bricks-and-mortar as well as global e-commerce assets, is pleased
to reflect on its key milestones of 2021 and their strategic
significance for the Company moving forward. From the acquisition
of six new e-commerce platforms in the hemp-derived CBD and
consumption accessories sectors, making High Tide a major global
online player with over 2.92 million customers in its international
database, to the launch of an innovative discount club model, the
Cabana Club, which has led to a dramatic increase in membership
that now stands at over 320,000 nationally, to the organic
construction and opening of 48 new bricks-and-mortar cannabis
retail stores in Canada, bringing
the Company's total to 105 stores across the country.
High Tide's 2021 Highlights:
- Total revenue for the nine months ended July 31, 2021 increased to CAD$127 million from CAD$58 million for the nine months ended
July 31, 2020. Annualizing the
revenue generated in the quarter ended July
31, 2021, and adding the disclosed annual contributions of
Blessed CBD and NuLeaf Naturals, results in a current revenue run
rate of approximately CAD$226
million.
- Adjusted EBITDA for the nine months ended July 31, 2021 increased to CAD$10.9 million from CAD$4.3 million for the nine months ended
July 31, 2020.
- Improved the Company's balance sheet through several
transactions, reducing debt from CAD$72
million as of December 31,
2020, to CAD$31 million today,
with only $1.6 million maturing over
the next 12 months.
- Acquired six new e-commerce platforms outside of Canada in the hemp-derived CBD and consumption
accessories sectors, leading to an increase in international
revenue run rate from approximately CAD$11
million on January 1, 2021 to
approximately CAD$80 million
today.
- Grew international customer database to over 2.92 million
customers outside of Canada.
- Launched an innovative discount club concept, the Cabana Club,
which has led to a dramatic increase in membership from
approximately 75,700 on January 1,
2021, to over 320,000 across Canada today, with a rise in average daily
transactions conducted by Cabana Club members from approximately
55% prior to the launch to over 85% today.
- Organically built and opened 48 new bricks-and-mortar cannabis
retail stores in Canada, bringing
the total retail store count to 105.
- Became the first major cannabis retailer to trade on the
Nasdaq, resulting in more institutional participation in the
Company's stock as well as an increase in analysts covering the
Company's shares from two at the beginning of 2021 to six
today.
- High Tide was named as one of Canada's Top Growing Companies of 2021 by The
Globe and Mail's Report on Business magazine, with a three-year
audited growth rate of 733%.
- High Tide was awarded the Best Canadian Cannabis Company of the
Year at the 2021 KIND Awards.
"On behalf of the executive team and the board of directors, I
would like to thank our customers, and shareholders for their
continued support despite all the challenges the world faced in
2021. With their support, High Tide has emerged as a major player
in cannabis bricks-and-mortar retail, with a rapidly growing global
e-commerce presence. High Tide was also named the Best Canadian
Cannabis Company of the Year at the KIND Awards, and this
recognition is a direct result of our team's tireless efforts and
execution throughout the year," said Raj Grover, President &
Chief Executive Officer of High Tide. "We are going to be ending
the year with 105 retail stores across Canada, just shy of our original goal of 110,
due to ongoing delays in securing building permits. However, we
remain confident that we will end 2022 with over 150 retail stores
in Canada, including in the
British Columbia market, and will
continue attracting legacy market consumers through our innovative
discount club model. We have some very exciting initiatives lined
up for 2022, and I look forward to sharing those details in the new
year. We remain excited about our path ahead and look forward to
delivering another banner year for our customers and shareholders,"
added Mr. Grover.
ABOUT HIGH TIDE
High Tide is a leading retail-focused cannabis company with
bricks-and-mortar as well as global e-commerce assets. The Company
is the largest Canadian retailer of recreational cannabis as
measured by revenue, with 105 current locations spanning
Ontario, Alberta, Manitoba and Saskatchewan, and was featured in the third
annual Report on Business Magazine's ranking of Canada's Top Growing Companies in 2021. The
Company is also North America's
first and only cannabis discount club retailer, featuring Canna
Cabana, Meta Cannabis Co., and Meta Cannabis Supply Co. 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,
Smokecartel.com, Dailyhighclub.com, and Dankstop.com and more
recently in the hemp-derived CBD space through Nuleafnaturals.com,
FABCBD.com, BlessedCBD.co.uk, and CBDcity.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.
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.
For more information about High Tide Inc., please visit
www.hightideinc.com, its profile page on SEDAR at www.sedar.com,
and its profile page on EDGAR at www.sec.gov.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this news release are forward-looking
information or forward-looking statements. Such information and
statements, referred to herein as "forward-looking statements" are
made as of the date of this news release or as of the date of the
effective date of information described in this news release, as
applicable. Forward-looking statements relate to future events or
future performance and reflect current estimates, predictions,
expectations or beliefs regarding future events. Any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (generally, forward-looking
statements can be identified by use of words such as "outlook",
"expects", "intend", "forecasts", "anticipates", "plans",
"projects", "estimates", "envisages, "assumes", "needs",
"strategy", "goals", "objectives", or variations thereof, or
stating that certain actions, events or results "may", "can",
"could", "would", "might", or "will" be taken, occur or be
achieved, or the negative of any of these terms or similar
expressions, and other similar terminology) are not statements of
historical fact and may be forward-looking statements.
Such forward-looking statements are based on assumptions that
may prove to be incorrect, including but not limited to the ability
of High Tide to execute on its business plan and that High Tide
will receive one or multiple licenses from Alberta Gaming, Liquor
& Cannabis, British Columbia's
Liquor Distribution Branch, Liquor, Gaming and Cannabis Authority
of Manitoba, Alcohol and Gaming
Commission of Ontario or the
Saskatchewan Liquor and Gaming Authority permitting it to carry on
its Canna Cabana Inc. business. High Tide considers these
assumptions to be reasonable in the circumstances. However, there
can be no assurance that any one or more of the government,
industry, market, operational or financial targets as set out
herein will be achieved. Inherent in the forward-looking statements
are known and unknown risks, uncertainties and other factors that
could cause actual results, performance or achievements, or
industry results, to differ materially from any results,
performance or achievements expressed or implied by such
forward-looking statements.
The forward–looking statements contained herein are current
as of the date of this news release. Except as required by law,
High Tide does not have any obligation to advise any person if it
becomes aware of any inaccuracy in or omission from any
forward-looking statement, nor does it intend, or assume any
obligation, to update or revise these forward-looking statements to
reflect new events or circumstances. Any and all forward-looking
statements included in this news release are expressly qualified by
this cautionary statement, and except as otherwise indicated, are
made as of the date of this news release.
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.