CALGARY, AB, Jan. 6, 2022 /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, announced today that its Canna
Cabana retail cannabis store located at 905 Rymal Road East in
Hamilton, Ontario, has begun
selling recreational cannabis products for adult use. This opening
represents High Tide's 106th branded retail location across
Canada, and 32nd in Ontario, selling recreational cannabis
products and consumption accessories. After the launch of two
successful locations, this is the 3rd Canna Cabana store in
Hamilton, which anchors
Ontario's 3rd-biggest metropolitan
area. The new Canna Cabana store is located in a retail plaza
anchored by a national discount grocery store chain and is
easily-accessible from numerous surrounding residential communities
and employment centres.
The Company is also providing an update on the growth of its
Cabana Club loyalty program, which has expanded from approximately
245,000 members at the time of the launch of High Tide's innovative
discount club concept on October 20,
2021, to 359,484 members today. This represents a growth
rate of nearly 47% in under three months' time.
"Today, I am pleased to announce the first of many new store
openings that we have planned for 2022," said Raj Grover, President
and Chief Executive Officer of High Tide. "2021 was a banner year
for High Tide's growth, and we will continue to build upon that
momentum over the next 12 months. This will include strategically
expanding our bricks-and-mortar retail footprint in Canada to at least 150 locations through
continued organic growth and accretive acquisitions, with a
particular focus on underserved locations in Ontario and British
Columbia. I also look forward to sharing the progress that
we have made since the launch of our innovative discount club
concept when we announce our fourth quarter results at the end of
the month. Furthermore, I am delighted to see that our Cabana Club
loyalty program continues to exceed our expectations," 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 106 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.