CALGARY, AB, Feb. 1, 2022 /CNW/ - High Tide Inc.
("High Tide" or the "Company") (NASDAQ: HITI) (TSXV:
HITI) (FSE: 2LYA), a leading retail-focused cannabis company with
bricks and mortar as well as global e-commerce assets, announces
that it has missed the deadline of January
31, 2022 to file the Company's audited annual financial
statements and management discussion & analysis for the
financial years ended October 31,
2021 and 2020, and the CEO and CFO certificates, all as
required by National Instrument 51-102 and National Instrument
52-109 (collectively, the "Documents"). The delay is due, in
part, to personnel challenges relating to the COVID-19 pandemic.
Accordingly, the Company will inform the Alberta Securities
Commission ("ASC") of its anticipated delay in filing the
Documents and may apply to the ASC pursuant to Part 4 of National
Policy 12-203 – Management Cease Trade Orders ("NP 12-203")
for a Management Cease Trade Order ("MCTO") pending the
filing of the Documents, which MCTO will prohibit the Company's
management from trading in the securities of the Company until such
time as the Documents are filed. No decision has yet been made by
the ASC on this application.
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The Company has been working diligently with its auditors to
finalize its reconciliation of the effective tax rate and income
tax provisions for the year ended October
31, 2021, but to date have been unable to reconcile the
deferred tax balance. The Company is confident that the issue will
be resolved shortly, but based on the Company having over 39
subsidiaries, and completing a number of strategic acquisitions in
the period, the efforts are ongoing. The Company does not expect
any balances to be materially changed from those outlined in its
press release dated January 27, 2022,
with the exception of: (i) the income tax expense; (ii) net loss;
(iii) and comprehensive loss, with no impact on what the Company
views the key drivers of the business to be including revenue,
gross profit and adjusted EBITDA.
ABOUT HIGH TIDE INC.
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[1], with 109 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, and BlessedCBD.co.uk, 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 TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For more information about High Tide Inc., please visit
www.hightideinc.com and its profile pages on SEDAR at www.sedar.com
and EDGAR at www.sec.gov.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation. These
statements relate to future events or future performance. 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 information and forward-looking statements
contained herein include, but are not limited to, statements
regarding: the Company's business objectives and milestones and the
anticipated timing of, and costs in connection with, the execution
or achievement of such objectives and milestones;; expectations
that the Company will issue resolve the issue shortly the Company
completing and filing their Documents on the timelines indicated
herein; and the Documents' results not materially changing from
what has been disclosed herein, with the exception of: (i) the
income tax expense; (ii) net loss and; and (iii) comprehensive
loss;.
Forward-looking information in this press release are based on
certain assumptions and expected future events, namely: current and
future members of Management will abide by the Company's business
objectives and strategies from time to time established by the
Company; the Company will retain and supplement its board of
directors and management, or otherwise engage consultants and
advisors having knowledge of the industries (or segments thereof)
within which the Company may from time to time participate; the
Company will have sufficient working capital and the ability to
obtain the financing required in order to develop and continue its
business and operations; the Company will continue to attract,
develop, motivate and retain highly qualified and skilled
consultants and/or employees, as the case may be; the Company will
be able to maintain internal controls over financial reporting and
disclosure, and procedures in order to ensure compliance with
applicable laws; the Company will complete and file their Document
on the timelines indicated herein; and the Documents' results will
not materially changing from what has been disclosed herein, with
the exception of: (i) the income tax expense; (ii) net loss and;
and (iii) comprehensive loss;.
These statements involve known and unknown risks, uncertainties
and other factors, which may cause actual results, performance or
achievements to differ materially from those expressed or implied
by such statements, including but not limited to: the Company's
inability to attract and retain qualified members of management to
grow the Company's business and its operations; unanticipated
changes in economic and market conditions (including changes
resulting from the COVID-19 pandemic) or in applicable laws; the
impact of the publications of inaccurate or unfavourable research
by securities analysts or other third parties; the Company's
failure to complete future acquisitions or enter into strategic
business relationships; interruptions or shortages in the supply of
cannabis from time to time available to support the Company's
operations from time to time; unanticipated changes in the cannabis
industry in the jurisdictions within which the Company may from
time to time conduct its business and operations, including the
Company's inability to respond or adapt to such changes; the
Company's inability to secure or maintain favourable lease
arrangements or the required authorizations necessary to conduct
the business and operations and meet its targets;; risk that the
Company will not complete and file their Document on the timelines
indicated herein; and risk that the Documents' results will
materially changing from what has been disclosed herein;.
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
anticipated.
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] On an unaudited
basis.
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SOURCE High Tide Inc.