With This Launch, High Tide Continues to
Realize Identified Synergies Within its Ecosystem
CALGARY, AB, March 7, 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, announced today that its
subsidiary, FAB CBD, has launched a CBD Subscribe-and-Save discount
program in the United States.
Under this program, customers will be able to customize their
orders each month to suit their specific needs, with items from
across all FAB CBD product lines including oils, gummies, topicals,
pet treats, and superfoods. Customers will also have the ability to
customize their delivery frequency for each individual product in
their order within a range of every 2-10 weeks, allowing delivery
frequencies to optimally match each customer's needs for every
product. In addition, by opting-in to the Subscribe-and-Save
discount program, customers will receive a 20% discount for life on
all FAB CBD products that they purchase.
![High Tide Inc. March 7, 2022 (CNW Group/High Tide Inc.) High Tide Inc. March 7, 2022 (CNW Group/High Tide Inc.)](https://mma.prnewswire.com/media/1760349/High_Tide_Inc__High_Tide_Subsidiary_FAB_CBD_Launches_Subscribe_a.jpg)
Beyond improving convenience and savings for customers, this new
subscription service also presents a distinct financial upside for
FAB CBD. By enrolling customers in a service that auto-renews
orders, FAB CBD anticipates boosting its lifetime value per
customer beyond its current level. Furthermore, this service will
allow FAB CBD to cultivate a recurring revenue stream that will be
much more predictable than when customers only had the option to
manually place their orders.
"The launch of the FAB CBD Subscribe-and-Save discount program
is an exciting example of the economies of scale that High Tide is
able to leverage due to our forward-thinking acquisition strategy.
High Tide has acquired businesses that have the ability to drive
recurring and predictable revenue, which is a long-term focus of
our company, and can be evidenced through the rapid growth of our
Cabana Club loyalty program as well as subscription services, such
as those offered by Daily High Club and NuLeaf Naturals," said Raj
Grover, President and Chief Executive Officer of High Tide.
"Today's announcement is just the beginning of our drive to bolster
our cross-platform synergies and there will be more news to come,
including the planned launch of a Blessed CBD Subscribe-and-Save
service for the U.K. market in the near-term. Even in the absence
of federal marijuana legalization in the U.S., we are committed to
driving revenue growth through initiatives that are already
federally-permissible, and this is yet another example of that. As
we continue to develop more cross-platform synergies, we expect to
be able to further grow our revenues by leveraging our diversified
cannabis ecosystem through organic innovations such as this,
without added capital costs," added Mr. Grover.
GRANT OF OPTIONS
Furthermore, High Tide granted 15,000 stock options (the
"Options") to certain employees, that fully vest over a two (2)
year period and are exercisable for a period of three (3)
years.
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 112 current locations spanning
Ontario, Alberta, Manitoba and Saskatchewan. High Tide was featured in the
third annual Report on Business Magazine's ranking of Canada's Top Growing Companies in 2021, and
was named as one of the top 10 performing diversified industries
stocks in the 2022 TSX Venture 50™. 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's
portfolio also includes retail kiosk and smart locker Fastendr™
technology. 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 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.
Forward-looking statements in this news release include statements
relating to: the expected financial benefits of the FAB CBD
subscription service, including the Company's expectation that the
subscription service will boost the lifetime value per customer and
will allow the Company to cultivate a more predictable recurring
revenue stream, the Company's expectation to launch a Blessed CBD
Subscribe-and-Save service for the U.K. market in the near-term,
Mr. Grover's statements with respect to further growing the
Company's revenues by leveraging its diversified cannabis ecosystem
through organic innovations and without added capital cost, the
Company's strategy as a parent company to extend and strengthen its
integrated value chain, while providing a complete customer
experience and maximizing shareholder value.
Such forward-looking statements are based on assumptions that
may prove to be incorrect, including but not limited to customer
demand for the FAB CBD subscription service, the Company's ability
to launch the Blessed CBD Subscribe-and-Save service for the U.K.
market in the near-term, or at all, the Company's ability to
further grow the Company's revenues by leveraging its diversified
cannabis ecosystem without added capital cost, or at all, the
Company's ability to extend and strengthen its integrated value
chain while providing a complete customer experience and maximizing
shareholder value, the Company's ability 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.