CALGARY,
AB, March 28, 2022 /CNW/ - High Tide Inc.
("High Tide" or the "Company") (TSXV: HITI) (Nasdaq: HITI) (FSE:
2LYA), Canada's largest cannabis
retailer, with 113 cannabis retail stores currently operating
nationwide, including 34 in Ontario,1 welcomes
the Alcohol and Gaming Commission of Ontario's (AGCO) decision to amend the
Registrar's Standards for Cannabis Retail Stores, effective
June 30, to permit retail cannabis
licensees to enter into agreements with Licensed Producers related
to store brand or white label cannabis products. The change comes
after extensive consultation with industry stakeholders and was
supported by the Ontario Chamber
of Commerce.
"The AGCO has shown that it is willing to listen to the concerns
of stakeholders. Today's revisions to the Registrar's Standards
will mean that when it comes to white label products and store
brands, Ontario's cannabis
retailers will be treated on par with other retail sectors, both
regulated and unregulated. The new Standard will also facilitate
retailers both large and small, in differentiating their products,
brands, and stores," said Raj Grover, President and Chief Executive
Officer of High Tide. "With today's news we intend to move quickly
to work with the Ontario Cannabis Store to get our
under-development Cabana Cannabis Co. products listed in
Canada's largest province," added
Mr. Grover.
GRANT OF OPTIONS
Furthermore, High Tide granted 5,000 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.
SEAN GENG'S TRANSITION
The Company also announced that Sean
Geng has transitioned from the Chief Technology Officer role
into a technology consulting position. The role of Chief Technology
Officer has been filled and the Company will announce details
within the coming weeks.
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 113 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 technology – Fastendr™. 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 BlessedCBD.de, 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.
1 The number of stores
will rise to 117 nationally, including 38 in Ontario, upon the
closing of the Company's definitive agreement pursuant to which it
will acquire four operating retail cannabis stores in Ontario under
the name Crossroads Cannabis.
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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, 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. and KushBar Inc. businesses. 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.
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SOURCE High Tide Inc.