The Company Also Announces Winner of 4/20
Cabana Club Prize Package
CALGARY,
AB, April 25, 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, today
announced approximately CAD$1,372,600
in total retail gross revenues ("Total Sales") across all
retail platforms on April 20, 2022
("4/20"), representing a 76.21% increase from the previous
Wednesday. The Company's Canadian bricks-and-mortar stores reported
a 63.05% increase, while sales across its e-commerce platforms
(Grasscity.com, Smokecartel.com, Dailyhighclub.com, Dankstop.com,
Nuleafnaturals.com, FABCBD.com, BlessedCBD.co.uk, and
BlessedCBD.de) reported an increase of 129.41% over the previous
Wednesday.
4/20 PRIZE PACKAGE
WINNER
As a celebration of the growth in the Company's Cabana Club
loyalty program and in commemoration of 4/20, High Tide selected
the winner of this exclusive prize package through a random draw on
April 20, 2022 at 4:20 PM Mountain Time. The prize package consists
of a hybrid car valued at approximately $42,000, or a cash equivalent, as well as an
all-expenses paid roundtrip to Calgary and dinner with Raj Grover, the
Company's President and Chief Executive Officer. The Company is
excited to announce that the prize package has been awarded to Kyle
Pinington.
"These robust 4/20 sales numbers exceeded our expectations and
are a reflection of our successful, rapid organic and
acquisition-based growth strategy. Our Cabana Club loyalty program
has also been growing impressively, standing at approximately
478,000 members as of yesterday, which is an increase of 95.1%
since the launch of our discount club model six months ago on
October 20, 2021. I am thrilled by
the success of our Cabana Club prize package giveaway, which was
the first of its kind in the North American cannabis sector, and
based on all of the positive feedback from our members, I am
pleased to announce that we have decided to make the contest an
annual 4/20 tradition at Canna Cabana," said Raj Grover, President
and Chief Executive Officer of High Tide. "Our sales numbers and
continued revenue growth, particularly from our e-commerce
platforms, again validate our strategy with respect to growth in
the United States which, unlike
most of our competitors, is not reliant on federal cannabis
legalization and is instead based on accretive acquisitions that
drive revenue growth today. The future looks great for our
continued momentum, and I look forward to all that is yet to come
throughout the rest of 2022 and beyond," added Mr. Grover.
GRANT OF OPTIONS
Separately, High Tide granted 40,000 stock options to certain
employees, pricing determined by the TSX Venture Exchange close
price the day before this press release, exercisable over a period
of three (3) years, that fully vest over a two (2) year period.
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 non-franchised Canadian retailer of recreational
cannabis as measured by revenue, with 117 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.
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. 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/high-tide-reports-approximately-1-37-million-in-retail-sales-on-420-and-releases-updated-cabana-club-membership-numbers-301531724.html
SOURCE High Tide Inc.