Company's Existing International CBD Brand
Portfolio Positions it Well to Service Canadian Wellness
Market
CALGARY,
AB, July 29, 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, welcomes the
decision by Health Canada to begin consultations and gather
stakeholder feedback regarding the development of a potential
regulatory pathway that would permit cannabidiol ("CBD") as
a medicinal ingredient in certain health products, regulated under
the Food and Drugs Act (Canada), which would not require a
prescription. The consultation will seek input on regulatory or
policy changes pertaining to non-prescription health products
containing CBD, including those intended for human use and/or
animal use. This decision to begin consultations followed the
release of the Report of the Science Advisory Committee on Health
Products Containing Cannabis, which detailed a series of
research-informed recommendations that are intended to guide Health
Canada's development of regulations to permit the sale of
non-prescription CBD products in certain over the counter
settings.
![High Tide inc. logo (CNW Group/High Tide Inc.) High Tide inc. logo (CNW Group/High Tide Inc.)](https://mma.prnewswire.com/media/1868781/High_Tide_Inc__High_Tide_Welcomes_Health_Canada_s_Steps_to_Creat.jpg)
"I am encouraged to see that Health Canada is taking these
long-awaited steps towards the creation of regulations which will
allow Canadian consumers to safely access non-prescription health
products containing CBD. Although Canada was an early mover in modernizing laws
and regulations covering cannabinoids, we have since been surpassed
by numerous countries including the U.K., U.S., and Australia in making non-psychoactive CBD
health products more broadly accessible to consumers. This has
prevented Canadian companies from capitalizing on growth
opportunities related to CBD, and has also driven some consumers
towards illicit and unregulated sources of CBD," said Raj Grover,
President and Chief Executive Officer of High Tide.
"As the owner of three of the world's most popular CBD brands,
High Tide has extensive experience in the international CBD space,
providing consumers in multiple countries with access to safe and
high-quality CBD health products. Our U.K.-based subsidiary,
Blessed CBD, serves consumers in Germany and the U.K. through its e-commerce
platform as well as through Amazon U.K., while our Wisconsin-based subsidiary FAB CBD sells
hemp-derived CBD products for both human and pet use through its
popular e-commerce platform in the U.S. Additionally, our
Colorado-based subsidiary, NuLeaf
Naturals, manufactures its products in its cGMP-certified facility
and sells them across the U.S. through multiple distribution
channels, including over 250 Sprouts Farmers Market locations. High
Tide is well-positioned to replicate our success in the
international CBD space in Canada,
and we look forward to actively engaging with Health Canada
throughout their consultation as we advocate for a more accessible
CBD market for Canadians," 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 131 current locations spanning
Ontario, Alberta, British
Columbia, Manitoba, and
Saskatchewan. The Company is also
North America's first cannabis
discount club retailer, under the Canna Cabana banner, which is the
single-largest cannabis retail brand in Canada 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,, BlessedCBD.de, and Amazon UK, as well as its
wholesale distribution division under Valiant Distribution,
including the licensed entertainment product manufacturer Famous
Brandz. 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™. 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.
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.
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.
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: CBD becoming a medicinal ingredient in
certain health products and the impact on the Company's business;
sales of non-prescription CBD products in certain over the counter
settings becoming permitted; High Tide replicating success in the
international CBD space in Canada;
High Tide actively engaging with Health Canada throughout their
consultation process; 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; the development of the Company's business and future
activities following the date hereof; the performance of the
Company's business and the operations and activities of the
Company; the Company adding the number of additional cannabis
retail store locations the Company proposes to add to the Company's
business; the Company will complete the development of its cannabis
retail stores; and High Tide's plans to extend and strengthen its
integrated value chain, while providing a complete customer
experience and maximizing shareholder value.
Forward-looking information in this news release are based on
certain assumptions and expected future events, namely: that CBD
will become a medicinal ingredient in certain health products and
the Company will be able to capitalize on such a development,
including being able to replicate success in the international CBD
space in Canada; sales of
non-prescription CBD products in certain over the counter settings
becoming permitted; High Tide will actively engage with Health
Canada throughout their consultation process; High Tide's financial
condition and development plans do not change as a result of
unforeseen events; there will continue to be a demand, and market
opportunity, for High Tide's product offerings; current and future
economic conditions will neither affect the business and operations
of High Tide nor High Tide's ability to capitalize on anticipated
business opportunities); 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; no
adverse changes will be made to the regulatory framework governing
cannabis, taxes and all other applicable matters in the
jurisdictions in which the Company conducts business and any other
jurisdiction in which the Company may conduct business in the
future; the Company will be able to generate cash flow from
operations, including, where applicable, distribution and sale of
cannabis and cannabis products; the Company will be able to execute
on its business strategy as anticipated; the Company will be able
to meet the requirements necessary to obtain and/or maintain
authorizations required to conduct the business; general economic,
financial, market, regulatory, and political conditions, including
the impact of the COVID-19 pandemic, will not negatively affect the
Company or its business; the Company will be able to successfully
compete in the cannabis industry; cannabis prices will not decline
materially; the Company will be able to effectively manage
anticipated and unanticipated costs; the Company will be able to
conduct its operations in a safe, efficient and effective manner;
general market conditions will be favourable with respect to the
Company's future plans and goals; the Company will reach the
anticipated sales from continuing operations for the financial year
of the Company ending October 31,
2022; the Company will continue to grow its online retail
portfolio through further strategic and accretive acquisitions; the
Company will add the additional cannabis retail store locations to
the Company's business and remain on a positive growth trajectory;
and the Company will complete the development of its cannabis
retail stores.
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: risks that CBD will not be approved as a medicinal ingredient
in any health products; sales of non-prescription CBD products in
certain over the counter settings will not be permitted; High Tide
will be unable to replicate success in the international CBD space
in Canada; High Tide will be
unable to engage with Health Canada throughout their consultation
process or at all; High Tide's inability to obtain the required
regulatory approvals on the proposed terms and timeline or at all;
the risks associated with the cannabis and CBD industries in
general; the inability of High Tide to obtain requisite approvals
for its operations; the inability of High Tide to pursue more
retail acquisitions in the future; 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; the Company's inability to secure
desirable retail cannabis store locations on favourable terms;
risks relating to projections of the Company's operations; the
Company's inability to effectively manage unanticipated costs and
expenses, including costs and expenses associated with product
recalls and judicial or administrative proceedings against the
Company; risk that the Company will not reach the anticipated sales
from continuing operations for the financial year of the Company
ending October 31, 2022; risk that
the Company will be unable to continue to integrate and expand its
CBD brands; risk that the Company will be unable to grow its online
retail portfolio through further strategic and accretive
acquisitions; risk that the Company will be unable to add
additional cannabis retail store locations to the Company's
business and/or remain on a positive growth trajectory; and risks
that the Company will be unable to complete the development of any
or all of its cannabis retail stores.
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.
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.
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.