Company Marks Second Consecutive Year On
This Prestigious List
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CALGARY,
AB, Sept. 23, 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, is pleased
to announce that it has ranked 21st out of 430 companies on the
2022 Report on Business ranking of Canada's Top Growing Companies.
Canada's Top Growing Companies
ranks Canadian companies based on their three-year revenue growth.
High Tide earned its spot with a three-year growth rate of
1,970%.
This follows the Company's 2021 ranking of 82nd out of 448
companies with a three-year growth rate of 733%.
"The Globe and Mail, Canada's
newspaper of record, has, for the second year in a row, recognized
High Tide's exponential growth, ranking us 21st out of 430 on its
annual ranking of Canada's Top
Growing Companies due to our three-year revenue growth rate of
1,970%. Receiving this honour two years running is a
testament to our ability to continue to execute our strategic
growth plan despite ongoing market challenges," said Raj Grover,
President and Chief Executive Officer of High Tide. "Since opening
our first bricks-and-mortar store in October
2018, High Tide has grown to over 1,300 employees, 140
retail stores today across Canada
and a global portfolio of high-performing e-commerce assets. The
months ahead hold exciting opportunities for High Tide, including
further strategic expansion of our retail locations in Canada, the accelerated rollout of our
proprietary Fastendr retail kiosks, the expansion of our white
label product offerings in select provinces, and the launch of our
Cabana Elite paid membership program, driving further revenue
growth," added Mr. Grover.
Canada's Top Growing Companies
is an editorial ranking that was launched in 2019. It aims to
celebrate the boldest entrepreneurial achievement by identifying
and bringing the accomplishments of innovative businesses in
Canada to the forefront. In order
to qualify for this voluntary program; companies had to complete an
in-depth application process and fulfill requirements. In total,
430 companies earned a spot on this year's ranking.
The full list of 2022 winners along with editorial coverage is
published in the October issue of the Report on Business magazine.
The list is now available and online here.
"Canada's Top Growing Companies
recognizes the tremendous ambition and innovation of entrepreneurs
in Canada," says Dawn Calleja, Editor of Report on Business
magazine. "The next generation of Canadian businesses can draw
inspiration from this ranking".
"In an uncertain world, the success stories of the companies
marked in this year's Report on Business magazine's list of Top
Growing Companies are a beacon of optimism," says Phillip Crawley, Publisher and Chief Executive
Officer of The Globe and Mail. "The Globe and Mail congratulates
them on their achievements".
ABOUT THE GLOBE AND MAIL
The Globe and Mail is Canada's
foremost news media company, leading the national discussion and
causing policy change through brave and independent journalism
since 1844. With our award-winning coverage of business, politics
and national affairs, The Globe and Mail newspaper reaches 5.9
million readers every week in our print or digital formats, and
Report on Business magazine reaches 2.3 million readers in print
and digital every issue. Our investment in innovative data science
means that as the world continues to change, so does The Globe. The
Globe and Mail is owned by Woodbridge, the investment arm of the Thomson
family.
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 140 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 kiosks 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 United
Kingdom, as well as its wholesale distribution division under
Valiant Distribution, including the licensed entertainment product
manufacturer Famous Brandz. High Tide has been featured in the
annual Report on Business Magazine's ranking of Canada's Top Growing Companies in 2021 and
2022 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, please
visit www.hightideinc.com and its profile pages on SEDAR
atwww.sedar.com and EDGAR at www.sec.gov.
Neither the TSX Venture Exchange (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: the Company's business; the Company's future
growth prospects and intentions to pursue one or more viable
business opportunities; the development of the Company's business
and future activities following the date hereof; expectations
relating to market size and anticipated growth in the jurisdictions
within which the Company may from time to time operate or
contemplate future operations; expectations with respect to
economic, business, regulatory and/or competitive factors related
to the Company or the cannabis industry generally; the market for
the Company's current and proposed product offerings, as well as
the Company's ability to capture market share; the Company's
strategic investments and capital expenditures, and related
benefits; the distribution methods expected to be used by the
Company to deliver its product offerings; the competitive landscape
within which the Company operates and the Company's market share or
reach; 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, and the Company remaining on a
positive growth trajectory; same-store sales continuing to increase
in the fourth quarter of 2022 and beyond; the Company deploying
Fastendr™ technology across the Company's retail stores upon the
timelines disclosed herein; the Company continuing to increase its
revenue through the remainder of the year; the Company completing
the development of its cannabis retail stores; the Company's
ability to generate cash flow from operations and from financing
activities; the Company's ability to obtain, maintain, and renew or
extend, applicable authorizations, including the timing and impact
of the receipt thereof; the realization of cost savings, synergies
or benefits from the Company's recent acquisitions, and the
Company's ability to successfully integrate the operations of any
business acquired within the Company's business; Cabana Club
loyalty program membership continuing to increase; the Company
hitting its forecasted revenue and sales projections for the fourth
quarter of 2022 and beyond; the Company's expectations from its
Cabana Cannabis Co. white label products; the Company launching
Cabana Cannabis Co. white label products in its proposed
jurisdictions; the Company launching the Cabana elite program on
the terms and timelines outlined herein; the anticipated effects of
the Cabana elite program on the business and operations of
the Company; and the Company continuing to grow its online retail
portfolio through further strategic and accretive
acquisitions.
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 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, the 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,
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 maintain internal controls over financial
reporting and disclosure, and procedures in order to ensure
compliance with applicable laws; general market conditions will be
favourable with respect to the Company's future plans and goals;
the Company will deploy Fastendr™ technology across the Company's
retail stores upon the timelines disclosed herein; the Company will
launch Cabana Cannabis Co. white label products in the
jurisdictions and on the timelines outlined herein and such
products will achieved the results disclosed herein; same-store
sales will continue to increase in the fourth quarter of 2022 and
beyond; the Company will make meaningful increases to its revenue
profile; the Company will continue to increase its revenue through
the fourth fiscal quarter of 2022, and the remainder of the year;
the Company will remain on a positive growth trajectory; the
Company will complete the development of its cannabis retail
stores; the Cabana Elite program will have the anticipated effect
on the business and operations of the Company; and the Company will
continue to grow its online retail portfolio through further
strategic and accretive acquisitions.
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 or in applicable laws; the impact of the publications of
inaccurate or unfavourable research by securities analysts or other
third parties; 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 hit its forecasted revenue
and sales projections for the fourth quarter of 2022, and beyond;
risk that Cabana Club loyalty program membership will decrease
and/or plateau; risk that the Company will be unable to deploy
Fastendr™ technology across the Company's retail stores or on the
timelines disclosed herein; risk that the Company will be unable to
launch Cabana Cannabis Co. white label products in the
jurisdictions and on the timelines outlined herein and/or that such
products will be unable to achieve the results disclosed herein;
risk that same-store sales will not increase, but decease and/or
plateau; risk that the Company will be unable to increase its
revenue profile; risk that the Company will be unable to increase
its revenue through the fourth fiscal quarter of 2022, and the
remainder of the year, but that it will decease and/or plateau;
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 remain on a
positive growth trajectory; risks that the Company will be unable
to complete the development of any or all of its cannabis retail
stores; risk that the Company will be unable to secure the proposed
credit facilities, unable to utilize the proposed credit facilities
on the terms and within the timelines anticipated and/or the
proposed credit facilities will not have the anticipated effect on
the business and operations of the Company; risk that the Company
will be unable to launch the Cabana elite program on the terms and
timelines outlined herein or at all; risk that the Cabana elite
program will not have the anticipated effect on the business and
operations of the Company.
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.
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SOURCE High Tide Inc.