CALGARY,
AB, Oct. 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, announced
today that its Canna Cabana retail cannabis store located at 5628
Dunbar Street in Vancouver, British
Columbia, will begin selling recreational cannabis products
and consumption accessories for adult use today at 4:20 PM. This opening marks High Tide's
141st Canna Cabana branded retail cannabis location in
Canada, fourth in British Columbia and third in Vancouver. This is the first Canna Cabana
location in Dunbar Village, Vancouver, located around the corner from a
major national grocery chain and a popular Vancouver liquor store. It is also a short
drive from both the University of British
Columbia and Langara College,
which collectively have a student population of over 80,000.
![High Tide Inc. October 25, 2022 (CNW Group/High Tide Inc.) High Tide Inc. October 25, 2022 (CNW Group/High Tide Inc.)](https://mma.prnewswire.com/media/1928489/High_Tide_Inc__High_Tide_Opens_Third_Canna_Cabana_Store_in_Vanco.jpg)
"I am pleased to announce the opening of our third Canna Cabana
location in Vancouver, which is
the epicentre of world-famous BC bud. Vancouver is an important market to expand our
Canna Cabana brand into due to its large population, popularity
with tourists and favourable municipal distance requirements
between Cannabis stores, yielding greater returns over other
markets. Through the opening of this Dunbar Village store, we are
further expanding our innovative discount club model, which
provides a large assortment of high-quality cannabis and
cutting-edge consumption accessories at unbeatable prices", said
Raj Grover, President and Chief Executive Officer of High Tide.
"Our other three locations in BC, which include Fort St John in Northern British Columbia as well as Yaletown
and Olympic village locations in Vancouver, continue to see increasing customer
counts and sales. This Dunbar location is the second organically
built retail store for High Tide in British Columbia and, combined with recent
acquisitions of Choom and Jimmy's Cannabis stores, brings us close
to ending the 2022 calendar year with 8 stores in the province, the
maximum currently permitted for any entity," 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 non-franchised cannabis retail chain in Canada, with 141 current locations spanning
British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. 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 was featured in the annual
Report on Business Magazine's ranking of Canada's Top Growing Companies in both 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 at
www.sedar.com and EDGAR at www.sec.gov.
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.
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 objectives and
milestones and the anticipated timing of, and costs in connection
with, the execution or achievement of such objectives and
milestones (including, without limitation, proposed acquisitions);
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 upon the
timelines indicated herein, and the Company remaining on a positive
growth trajectory; the Company completing the development of its
cannabis retail stores; the Company's ability to obtain, maintain,
and renew or extend, applicable authorizations, including the
timing and impact of the receipt thereof; the Company's ability to
complete its proposed acquisition; the anticipated reach of having
eight stores in British Columbia
by the end of 2022; the Company becoming the largest
revenue-generating cannabis company reporting in Canada dollars; 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 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, 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 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 goal of having eight stores in
British Columbia by the end of
2022; the Company will complete its proposed acquisitions; the
Company will add the additional cannabis retail store locations to
the Company's business and remain on a positive growth trajectory;
the Company will complete the development of its cannabis retail
stores; the Company will become the largest revenue-generating
cannabis company reporting in Canada dollars; 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; 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 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 not become the largest revenue-generating cannabis
company reporting in Canada
dollars; and risks that the Company will not be able to continue to
grow its online retail portfolio through further strategic and
accretive acquisitions on the favourable terms or at all.
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.