New openings bring the company store count in
Ontario to 46
CALGARY,
AB, Dec. 15, 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 235
Ira Needles Blvd, Kitchener,
Ontario, has begun selling recreational cannabis products
and consumption accessories for adult use and that its store
located at 201 Cundles Road E, in Barrie,
Ontario, is scheduled to open tomorrow. These openings
represent High Tide's 143rd and 144th stores nationwide and 45th
and 46th in the province of Ontario.
The new Kitchener store is
located within a commercial shopping plaza and is anchored by a
provincially owned liquor store, a major grocery chain and a
nationally recognized pharmacy. Located in Kitchener's east end, the new store will
provide convenient access to both Cabana Club and Cabana ELITE
members in a currently underserviced neighbourhood.
The Barrie location is in an
established commercial plaza and is anchored by major discount
grocery and retail chains, several locally-owned restaurants and an
internationally recognized coffee shop. A walkable distance from
Georgian College, it is also situated close to Highway 400, which
is a major provincial expressway frequently used by cottage
goers.
"Canna Cabana continues to expand across Ontario, Canada's largest province, and today,
I am pleased to announce the opening of our first store in
Barrie and our third store in
Kitchener. Just an hour outside
the greater Toronto area,
Barrie is a small but growing tech
hub, home to major data centres for companies like BMO and IBM. The
Kitchener-Waterloo region is also
home to a booming tech sector, including two of the fastest growing
tech companies in Canada as listed
on Deloitte's Technology Fast 50 list in 2022," said Raj Grover,
President and Chief Executive Officer of High Tide.
"Ontario has been fertile
ground for growth for Canna Cabana, especially in the Kitchener-Waterloo region. Our new
Kitchener store is situated in a
high-quality power centre, with national tenants, and sets us up
for further success with our expansion into Kitchener's east end. Our first Barrie location opens a new and exciting
market for Canna Cabana, which is amongst the best demographics for
cannabis use in the province and will serve nearly 150,000 local
residents as well as those heading into cottage country from the
Greater Toronto Area. I look
forward to announcing more stores this month as High Tide moves
closer to our goal of 150 Canna Cabana stores by the end of 2022,"
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 144 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 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 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 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
and store openings); 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; and the Company's ability to successfully integrate the
operations of any business acquired within the Company's
business.
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. A discussion of some of
the material risk factors applicable to High Tide can be found in
the "Non-Exhaustive List of Risk Factors" section in Schedule A to
the Company's current annual information form, as such factors may
be further updated from time to time in its periodic filings,
available at www.sedar.com and www.sec.gov.
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 disclaims any 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/high-tide-opens-two-new-canna-cabana-stores-in-kitchener-and-barrie-ontario-301703681.html
SOURCE High Tide Inc.