CALGARY,
AB, Dec. 22, 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 6231
Bathurst Street in North York,
Ontario has begun selling recreational cannabis products and
consumption accessories for adult use and that its store located at
1225 St. Mary's Rd, Winnipeg,
Manitoba is scheduled to open tomorrow. These organic store
openings bring the nationwide total of Canna Cabana
bricks-and-mortar locations to 147.
Situated near a major Ontario-based grocer and a national pharmacy
chain, the North York Canna Cabana is a short drive from
York University's Keele Campus, with a student population of
approximately 52,000. This location is also located in one of the
Greater Toronto Area's most
densely populated communities, including multiple high-rise condo
buildings.
This Winnipeg store is located
within the St. Vitals shopping mall, featuring major international
retailers and is a dining and entertainment hub. It is also
situated close to a main thoroughfare in Winnipeg, expanding Canna Cabana's reach into
thriving shopping centres.
"I am pleased to announce the opening of Canna Cabana stores in
North York and Winnipeg. As I have said before, our retail
strategy involves finding the best available real estate in
high-traffic and high-population density areas, and both of these
stores showcase our commitment to this strategy. This selective
real estate approach has served us well, as demonstrated by the
fact that our average per-store sales in Ontario are more than double the provincial
average. We remain on track to announce several additional store
openings before the end of this year, which will get us very close
to, if not reaching, our goal of 150 stores across Canada by the end of 2022," said Raj Grover,
President and Chief Executive Officer of High Tide.
"We applaud Manitoba's recent
introduction of legislation that would if passed, eliminate the
provincially mandated social responsibility fee. This move will
make it easier for Manitoba
cannabis retailers to compete with the illicit market, which is
important for the continued growth of the legal cannabis sector
within the province," 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 147 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 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.