CALGARY,
AB, Jan. 9, 2023 /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 1055
Hillside Dr, Kamloops, British
Columbia has begun selling recreational cannabis products
and consumption accessories for adult use. This brings High Tide's
total number of branded Canna Cabana locations across Canada to 151, including 7 in British Columbia. This new store represents
the first Canna Cabana in the city of Kamloops and is a 15-minute walk from Thompson
Rivers University, with an on-campus student population of over
13,000 and a scenic 250-acre campus. The store is also at the base
of several hiking trails, and it is located in a shopping complex
anchored by a major discount grocer and retailer. Finally, this
bricks-and-mortar location is a short drive from Aberdeen Mall, a
hub of retail activity in Kamloops.
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"I am pleased to announce the opening of our first Canna Cabana
in Kamloops, the 10th largest city
in British Columbia. This
beautiful city, nestled in the south-central part of the province,
is a stop for many athletes each year as Kamloops plays host to hockey, baseball,
curling and other tournaments. I hope we can welcome some of these
visitors into our store, expanding our reach and brand recognition
with Canadians," said Raj Grover, President and Chief Executive
Officer of High Tide. "Anchored by a major discount retail chain,
this location is poised to benefit from high levels of traffic
coming into this power centre. This location is our seventh Canna
Cabana in the province of British
Columbia and moves us closer to our goal of reaching eight
stores, the current maximum permitted by any entity in the
province," added Mr. Grover.
Further to the Company's news release dated December 29, 2022, the Company paid an arm's
length finders' fee of 136,266 common shares of the Company, in
relation to the Company's successful acquisition of Jimmy's, which
was based on 5% of the aggregate consideration and were issued on
the basis of a deemed price of C$2.0365 per share.
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 151 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
maximising 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.