The Company Also Ranks 31st Out of 500
Companies Across All Categories
CALGARY,
AB, March 28, 2023 /CNW/ - High Tide Inc.
("High Tide" or the "Company") (Nasdaq: HITI) (TSXV:
HITI) (FSE: 2LYA), the high-impact, retail-forward enterprise built
to deliver real-world value across every component of cannabis,
announced today that it has been awarded the top spot in the retail
category and was ranked 31st out of 500 companies across all
categories on the Financial Times list of Americas' Fastest Growing
Companies for 2023. This prestigious award is presented by
Financial Times and Statista Inc., the world-leading statistics
portal and industry ranking provider. The awards list was announced
on March 28th, 2023, and
can currently be viewed on the Financial Times website.
The Americas' Fastest Growing Companies 2023 ranking lists the
top 500 companies in the Americas that have achieved the highest
compound annual growth in revenues between 2018 and 2021. The data
was collected via desk research in official sources, including
publicly available earning presentations, investor relations,
websites, and annual reports. Across 20 countries, over 7,000
public companies were examined.
Based on the results of the study, the Company is ecstatic to be
recognized on the Financial Times list of Americas' Fastest Growing
Companies 2023.
"Cannabis is such a young industry, and to be recognized as one
of the top players by Financial Times, an internationally
recognized publication, is a major honour. This is consistent with
our growth trajectory over the last few years, as we have been
named one of Canada's top-growing
companies in 2021 and 2022 by the Globe and Mail's Report on
Business magazine. Winning the top spot in the retail category
speaks to our team's dedication in executing our vision to become
the clear leader and a household name in the Canadian cannabis
retail landscape," said Raj Grover, President and Chief Executive
Officer of High Tide.
"We have always swung for the fences in everything we do. From
our hypergrowth strategy, since the legalization of cannabis in
Canada in late 2018, we have grown
our revenues from just over $8 million
dollars to our current annual run rate, which is approaching
half a billion dollars. Having achieved national scale through our
151 Canna Cabana locations, we are now focusing on free cash flow
generation from our operations with the objective of becoming
amongst the first group of Canadian cannabis companies to generate
free cash flow. We are thrilled to see our company continue to be
recognized by international publications for its efforts, and for
this, we are deeply grateful. A huge thank you goes out to
Financial Times and Statista for this honour. I also want to take
this opportunity to thank every member of our relentless team and
our loyal customers, without whom this exponential growth would not
be possible," added Mr. Grover.
ABOUT HIGH TIDE
High Tide, Inc. is the leading community-grown, retail-forward
cannabis enterprise engineered to unleash the full value of the
world's most powerful plant. High Tide (HITI) is uniquely-built
around the cannabis consumer, with wholly-diversified and
fully-integrated operations across all components of cannabis,
including:
Bricks & Mortar Retail: Canna Cabana™ is the largest
non-franchised cannabis retail chain in Canada, with 151 current locations
spanning British Columbia,
Alberta, Saskatchewan, Manitoba and Ontario and growing. In 2021, Canna Cabana
became the first cannabis discount club retailer in North America.
Retail Innovation: Fastendr™ is a unique and fully
automated technology that integrates retail kiosks and smart
lockers to facilitate a better buying experience through browsing,
ordering and pickup.
E-commerce Platforms: High Tide operates a suite of
leading accessory sites across the world, including Grasscity.com,
Smokecartel.com, Dailyhighclub.com, and Dankstop.com.
CBD: High Tide continues to cultivate the possibilities
of consumer CBD through Nuleafnaturals.com, FABCBD.com and
BlessedCBD.co.uk.
Wholesale Distribution: High Tide keeps that cannabis
category stocked with wholesale solutions via Valiant™.
Licensing: High Tide continues to push cannabis culture
forward through fresh partnerships and license agreements under the
Famous Brand™ name.
High Tide consistently moves ahead of the currents, having been
named one of Canada's Top Growing
Companies in both 2021 and 2022 by the Globe and Mail's Report on
Business Magazine and was ranked number one in the retail category
on the Financial Times list of Americas' Fastest Growing Companies
for 2023. To discover the full impact of High Tide, visit
www.hightideinc.com. For investment performance, don't miss the
High Tide profile pages on SEDAR and EDGAR.
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 becoming a clear leader and
household name in the Canadian cannabis retail landscape; the
Company's ability to generate consistent free cash flow from
operations and be amongst the first group of Canadian cannabis
companies to generate free cash flow; and the Company's annual run
rate reaching half a billion dollars.
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;
same-store sales will continue to increase; the Company will make
meaningful increases to its revenue profile; the Company will
remain on a positive growth trajectory; the Company will complete
the development of its cannabis retail stores; the Company will
become a clear leader and household name in the Canadian cannabis
retail landscape; the Company will generate consistent free cash
flow from operations and be amongst the first group of Canadian
cannabis companies to generate free cash flow; and the Company's
annual run rate will reach half a billion dollars.
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; 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, and 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; risks that the Company will be unable
to become a clear leader and/or household name in the Canadian
cannabis retail landscape; risks that the Company will be unable to
generate consistent free cash flow from operations and/or will be
unable to be amongst the first group of Canadian cannabis companies
to generate free cash flow; and risks that the Company's annual run
rate will not reach half a billion dollars.
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.
CAUTIONARY NOTE REGARDING FUTURE ORIENTED FINANCIAL
INFORMATION
This press release may contain future oriented financial
information ("FOFI") within the meaning of Canadian
securities legislation, about prospective results of operations,
financial position or cash flows, based on assumptions about future
economic conditions and courses of action, which FOFI is not
presented in the format of a historical balance sheet, income
statement or cash flow statement. The FOFI has been prepared by
management to provide an outlook of the Company's activities and
results and has been prepared based on a number of assumptions
including the assumptions discussed under the heading above
entitled "Cautionary Note Regarding Forward-Looking Statements" and
assumptions with respect to the costs and expenditures to be
incurred by the Company, capital expenditures and operating costs,
taxation rates for the Company and general and administrative
expenses. Management does not have, or may not have had at the
relevant date, firm commitments for all of the costs, expenditures,
prices or other financial assumptions which may have been used to
prepare the FOFI or assurance that such operating results will be
achieved and, accordingly, the complete financial effects of all of
those costs, expenditures, prices and operating results are not, or
may not have been at the relevant date of the FOFI, objectively
determinable.
Importantly, the FOFI contained in this press release are, or
may be, based upon certain additional assumptions that management
believes to be reasonable based on the information currently
available to management, including, but not limited to, assumptions
about: (i) the future pricing for the Company's products, (ii) the
future market demand and trends within the jurisdictions in which
the Company may from time to time conduct the Company's business,
and (iii) the Company's ongoing inventory levels, and operating
cost estimates. The FOFI or financial outlook contained in this
press release do not purport to present the Company's financial
condition in accordance with International Financial Reporting
Standards as issued by the International Accounting Standards
Board, and there can be no assurance that the assumptions made in
preparing the FOFI will prove accurate. The actual results of
operations of the Company and the resulting financial results will
likely vary from the amounts set forth in the analysis presented in
any such document, and such variation may be material (including
due to the occurrence of unforeseen events occurring subsequent to
the preparation of the FOFI). The Company and management believe
that the FOFI has been prepared on a reasonable basis, reflecting
management's best estimates and judgments as at the applicable
date. However, because this information is highly subjective and
subject to numerous risks including the risks discussed under the
heading above entitled "Cautionary Note Regarding Forward-Looking
Statements" and under the heading "Non-Exhaustive List of Risk
Factors" in the Company's public disclosures, FOFI or financial
outlook within this press release should not be relied on as
necessarily indicative of future results. Readers are cautioned not
to place undue reliance on the FOFI, or financial outlook contained
in this press release. Except as required by Canadian securities
laws, the Company does not intend, and does not assume any
obligation, to update such FOFI.
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SOURCE High Tide Inc.