CALGARY,
AB, April 20, 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, said today
that its Canna Cabana retail cannabis store located at 10573 114th
Street NW in Edmonton, Alberta,
will begin selling recreational cannabis products and consumption
accessories for adult use today at 4:20 PM
MDT. This opening marks High Tide's 152nd Canna Cabana
retail cannabis location in Canada
and its 76th store in Alberta.
This store is located in Oliver, one of the oldest inner-city
neighbourhoods in Edmonton. A
short walk from the MacEwan University campus, with a student
population of nearly 20,000, and MacEwan University student
residences, this store gives Canna Cabana a broader presence in
this up-and-coming neighbourhood. This densely populated area is
also home to a national grocery chain, discount clothing retailers,
and restaurants. Additionally, the brand new Rogers Place, home of
the Edmonton Oilers, is a 5-minute drive from this location.
"I am excited to announce the opening of our 9th store in
Edmonton, 76th store in
Alberta and our 152nd store
nationally. Alberta has our
largest bricks-and-mortar retail footprint, and our Canna Cabana
stores in the province generate more than twice the revenue as the
provincial average. The Oliver neighbourhood has undergone a
transformation in recent years, partially due to the development of
the ICE District and Rogers Place," said Raj Grover, President and
Chief Executive Officer of High Tide.
"Apart from being located close to one of Alberta's largest University campuses, this
location is also strategically situated in order to be able to make
up for any lost business from one of our above average performing
stores nearby, which is scheduled for temporary closure related to
a major building renovation. We remain proactive in building,
managing, and high-grading our real estate portfolio in
Alberta and beyond," added Mr.
Grover.
ABOUT HIGH TIDE
High Tide 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 152 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 High
Tide's profile pages on both SEDAR and EDGAR.
Neither the TSX Venture Exchange ("TSXV") 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 additional cannabis retail stores opening); 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 additional
cannabis retail store locations and the Company remaining on a
positive growth trajectory; the Company making meaningful increases
to its revenue profile; the Company's ability to generate cash flow
from operations and from financing activities; the Company's
ability to obtain, maintain, and renew or extend, applicable
authorizations, including the timing and impact of the receipt
thereof; the Company opening its cannabis retail store location on
the date and time disclosed herein; the anticipated effects from
the additional cannabis retail store on the Company's business and
operations; and the Company expanding in Alberta and other markets.
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,
including the impact of the COVID-19 pandemic, 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; 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 sales from
continuing operations for the financial year of the Company ending
October 31, 2023; the Company will
hit its forecasted revenue and sales projections for the financial
year of the Company ending October 31,
2023; same-store sales will continue to increase; the
Company will make meaningful increases to its revenue profile; the
Company will continue to integrate and expand its CBD brands; the
Company will add 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 expand in Alberta and other markets as anticipated; and
the Company will open its cannabis retail store location on the
date and time disclosed herein and realize its anticipated effects
on the Company's business and operations.
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 (including
changes resulting from the COVID-19 pandemic) 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 not
reach the anticipated sales from continuing operations for the
financial year of the Company ending October
31, 2023; risk that the Company will not hit its forecasted
revenue and sales projections for the financial year of the Company
ending October 31, 2023; risk that
Cabana Club loyalty program membership will decrease and/or
plateau; 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, but that it will decease and/or plateau; risk
that the Company will be unable to continue to integrate and expand
its CBD brands; 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 be unable to
expand in Alberta and/or that
other markets will not grow as anticipated; risk that the Company
will be unable to open its cannabis retail store location on the
date and time disclosed herein or at all; risk that the Company
will be unable to realize the anticipated effects from the
additional cannabis retail store on the Company's business and
operations; risks surrounding the legality of delta-8
tetrahydrocannabinol ("Delta-8") derived from hemp; risks
surrounding the uncertainty and legality of Delta-8 and delta-9
tetrahydrocannabinol ("Delta-9") state to state; risk that
the United States Drug Enforcement Administration could consider
the Company's Delta-8 products an illegal controlled substance
under the Controlled Substances Act (the "CSA") or Federal
Analogue Act in the United States;
risk that that state or federal regulators or law enforcement could
take the position that the Delta-8 and Delta-9 products and/or
in-process hemp extract are/is a Schedule I controlled substance in
violation of the CSA and similar state laws; risk that the
Company's Delta-9 products could be considered by state law
enforcement and state regulators to be marijuana illegal under
state laws criminalizing the possession, distribution, trafficking
and sale of marijuana; risk that should the Company become subject
to enforcement action by federal or state agencies, the Company
could: (i) be forced to stop offering some or all of it Delta-8 and
Delta-9 products or stop all business operations, (ii) be subject
to other civil or criminal sanctions, (iii) be required to defend
against such enforcement and if unsuccessful could cause the
Company to cease its operations; and risk that enforcement or
regulatory action at the United
States federal and/or state level could adversely impact the
listings of the Company's common shares on the TSXV and
Nasdaq.
Additional risk factors that can cause results to differ
materially from those expressed in this cautionary note regarding
forward-looking statements are discussed in greater detail in the
"Non-Exhaustive List of Risk Factors" section of our current annual
information form attached thereto as Schedule "A". Such risk
factors may be further updated from time to time in our periodic
filings, available on our profiles at www.sedar.com and
www.sec.gov, which risk factors are incorporated herein by
reference.
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.