CALGARY,
AB, April 21, 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,
celebrates Earth Day tomorrow, through its continued commitment of
recycling plastic from cannabis packaging in conjunction with its
packaging recycling partner, [Re] Waste. Cannabis packaging is
unique, as cannabis is a highly regulated product and is packaged
in single-use plastic, which is difficult to recycle within the
existing municipal programs.
High Tide and [Re] Waste have partnered together to reduce the
environmental impact of cannabis products by placing collection
points within all Canna Cabana retail store locations nationwide.
Cabana Club, including its ELITE members and all cannabis
consumers, are able to drop their used cannabis containers into the
bins, which to date, has contributed towards the diversion of over
20,000 pounds of plastic from ending up in landfills and littering
our communities. Through this initiative, both Alberta-based companies High Tide and [Re]
Waste are making an impact across the nation for greater
environmental sustainability.
"High Tide is proud to partner with [Re] Waste, another
Alberta-grown business, to divert
thousands of units of single-use cannabis plastics from landfills
into reusable and functional products. As the largest
non-franchised retailer in Canada,
we are conscious of the volume of packaging cannabis produces and
are taking steps proactively to ensure these plastics can be
re-purposed and that they don't end up in landfills," said Raj
Grover, President and Chief Executive Officer of High Tide.
"In recognition of Earth Day, we are sharing our progress on
this valuable and important initiative to motivate our industry
partners to do the same. As our business expands in Canada and internationally, we will continue
to think innovatively to further these environmentally friendly
initiatives to play our part in the sustainability of our industry
and upholding our responsibility for our planet," added Mr.
Grover.
"[Re] Waste is thrilled to have partnered with High Tide and to
have contributed to the diversion of over 20,000 pounds of plastic
waste from landfills through our innovative recycling program for
cannabis packaging. As a company dedicated to creating a circular
economy for the cannabis industry, we understand the importance of
sustainable solutions for hard-to-recycle materials like cannabis
packaging. Through our partnership with High Tide and our network
of collection points at Canna Cabana retail locations, we are able
to collect, sort, and transform used cannabis packaging into
reusable and functional products for the industry. We are proud to
be part of High Tide's commitment to sustainability and look
forward to continuing our efforts to create a more sustainable
future for the cannabis industry," said Corey Saban, C.E.T, Founder and CEO of [Re]
Waste.
ABOUT [Re] WASTE
[Re] Waste is a leading recycling company focused on reducing
the environmental impact of cannabis packaging. With a
revolutionary retail collection program across Canada and into the
United States, we work with partners like High Tide and
Canna Cabana to divert hard-to-recycle cannabis packaging from
landfills and turn it into valuable products that can be used
within the industry. To date, we've diverted over 20,000 pounds of
cannabis packaging from landfills, helping our partners and
customers meet their sustainability goals. As we continue to grow,
we remain committed to promoting sustainability in the cannabis
industry and working with industry leaders to create a more
sustainable future for all.
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 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, blessedcbd.de
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 ("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,
partnerships and initiatives); 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; and the goals, impact and development of the Company's
environmentally friendly initiatives and partnerships.
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's environmentally friendly initiatives and partnerships
will have the anticipated impact on the Company's business and
continue to grow; the Company will develop future environmentally
friendly initiatives and partnerships; and the Company's
partnership with [Re] Waste will continue.
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's environmentally
friendly initiatives and partnerships will not have the anticipated
impact on the Company's business and/or be unable to grow; risks
that the Company will be unable to develop future environmentally
friendly initiatives and partnerships; risk that the [Re] Waste
partnership will be cancelled and/or not continue; 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.