The Company Also Reports Over $2 Million in Retail Sales on '4/20' Representing
a 64% Increase From the Previous
Week1
CALGARY,
AB, April 25, 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 its Cabana Club loyalty program has surpassed
the significant milestone of 1 million members. This figure
represents over 110% growth from the 473,161 members of the Cabana
Club on '4/20' in 2022.
'4/20' Sales Numbers
The Company also announced that on April
20, 2023 '4/20', it generated over CAD $2 Million in total retail gross revenues ("Total
Sales") across all retail platforms, representing a 64% increase
from the previous Thursday. The Company's Canadian
bricks-and-mortar stores reported a 46% increase, while sales
across its e-commerce platforms (Grasscity.com, Smokecartel.com,
Dailyhighclub.com, Dankstop.com, Nuleafnaturals.com, FABCBD.com,
BlessedCBD.co.uk, and BlessedCBD.de) reported an increase of 216%
over the previous Thursday.
"'4/20' celebrations were extra special this year as we
surpassed the impressive milestone of achieving over 1 million
members in our Cabana Club. Our Cabana Club is the largest bricks-
and-mortar loyalty plan in Canada,
with over 90% of our daily transactions conducted by our loyal club
members, including our ELITE members. Our steadily rising Cabana
Club numbers in Canada as well as
our US and international customer base, now exceeds over 4.5
million total customers. Through our diverse cannabis ecosystem,
our customers continue to purchase cannabis, CBD and consumption
accessories products through our bricks-and-mortar and our
international online platforms, providing us with an opportunity to
build and extend our Cabana Club into a global cannabis community,"
said Raj Grover, President and Chief Executive Officer of High
Tide.
"By leveraging the strength and numbers of our ever-increasing
customer counts and our established international supply chain,
this extended Cabana Club community will enjoy volume-based price
discounts on high-quality cannabis merchandise and potentially
other wellness-focused products in the future, which should
continue to further propel our loyalty base. This explosive growth
in customer loyalty has contributed to generating record sales via
our bricks-and-mortar network in Canada and our international online platforms
on '4/20' of over 2 million dollars
which is an improvement of over 64% from the previous week. I'm
thrilled to see our financial output growing in line with our
rapidly growing customer loyalty as showcased through our last two
record setting quarters based on increasing revenue and adjusted
EBITDA while continuing to significantly improve our free cash flow
position. We remain laser-focused on executing our communicated
strategy through our differentiated retail model, positioning us
for global growth as new and emerging markets open up to cannabis,"
added Mr. Grover.
_____________________________________
|
1 Sales
generated are consistent with historical gross margins at
approximately 27%
|
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 Canada.
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 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 may contain "forward-looking information"
and "forward-looking statements within the meaning of applicable
Canadian securities legislation. 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 statements herein include, but are not
limited to, statements regarding: the continued growth of our
Cabana club, the continued purchase of cannabis by our customers,
the building and extension of our Cabana Club into a global
cannabis community, increasing customer counts, discounts
continuing to propel our loyalty base, and executing on our
communicated strategy through our differentiated retail model.
Readers are cautioned to not place undue reliance on
forward-looking information. Actual results and developments may
differ materially from those contemplated by these statements.
Although the Company believes that the expectations reflected in
forward-looking statements in this press release are reasonable,
such statements are based on expectations, factors, and assumptions
concerning future events which may prove to be inaccurate and are
subject to numerous risks and uncertainties, certain of which are
beyond the Company's control, including but not limited to the risk
factors discussed under the heading "Non-Exhaustive List of Risk
Factors" in Schedule A to our current annual information form, and
elsewhere in this press release, as such factors may be further
updated from time to time in our periodic filings, available at
www.sedar.com and www.sec.gov, which risk factors are incorporated
herein by reference. 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.