CALGARY,
AB, May 23, 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 will release its financial and operational
results for the quarter ended April 30,
2023, after financial markets close on Wednesday, June 14, 2023. High Tide's second
quarter 2022 financial and operational results will be available on
SEDAR, EDGAR, and on the Company's website at
https://hightideinc.com/invest.
Following the release of its second quarter financial and
operational results, High Tide will host a webcast with Raj Grover,
President and Chief Executive Officer, and Sergio Patino, Interim Chief Financial Officer,
to discuss the Company's financial results and its plans for the
remainder of 2023, at 11:30 AM Eastern Time
on Thursday, June 15.
Webcast Link for High Tide
Earnings Event:
https://events.q4inc.com/attendee/233560441
Participants are encouraged to pre-register for the webcast by
clicking on the link above prior to the beginning of the live
webcast. Three hours after the live webcast, a replay of the
webcast will be available at the same link above.
Participants who wish to ask questions during the event may do
so through the call-in line, the access information for which is as
follows:
Canada dial-in number
(Toll Free):
|
1 833 950
0062
|
Canada dial-in number
(Local):
|
1 226 828
7575
|
United
States:
|
1 833 470
1428
|
United States
(Local):
|
1 404 975
4839
|
Participant Access
Code:
|
475667
|
|
|
*Participants will
need to enter the participant access code before being met by a
live operator*
|
|
|
Acquisition of Remaining Interest
of FABCBD
In addition, the Company is pleased to announce that it has
closed on the remaining interest of Fab Nutrition, LLC,
operating as FABCBD ("FABCBD"), not held by High Tide. As
described in the Company's news release dated May 10, 2021, FABCBD's founder was granted an
option to put to High Tide the remaining shares in FABCBD not held
by High Tide (the "Put Option") at an enterprise value equal
to the trailing twelve months of EBITDA multiplied by six. The Put
Option was exercised by FABCBD's founder on September 20, 2022. Pursuant to the original
agreement granting the Put Option, the consideration for the
remaining 20% of FABCBD, which was acquired by High Tide, is to be
satisfied by the Company by issuing 386,035 common shares of High
Tide ("High Tide Shares") valued at US$560,380 (CAD$747,827) on the basis of a deemed price per
High Tide Share of CAD$1.9372.
In connection with the transaction, the Company has agreed to
pay Bayline Capital Partners Inc. ("Bayline"), an arm's
length party, a finder's fee of US$49,528.51, in High Tide Shares, being 37,552
High Tide Shares on the basis of a deemed price per High Tide Share
of US$1.3189.
The issuance of the High Tide Shares for the acquisition of
FABCBD and to Bayline remain subject to final approval from the TSX
Venture Exchange. The High Tide Shares issued for the acquisition
of FABCBD and to Bayline are subject to a statutory hold period of
four months and one day.
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 153 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
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 timing of our new location beginning to
sell recreational cannabis products and consumption accessories for
adult use, the expected benefits of the store location, and our
commitment to opening future stores in prime power centre locations
and the expansion of our discount club 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 these statements 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 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.