The Company Celebrates its 50th Store
Opening in the Province
CALGARY,
AB, July 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 its Canna Cabana retail cannabis store located
at 1010 Talbot Street, St. Thomas,
Ontario will begin selling recreational cannabis products
and consumption accessories for adult use on Sunday, July 30. This opening marks High Tide's
154th Canna Cabana branded retail cannabis location in Canada and its 50th in the province of
Ontario, Canada's largest
province.
Located in the heart of southwestern Ontario's industrial belt and known as "The
Railway City," St. Thomas grew
around passenger and commercial railways during the 1900s,
transitioning into a major centre for automobile manufacturing.
This Canna Cabana location is on a major thoroughfare in
St. Thomas, steps away from a
provincially owned liquor retail chain, a major discount retailer
and a national grocery chain. Cabana Club and our ELITE members can
take advantage of this strategic location while completing other
day-to-day shopping tasks.
"Opening our 50th Canna Cabana location in
Ontario is a huge milestone for
us, and I am so thankful to our ELITE and Cabana Club members who
continue to support our innovative and unique discount club model.
From our first Ontario store
opening in 2020, we have maintained our focus on executing our
exemplary retail strategy, securing top locations in high-density
retail neighbourhoods, including major power centres, and this
store location is an excellent example of this dedication," said
Raj Grover, President and Chief Executive Officer of High Tide.
"This location will serve as a pilot for a
potential new concept that focuses heavily on our proprietary
Fastendr retail kiosk technology, given the success we are seeing
with the current roll-out of this technology across our network.
The remainder of 2023 will see us open more Canna Cabana locations
as we continue to expand our footprint in Canada's largest province. With the current
strength of our Canadian bricks-and-mortar sales, every new
high-quality location we add brings us another step closer to
achieving our previously communicated goal of achieving positive
free cash flow by the end of this calendar year. I look forward to
providing the market with a meaningful update in this regard when
we report our financials for the third fiscal quarter by
mid-September," 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 154 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, commitment to opening future stores in prime power
centre locations and the expansion of our discount club model, and
our ability to meet our previously communicated goal of achieving
positive free cash flow by the end of this calendar year. Readers
are cautioned not to 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, including the assumption that new high-quality
locations will contribute to the Company's goal of achieving
positive free cash flow by the end of this calendar year, 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.
This press release contains future-oriented
financial information and financial outlook information
(collectively, "FOFI") about the Company's financial and free cash
flow targets and objectives, all of which are subject to the same
assumptions, risk factors, limitations, and qualifications as set
forth herein. The actual results of operations of the Company and
the resulting financial results will likely vary from the amounts
set forth in this press release, and such variation may be
material. The Company and its management believe that the FOFI has
been prepared on a reasonable basis, reflecting management's
reasonable estimates and judgments. However, because this
information is subjective and subject to numerous risks, it should
not be relied on as necessarily indicative of future results.
Except as required by applicable securities laws, the Company
undertakes no obligation to update such FOFI. FOFI contained in
this press release was made as of the date of this press release
and was provided for the purpose of providing further information
about the Company's anticipated future business operations and
strategy. Readers are cautioned that the FOFI contained in this
press release should not be used for purposes other than for which
it is disclosed herein.
Readers are cautioned that events or
circumstances could cause the Company's free cash flow and
associated results to differ materially from those predicted, and
the Company's guidance for 2023 may not be appropriate for other
purposes. Accordingly, undue reliance should not be placed on the
same.
The forward-looking information and statements
contained in this news release speak only as of the date hereof,
and the Company does not assume any obligation to publicly update
or revise any of the included forward-looking statements or
information, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities
laws.
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SOURCE High Tide Inc.