CALGARY,
AB, Aug. 18, 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 1383 Wilson Road N, Oshawa,
Ontario will begin selling recreational cannabis products
and consumption accessories for adult use. This opening marks High
Tide's 155th Canna Cabana branded retail cannabis location in
Canada and the 51st in
Ontario, Canada's largest
province.
Located on the shores of Lake
Ontario, Oshawa is "the
automotive capital of Canada" and
is the Canadian headquarters of General Motors. At the eastern edge
of the "Golden Horseshoe," Oshawa
is the largest municipality in the Durham region. The city has grown into an
education and health sciences hub with three major post-secondary
institutions located within its borders. Durham College is an 8-minute drive from this
new Canna Cabana and houses a student population of approximately
12,000. This brand-new storefront is located in a major power
centre, steps away from a national grocery chain, a national
discount retailer and several quick-service restaurants.
"Oshawa, with its automotive
manufacturing roots, is an exciting new market for Canna Cabana,
and our real estate strategy again stands out with this location.
This Canna Cabana store stands to benefit from the extensive
consumer traffic generated by the multiple well-established
national retail brands already located within this power centre,
giving us an opportunity to grow our ELITE and Cabana Club
membership base, which currently sits at over one million members
across Canada," said Raj Grover,
President and Chief Executive Officer of High Tide.
"As the largest city in Durham,
Oshawa is an excellent place to
showcase our innovative discount club model, which includes
friendly budtenders serving our club members in an open and
retail-friendly shoppable layout alongside our proprietary Fastendr
technology. I am confident that the quality and strength of this
new store, coupled with similar high-quality locations in our
construction pipeline, will support our previously stated goal of
achieving positive free cash flow by the end of this calendar year.
I look forward to sharing more news in this regard when we release
our third quarter financials in mid-September," added Mr.
Grover
Appointment of Permanent Chief
Financial Officer (CFO)
The Company also announces the appointment of Sergio Patino as permanent CFO, effective
August 1, 2023. Mr. Patino has served
as interim CFO since February 28,
2023. He is a Chartered Professional Accountant (CPA, CMA)
and has a Master's in business from the University of Alberta. He first joined High Tide as
a Financial Consultant in November of 2022, bringing over 20 years
of global experience across multiple industries. Prior to joining
High Tide, he was Chief Financial Officer for the Americas of a
large Mining Construction company. Prior to that, he led the
transformation of a global Supply Chain group. He has work
experience in Finance, Strategy, Supply Chain, Project Accounting
& Controls, Process and Systems improvement, gained from roles
held in large publicly traded companies in the Oil & Gas,
Mining and Heavy Construction industries.
Employee Stock Options
Grant
In addition, High Tide announces the grant of 80,000 incentive
stock options (the "Options"). Each Option is exercisable at the
closing price of the Company's common shares listed on the TSX
Venture Exchange (the "TSXV") based on the last trading day
immediately prior to this press release, expires three years from
the date of grant, and vests over a two-year period. Each Option is
exercisable to purchase one common share of the Company and are
being issued pursuant to the terms of the Company's Omnibus Plan,
which became effective on June 2,
2022.
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 155 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 the cannabis
category stocked with wholesale solutions via Valiant™.
Licensing: High Tide continues to push cannabis culture
forward through fresh partnerships and licensing 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 America's 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 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 store will commence its operations today;
the stated benefits of the store location, including existing
customer traffic, potential to increase the Company's membership
base, benefits to the Company's discount club model; and the store
and new store openings contributing to the Company's goal of
achieving positive free cash flow by the end of this calendar year;
the Company providing updates under the stated timeline; and the
Company's issuance of the Option grants and terms related
thereto.
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, including the store will open for
business today, the Company will have the ability to realize upon
the stated benefits of the store and store location; the Company
achieving positive free cash flow by the end of this calendar year;
and the Company possessing the ability to provide updates as
stated, and are subject to numerous risks and uncertainties,
certain of which are beyond the Company's control, including but
not limited to, the store not commencing its operations today; the
Company's inability to realize upon the stated benefits of the
store location; the store and new store openings inability to
contribute to the Company's goal of achieving positive free cash
flow by the end of this calendar year; the Company's inability to
providing updates under the stated timeline; and the Company's
ability to fufill the Option grants and terms related thereto, in
addition 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/or 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 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.
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.
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SOURCE High Tide Inc.