CALGARY,
AB, Sept. 12, 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 9025 Airport Rd, Brampton,
Ontario will begin selling recreational cannabis products
and consumption accessories for adult use on Thursday, September 14, 2023. This opening will
mark High Tide's 156th Canna Cabana branded retail cannabis
location in Canada and the 52nd in
Ontario, Canada's largest
province.
Brampton is a major city in the
Greater Toronto Area, is the ninth
most populous city in Canada, and
the third most populous in the "Golden Horseshoe" of Ontario. Once famous for its large greenhouse
industry, it retains the name "Flower City" in its slogan and is
quickly rising as one of the most diverse municipalities in
Canada. This second Canna Cabana
location is in the city's southeast corner, near Mississauga, which recently approved legal
cannabis stores. Located in a retail power centre with major
national big box outlets in close proximity, this brand new Canna
Cabana location will serve more ELITE and Cabana Club members in
Brampton and neighbouring
Mississauga.
"Given the success of our existing Canna Cabana location in
Brampton, a city with a population
of nearly 700,000, I am excited about opening our second store in
this highly multicultural municipality, which is one of the
fastest-growing among big cities in Canada. Our Cabana Club is rapidly growing
across the country, and our innovative discount club model is
exceptionally well received across Ontario. I am always thrilled to see another
Canna Cabana location established in Ontario, as our average store in Canada's largest province does 3.4 times the
provincial sales average," said Raj Grover, President and Chief
Executive Officer of High Tide.
"Looking ahead to our third fiscal quarter earnings release,
which will be filed after the close of markets on Thursday, I am
looking forward to sharing even more news about High Tide's
continuing upward trajectory. As you know, I have said several
times that our objective is to achieve positive free cash flow by
the end of this calendar year. I look forward to providing an
update on this, as well as some innovative new offerings we have in
the hopper. We are also closely monitoring the rapid pace of
potential regulatory and legislative reform in the US and stand
ready to bring our winning discount club model to the world's
largest cannabis market as soon as permissible," added Mr.
Grover.
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 timing of our new location beginning to
sell recreational cannabis products and consumption accessories for
adult use, the expected benefits of the store location, including
the serving of the Company's ELITE and Cabana Club members, the
growth and popularity of the Company's discount club model, the
performance of the Company's stores compared to the provincial
average; the Company providing its third quarter earnings release
on the timelines as stated, and the Company's plans to bring its
discount club model to the United
States. 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.sedarplus.ca 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.