The Company Celebrates its Third
Consecutive Year on This Prestigious List
CALGARY,
AB, Sept. 29, 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 placed No. 38 on the 2023 Report on
Business ranking of Canada's Top
Growing Companies.
Canada's Top Growing Companies
ranks Canadian companies on three-year revenue growth. High Tide
earned its spot with a three-year growth of 1,040%.
This follows the Company's 2022 ranking of 21st out of 430
companies, with a three-year growth rate of 1,970%.
"The Globe and Mail, Canada's
newspaper of record, has, for the third year in a row, recognized
High Tide's exponential growth, ranking us 38th out of 425 on its
annual ranking of Canada's Top
Growing Companies due to our three-year revenue growth rate of
1,040%. Receiving this honour three years running is a testament to
our ability to continue to execute our strategic plan, which
recently resulted in High Tide becoming one of a select few
publicly traded cannabis companies in North America to report positive free cash
flow," said Raj Grover, President and Chief Executive Officer of
High Tide.
"This three-year revenue growth rate was achieved without any
bricks-and-mortar presence in the United
States, the world's largest and most lucrative cannabis
market. As the pace of federal regulatory and legislative reform
picks up, we are keenly looking forward to broadening our global
ambitions by bringing our innovative discount club model to
Americans. High Tide is already the fastest-growing retailer in the
Americas' according to the Financial Times, and I am confident that
once the regulatory environment permits, we can exceed expectations
in the U.S., as we have done in Canada, and eventually become a top five
multi-state operator," added Mr. Grover.
Canada's Top Growing Companies
is an editorial ranking that was launched in 2019. It aims to bring
the accomplishments of innovative businesses in Canada to the forefront. In order to qualify
for this voluntary program, companies had to complete an in-depth
application process and fulfill requirements. In total, 425
companies earned a spot on this year's ranking.
The full list of 2023 winners, along with editorial coverage, is
published in the October issue of Report on Business magazine. The
list is out now and online here.
"Canada's Top Growing Companies
acknowledges the drive and ingenuity displayed by Canadian
business," says Dawn Calleja, Editor
of Report on Business magazine. "This year's ranking serves as an
inspiration for future business owners."
"This year's Report on Business magazine's list of Top Growing
Companies shows how innovative ideas always rise to the top,
perhaps even more so in times of uncertainty," says Andrew Saunders, CEO of The Globe and Mail. "The
Globe and Mail congratulates this year's winners for meeting and
surpassing those economic challenges."
About The Globe and Mail
The Globe and Mail is Canada's
foremost news media company, leading the national discussion and
causing policy change through brave and independent journalism
since 1844. With our award-winning coverage of business, politics
and national affairs, The Globe and Mail newspaper reaches 6.2
million readers every week in our print or digital formats, and
Report on Business magazine reaches 2.7 million readers in print
and digital every issue. Our investment in innovative data science
means that as the world continues to change, so does The Globe. The
Globe and Mail is owned by Woodbridge, the investment arm of the Thomson
family.
Stock Options Grant
In addition, High Tide announced the grant of 2,235,457
incentive stock options (each an "Option") to various
employees, consultants, directors and officers of the Company
(together, the "Eligible Participants"). Each Option is
exercisable to purchase one common share in the capital of the
Company at a price of $2.75 per
common share for a period of three years from the date of grant and
vests over a two-year period. A portion of the Options granted,
namely 929,124 Options (the "Additional Options"), are being
granted conditionally to certain Eligible Participants to
supplement outstanding options that were previously granted which
either: * expire in the near term; or (y) have exercise prices
significantly higher than the Company's current trading prices, and
as such no longer represented a realistic incentive to motivate
such holders. The Additional Options are conditional upon the
holder agreeing that they will not exercise their existing options,
which the Additional Options are meant to supplement unless they
receive prior written approval from the Company. The Options 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, 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 156 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 2021, 2022 and 2023 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: our ability to expand our discount club model
into the United States and become
a top five multi-state operator. 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.