The Company Enters Ontario's Third-Largest City After
Spearheading Efforts to Convince City Council to Opt-Into Cannabis
Retail Sales.
CALGARY,
AB, Dec. 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 5700 Mavis Road, Mississauga,
Ontario will begin selling recreational cannabis products
and consumption accessories for adult use tomorrow. This opening
will mark High Tide's 162nd Canna Cabana branded location in
Canada, the 54th in the province
of Ontario and the first in
Mississauga.
In April 2023, High Tide
spearheaded efforts, which resulted in Mississauga's City Council approving a motion
to allow legal retail cannabis stores to open within its borders.
As the third-largest municipality in Ontario and seventh-largest in Canada, this brand-new market is home to over
800,000 residents and affords an excellent growth opportunity to
onboard new ELITE and Cabana Club members. This Canna Cabana is
opening right next to the entrance of Heartland Town Centre, a
major retail power centre and one of the largest in the province.
This store is also within walking distance of an international
member-only grocery and retail chain, a major Canadian home
improvement and automotive service retailer and other high-traffic
big-box retail stores. In addition, the closest legal cannabis
retail competitor is over 2 kilometres away.
"We ended 2022 with a flurry of store openings, and I am
thrilled that the close of 2023 is much of the same. I have eagerly
awaited the opening of our first Mississauga store, which I am confident will
be a top performer based on the success we've had elsewhere in the
Region of Peel as well as its premier location, which is steps away
from Heartland Town Centre and situated among national retail
chains. This location is yet another example of our team's
relentless dedication to securing the best possible lease
opportunities," said Raj Grover, Founder and Chief Executive
Officer of High Tide.
"2023 was also a challenging year for many Canadian cannabis
retailers, some of whom were forced into CCAA or branched off into
other highly regulated markets. Unlike some of these peers, we have
remained focused on our core cannabis business while maintaining
our focus on operational excellence and retail innovation through
our highly successful discount club model catering to over 1.2
million ELITE and Cabana Club members. I look forward to all that
2024 holds for High Tide as we set our sights on further expansion
by celebrating another 20 to 30 new store openings, focused on
Ontario, Canada's largest
province," 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 162 current locations
spanning British Columbia,
Alberta, Saskatchewan, Manitoba and Ontario and growing. In 2021, Canna Cabana
became the first cannabis discount club retailer in North America.
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: 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, the number of store openings expected in 2024, 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.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.