Province Amends Ontario Regulation 468/18
Under the Cannabis Licence Act, 2018 to Increase the Number of
Stores That Licensed Retail Cannabis Operators and Their Affiliates
Can Operate From 75 to 150
CALGARY,
AB, Jan. 2, 2024 /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,
welcomes today's amendment of Ontario Regulation 468/18 under the
Cannabis Licence Act, 2018 that increases the number of stores that
licensed retail cannabis operators and their affiliates can operate
from 75 to 150.
"We welcome Ontario's move
today to make good on its previously stated intent to double the
provincial store cap to 150. The increase comes as some operators
who have a franchise model are already approaching, or have
exceeded, 75 stores in the province. The move will have a positive
impact on Ontario's cannabis
retail market as it brings the province closer to Alberta, Saskatchewan and Manitoba, which don't have a store cap and
have demonstrated success at illicit market capture," said Raj
Grover, Founder and Chief Executive Officer of High Tide.
"This change not only levels the retail playing field in
Ontario but also creates a
significant growth opportunity for High Tide and others that will
help Ontario's legal cannabis
industry better compete with an entrenched illicit market, creating
new jobs for Ontarians and increasing tax revenue for the province.
As of July 2023, the 50 Canna Cabana
stores we had open in Ontario had
an average annual run rate that was 3.4 times our provincial
peers'. Accordingly, an additional 100 locations will help
meaningfully boost our revenues and power our growth trajectory
over the next couple of years, further solidifying our leadership
position as the largest non-franchised cannabis retailer in the
country. With this change, our long term growth target has now
shifted upwards to 300 bricks and mortar stores in Canada," 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 effect of the regulatory amendment on
illicit market capture in Ontario,
the expected annual revenue run rate for current and future
Ontario stores, and the growth
opportunity for High Tide in Ontario. 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.
CONTACT INFORMATION
Media Inquiries
Omar
Khan
Chief Communications and Public Affairs
Officer
High Tide
Inc.
omar@hightideinc.com
403-770-3080
Investor Inquiries
Vahan
Ajamian
Capital Markets Advisor
High
Tide Inc.
vahan@hightideinc.com
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SOURCE High Tide Inc.