CALGARY,
AB, Feb. 23, 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,
welcomed today's vote in the German parliament to approve a bill
making Germany the second G7
country to allow the consumption and private cultivation of
cannabis for recreational purposes by adults. Today's vote sets the
stage for Germany to begin
implementing "pillar 1" of its legalization plan, which will see
possession and cultivation for personal use permitted by
April 1, 2024, and not-for-profit
social clubs begin operation as of July 1st,
2024. The German government has indicated that it will now
begin work on a draft law related to "pillar 2" of its legalization
plan, focusing on regional adult use pilot projects supported by
commercial supply chains and for-profit cannabis specialty
stores.
"We are very excited about the potential to bring our
first-of-its-kind innovative discount club model to Germany, which is the world's third-largest
economy and a country with a population of over 83 million. That's
why our team has been closely monitoring legislative developments
in Germany ever since the ruling
coalition government indicated its desire to move towards adult-use
legalization in December 2021," said
Raj Grover, Founder and Chief Executive Officer of High Tide.
"The passage of this bill is a historic moment as it makes
Germany the second G7 country to
legalize the consumption and private cultivation of cannabis for
recreational purposes by adults, and sets the stage for the
government to move forward with the second pillar of its plan which
aims to set up regional adult use pilot projects focused on
cannabis specialty shops. Our intention is to capitalize on this
opportunity, given our deep experience and success through our
unique and differentiated retail model, that we will seek to
replicate in Germany as soon as
legislation allows," 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 and is the second-largest cannabis
retailer in North America by store
count1. 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 163 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.
__________________________________
|
1 As
reported by ATB Capital Markets based on store counts as of
February 8, 2024
|
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 Brandz™ 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 named as one of the top 10 performing
diversified industries stocks in both the 2022 and 2024 TSX Venture
50. High Tide was also 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 ability of the Company to execute its
expansion plans in Germany and the
success thereof. 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.