High Tide Announces Joint Venture with Positive Intent Events to Bring Legal Cannabis to the World of Events and Entertainment
High Tide Inc. (Nasdaq: HITI) has announced a joint venture with Positive Intent Events (PIE) to establish a leading position in Canada's emerging cannabis hospitality sector. This move follows Alberta's decision to allow licensed cannabis pop-up stores at adults-only festivals and events. High Tide, with 183 Canna Cabana branded retail stores across Canada, plans to leverage its national brand to deliver retail experiences at various events and venues.
The company aims to bring its innovative discount club model, which has helped achieve nearly 11% market share in operating provinces, to adults-only events such as music festivals, comedy shows, and business conferences. High Tide's CEO, Raj Grover, emphasized the opportunity to bring the Cabana experience directly to events where customers are socializing, offering high-quality products at competitive prices.
High Tide Inc. (Nasdaq: HITI) ha annunciato una joint venture con Positive Intent Events (PIE) per stabilire una posizione di leadership nel settore emergente dell'ospitalità cannabis in Canada. Questa mossa segue la decisione dell'Alberta di consentire negozi pop-up di cannabis autorizzati durante festival ed eventi riservati agli adulti. High Tide, con 183 negozi al dettaglio a marchio Canna Cabana in tutto il Canada, prevede di sfruttare il suo brand nazionale per offrire esperienze di acquisto in vari eventi e luoghi.
L'azienda punta a portare il suo innovativo modello di club scontati, che ha contribuito a raggiungere quasi un 11% di quota di mercato nelle province operative, a eventi riservati agli adulti come festival musicali, spettacoli comici e conferenze aziendali. Il CEO di High Tide, Raj Grover, ha sottolineato l'opportunità di portare l'esperienza Cabana direttamente nei luoghi dove i clienti socializzano, offrendo prodotti di alta qualità a prezzi competitivi.
High Tide Inc. (Nasdaq: HITI) ha anunciado una empresa conjunta con Positive Intent Events (PIE) para establecer una posición de liderazgo en el sector emergente de la hospitalidad cannábica en Canadá. Este movimiento sigue la decisión de Alberta de permitir tiendas pop-up de cannabis con licencia en festivales y eventos solo para adultos. High Tide, con 183 tiendas minoristas de la marca Canna Cabana en todo Canadá, planea aprovechar su marca nacional para ofrecer experiencias de compra en varios eventos y lugares.
La empresa busca llevar su innovador modelo de club de descuentos, que ha ayudado a lograr casi un 11% de cuota de mercado en las provincias donde opera, a eventos solo para adultos como festivales de música, espectáculos de comedia y conferencias empresariales. El CEO de High Tide, Raj Grover, enfatizó la oportunidad de llevar la experiencia Cabana directamente a eventos donde los clientes socializan, ofreciendo productos de alta calidad a precios competitivos.
High Tide Inc. (Nasdaq: HITI)는 Positive Intent Events (PIE)와 협력하여 캐나다의 신흥 대마초 환대 산업에서 주도적 위치를 확립한다고 발표했습니다. 이 결정은 앨버타주가 성인 전용 축제와 이벤트에서 면허를 받은 대마초 팝업 매장을 허용하기로 한 결정을 따릅니다. Canna Cabana 브랜드의 소매점 183개를 보유한 High Tide는 다양한 이벤트와 장소에서 소매 경험을 제공하기 위해 국가 브랜드를 활용할 계획입니다.
회사는 음악 축제, 코미디 쇼 및 비즈니스 회의와 같은 성인 전용 이벤트에 혁신적인 할인 클럽 모델을 도입하는 것을 목표로 하고 있으며, 이는 운영 중인 주에서 거의 11%의 시장 점유율을 달성하는 데 도움을 주었습니다. High Tide의 CEO인 Raj Grover는 고객들이 소통하는 행사에 Cabana 경험을 직접 가져올 수 있는 기회를 강조하며, 경쟁력 있는 가격으로 고품질 제품을 제공한다고 덧붙였습니다.
High Tide Inc. (Nasdaq: HITI) a annoncé un partenariat avec Positive Intent Events (PIE) pour établir une position de leader dans le secteur émergent de l'hospitalité du cannabis au Canada. Ce mouvement fait suite à la décision de l'Alberta de permettre des magasins de cannabis éphémères lors de festivals et d'événements réservés aux adultes. High Tide, avec 183 magasins de détail de la marque Canna Cabana à travers le Canada, envisage d'exploiter sa marque nationale pour offrir des expériences de vente au détail lors de divers événements et lieux.
L'entreprise vise à apporter son modèle innovant de club de réduction, qui a contribué à atteindre presque 11% de part de marché dans les provinces où elle opère, à des événements réservés aux adultes tels que des festivals de musique, des spectacles de comédie et des conférences d'affaires. Le PDG de High Tide, Raj Grover, a souligné l'opportunité d'apporter l'expérience Cabana directement aux événements où les clients socialisent, en offrant des produits de haute qualité à des prix compétitifs.
High Tide Inc. (Nasdaq: HITI) hat ein Joint Venture mit Positive Intent Events (PIE) angekündigt, um eine führende Position im aufstrebenden Cannabis-Gastgewerbe in Kanada zu etablieren. Dieser Schritt folgt der Entscheidung Albertas, lizenzierten Cannabis-Pop-up-Stores bei Veranstaltungen und Festivals nur für Erwachsene zu erlauben. High Tide betreibt 183 Canna Cabana Marken-Geschäfte in ganz Kanada und plant, seine nationale Marke zu nutzen, um Einzelhandelserlebnisse bei verschiedenen Veranstaltungen und Locations zu bieten.
Das Unternehmen beabsichtigt, sein innovativen Rabattclub-Modell, das dazu beigetragen hat, fast 11% Marktanteil in den betriebenen Provinzen zu erreichen, zu Veranstaltungen nur für Erwachsene wie Musikfestivals, Comedy-Shows und Geschäftskonferenzen zu bringen. Der CEO von High Tide, Raj Grover, betonte die Möglichkeit, das Cabana-Erlebnis direkt zu Veranstaltungen zu bringen, wo Kunden gesellig sind, und dabei hochwertige Produkte zu wettbewerbsfähigen Preisen anzubieten.
- Joint venture with Positive Intent Events to enter cannabis hospitality sector
- Expansion into licensed cannabis pop-up stores at adults-only events
- Leveraging 183 Canna Cabana retail stores for brand strength
- 11% market share in operating Canadian provinces
- Potential for growth in new cannabis sales channels
- None.
Insights
This joint venture between High Tide and Positive Intent Events marks a significant shift in Canada's cannabis retail landscape. The move to allow cannabis pop-up stores at adults-only events in Alberta opens up a new revenue stream for cannabis retailers. High Tide, with its 183 Canna Cabana stores, is well-positioned to capitalize on this opportunity.
The company's 11% market share in operating provinces and its discount club model could translate into a competitive advantage in this new market segment. This venture could potentially increase High Tide's market penetration and boost sales, especially during peak event seasons. However, success will depend on regulatory compliance and consumer acceptance of cannabis at events.
While specific financial projections are not provided, this venture presents a promising growth opportunity for High Tide. The company's existing infrastructure and brand recognition should allow for cost-effective expansion into this new market segment. The partnership with PIE could help mitigate regulatory and operational risks associated with event-based sales.
Investors should monitor the initial performance of these pop-up stores and any related increases in revenue or market share. If successful, this model could be replicated in other provinces as regulations allow, potentially leading to significant revenue growth. However, it's important to consider the seasonal nature of events and potential regulatory changes that could impact long-term profitability.
The regulatory landscape for cannabis sales at events is evolving and complex. Alberta's decision to allow licensed cannabis pop-up stores at adults-only events is a significant regulatory shift. High Tide's partnership with PIE, which has regulatory expertise, is a strategic move to navigate this new terrain.
However, companies operating in this space must remain vigilant of regulatory compliance. Potential challenges include age verification, consumption limits and local bylaws. As other provinces may follow Alberta's lead, High Tide could be well-positioned to expand this model. Investors should monitor regulatory developments in other provinces and any potential federal policy changes that could impact this business model.
New Joint Venture Follows Alberta's Decision to Allow Cannabis Pop-Up Stores at Adults-Only Festivals and Events
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated August 31, 2023, to its short form base shelf prospectus dated August 3, 2023.
With 183 Canna Cabana branded retail stores across
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"Our success has always been grounded in bringing an unbeatable selection of the highest quality products to our customers at the lowest price in the most convenient way possible. That's why I am thrilled to announce that we are bringing the Cabana experience directly to events where our customers are already socializing. In PIE we have found an event partner that has the regulatory and event planning expertise to support us in executing this vision," added Mr. Grover.
"Partnering with High Tide allows us to seamlessly grow across
"The positive reception we received at the Edmonton International Fringe Theatre Festival confirmed that the public is very ready to embrace cannabis and make it a responsible part of their entertainment experiences," added Mr. Roderick.
ABOUT POSITIVE INTENT EVENTS (PIE)
PIE is
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 globally 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 cannabis retail chain in
Retail Innovation: Fastendr™ is a unique and fully automated technology that employs retail kiosks to facilitate a better buying experience through browsing, ordering and pickup.
Consumption Accessories: High Tide operates a suite of leading accessory e-commerce platforms across the world, including Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com.
Brands: High Tide's industry-leading and consumer-facing brand roster includes Queen of Bud™, Cabana Cannabis Co™, Daily High Club™, Vodka Glass™, Puff Puff Pass™, Dopezilla™, Atomik™, Hue™, Evolution™ and more.
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
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.
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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 success of the joint venture, and whether there will be additional opportunities for cannabis pop-ups across
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SOURCE High Tide Inc.
FAQ
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