High Tide Continues Organic Growth with New Store in Martensville, Saskatchewan

Rhea-AI Summary

High Tide Inc. (TSXV: HITI, Nasdaq: HITI) announced the opening of its 88th retail location at 228 Centennial Drive N in Martensville, Saskatchewan, specializing in recreational cannabis products. This marks High Tide's fourth store in Saskatchewan, strategically located near major restaurants and retail chains. The company emphasizes its commitment to organic growth and expanding its e-commerce presence following recent acquisitions in the U.S. High Tide is noted as the most profitable Canadian cannabis retailer, with 88 locations across Canada.

Positive

• Opened 88th retail location, enhancing market presence.
• Continues organic growth strategy in Canada.
• Strategically located near major retail chains, potentially increasing foot traffic.
• High Tide is recognized as the most profitable Canadian cannabis retailer by Adjusted EBITDA.

Negative

• None.

CALGARY, AB, July 23, 2021 /PRNewswire/ - High Tide Inc. ("High Tide" or the "Company") (TSXV: HITI) (Nasdaq: HITI) (FRA: 2LYA), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, announced today that the Canna Cabana retail store located at 228 Centennial Drive N in Martensville, Saskatchewan, has begun selling recreational cannabis products for adult use. This opening represents High Tide's 88^th branded retail location across Canada, and fourth in Saskatchewan, selling recreational cannabis products and consumption accessories. The new store is poised to benefit from being close to several leading national restaurant and big box retail chains.

"Following our recent acquisition of a six store portfolio in Regina, and after having recently executed several accretive acquisitions designed to bolster our e-commerce presence in the United States, we remain committed to organic growth in Canada," said Raj Grover, President and Chief Executive Officer.  Customers in Martensville deserve to have access to a one stop shop for all of their cannabis and consumption accessory needs and I'm thrilled that as of today this is possible," added Mr. Grover.

About High Tide Inc.

High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The Company is the most profitable Canadian retailer of recreational cannabis as measured by Adjusted EBITDA¹, with 88 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan. High Tide's retail segment features the Canna Cabana, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis banners, with additional locations under development across the country. High Tide has been serving consumers for over a decade through its established ecommerce platforms including Grasscity.com, Smokecartel.com and Dailyhighclub.com, and in the hemp-derived CBD space through CBDcity.com and FABCBD.com as well as its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. High Tide's strategy as a parent company is to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing shareholder value. Key industry investors in High Tide include Tilray Inc. (TSX: TLRY) (Nasdaq: TLRY) and Aurora Cannabis Inc. (TSX: ACB) (Nasdaq: ACB).

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1 Adjusted EBITDA is a non-IFRS financial measure.

Neither the TSXV 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.  For more information about High Tide Inc., please visit www.hightideinc.com and its profile page on SEDAR at www.sedar.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this news release are forward-looking information or forward-looking statements. Such information and statements, referred to herein as "forward-looking statements" are made as of the date of this news release or as of the date of the effective date of information described in this news release, as applicable. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (generally, forward-looking statements can be identified by use of words such as "outlook", "expects", "intend", "forecasts", "anticipates", "plans", "projects", "estimates", "envisages, "assumes", "needs", "strategy", "goals", "objectives", or variations thereof, or stating that certain actions, events or results "may", "can", "could", "would", "might", or "will" be taken, occur or be achieved, or the negative of any of these terms or similar expressions, and other similar terminology) are not statements of historical fact and may be forward-looking statements.

Such forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to the ability of High Tide to execute on its business plan and that High Tide will receive one or multiple licenses from Alberta Gaming, Liquor & Cannabis, British Columbia's Liquor Distribution Branch, Liquor, Gaming and Cannabis Authority of Manitoba, Alcohol and Gaming Commission of Ontario or the Saskatchewan Liquor and Gaming Authority permitting it to carry on its Canna Cabana Inc. and KushBar Inc. businesses. High Tide considers these assumptions to be reasonable in the circumstances. However, there can be no assurance that any one or more of the government, industry, market, operational or financial targets as set out herein will be achieved. Inherent in the forward-looking statements are known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking statements.

The forward–looking statements contained herein are current as of the date of this news release. Except as required by law, High Tide does not have any obligation to advise any person if it becomes aware of any inaccuracy in or omission from any forward-looking statement, nor does it intend, or assume any obligation, to update or revise these forward-looking statements to reflect new events or circumstances. Any and all forward-looking statements included in this news release are expressly qualified by this cautionary statement, and except as otherwise indicated, are made as of the date of this news release.

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SOURCE High Tide Inc.

FAQ

What is the significance of High Tide's new store opening in Martensville?

The new store is High Tide's 88th location, expanding its footprint in the cannabis retail market.

When did High Tide open its 88th store?

High Tide opened its 88th retail location on July 23, 2021.

How many retail locations does High Tide have in Saskatchewan?

High Tide now has four retail locations in Saskatchewan.

What is High Tide's position in the Canadian cannabis retail market?

High Tide is the most profitable Canadian retailer of recreational cannabis, measured by Adjusted EBITDA.

What are the future growth plans for High Tide?

High Tide is focused on organic growth in Canada and expanding its e-commerce presence following recent acquisitions.