High Tide Opens First Canna Cabana in Pickering, Ontario

Rhea-AI Summary

High Tide Inc. announced the opening of its 171st Canna Cabana store in Canada, the first in Pickering, Ontario. Situated in a prime retail location, this new store will offer recreational cannabis products and accessories for adult use. With a focus on strategic expansion in high-growth areas like Pickering, High Tide aims to capitalize on the city's population growth and retail opportunities.

Positive

• High Tide expands its retail presence with the opening of the 171st Canna Cabana store in Canada.

• The new store in Pickering, Ontario, strategically located in a high-traffic retail area, will cater to the city's growing population.

• The company's focus on expanding in fast-growing population centers like Pickering demonstrates a commitment to capitalizing on emerging retail opportunities.

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• None.

CALGARY, AB, May 13, 2024 /PRNewswire/ - 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 1105 Kingston Road, Pickering Ontario will begin selling recreational cannabis products and consumption accessories for adult use. This opening will mark High Tide's 171st Canna Cabana branded retail cannabis location in Canada, the 62nd in the province of Ontario and the first store in the city of Pickering.

This brand-new Canna Cabana is situated in Brookdale Centre, the heart of Pickering's retail shopping district. Located along the major thoroughfare of Kingston Road, this Brookdale Centre store is just 10 minutes from Highway 401, the major artery connecting all the cities in the Greater Toronto Area. It is also a short drive away from Pickering Town Centre, the primary shopping mall in the region. ELITE and Cabana Club members can easily access this new location while shopping at one of many national anchor tenants, such as a major home improvement store, a home decor and craft supplier, and one of the largest Canadian pharmacy retail chains, among several quick service restaurants.

"I am thrilled to announce the opening of our first store in the beautiful city of Pickering. This brand-new Brookdale Centre store is a continuation of our carefully curated retail strategy, opening in major retail power centres surrounded by strong anchor tenants. Cities in the GTA, like Pickering, are some of the fastest growing population centres in Canada, making them a natural choice as we expand Canna Cabana's reach in Canada's largest province," said Raj Grover, Founder and Chief Executive Officer of High Tide.

"Pickering has a current population of over 100,000 residents and is projecting an annual growth rate of 5% over the next twenty years. It is clear that Canadians are moving into these cities as they look for affordable housing and opportunities outside of larger and more expensive cities like Toronto. The growth in Pickering and cities just like it holds tremendous potential for Canna Cabana retail stores in the coming months and years. We have some exciting stores in our construction pipeline, so stay tuned for those announcements coming soon," 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 171 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.

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, Silipipe, 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 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 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 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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1 As reported by ATB Capital Markets based on store counts as of February 8, 2024

 

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SOURCE High Tide Inc.