High Tide Opens First Canna Cabana Location in British Columbia
High Tide Inc. (NASDAQ: HITI) announced the opening of its first Canna Cabana retail cannabis store in Fort St. John, British Columbia, on July 13, 2022. This marks the Company's 128th store in Canada and its entry into the British Columbia market. The store aims to leverage High Tide's successful discount club model, with plans for further expansion. Recent acquisitions in Vancouver will also enhance their presence in the province, aiming to reach the store cap of 8 locations. High Tide is the largest Canadian retailer of recreational cannabis by revenue.
- Opening of the first Canna Cabana store in British Columbia, enhancing market presence.
- Expansion plans include potential acquisition of more stores in the province.
- High Tide is the largest Canadian cannabis retailer by revenue with 128 locations across Canada.
- None.
CALGARY, AB, July 13, 2022 /PRNewswire/ - High Tide Inc. ("High Tide" or the "Company") (NASDAQ: HITI) (TSXV: HITI) (FSE: 2LYA), a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, announced today that its Canna Cabana retail cannabis store located at 10027 100 Street in Fort St. John, British Columbia will begin selling recreational cannabis products and consumption accessories for adult use at 4:20 PM local time today. This opening will represent High Tide's 128th branded retail location across Canada, and 1st in British Columbia, selling recreational cannabis products and consumption accessories. The store will be High Tide's first location in the Peace River Region of British Columbia, within which Fort. St John is the largest municipality. It is located in the centre of the city, close to numerous businesses, and is only minutes away from the Alaska Highway, which brings residents and visitors into the city.
"Our first organic store opening in British Columbia is a much-awaited and very positive milestone for High Tide. This is the result of many months of hard work by our team as we navigated the regulatory process to enter the province. I am excited that we finally have the opportunity to bring our innovative discount club model, which has been a proven hit with our customers in the four provinces where we already operate, to British Columbia," said Raj Grover, President and Chief Executive Officer of High Tide. "Combined with last week's announced acquisition of two operating retail cannabis stores in Vancouver through the Choom BC store portfolio, we are entering the province in a big way and are already almost halfway to the provincial store cap. With this foothold in British Columbia, I anticipate that we will be able to expand quickly through both organic growth and strategic acquisitions, putting us in a position to reach the cap of 8 stores in the coming months," added Mr. Grover.
High Tide is a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets. The Company is the largest Canadian retailer of recreational cannabis as measured by revenue, with 128 current locations spanning Ontario, Alberta, British Columbia, Manitoba, and Saskatchewan. The Company is also North America's first cannabis discount club retailer, under the Canna Cabana banner, which is the single-largest cannabis retail brand in Canada with additional locations under development across the country. High Tide's portfolio also includes retail kiosk and smart locker technology – Fastendr™. High Tide has been serving consumers for over a decade through its established e-commerce platforms including Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com and more recently in the hemp-derived CBD space through Nuleafnaturals.com, FABCBD.com, BlessedCBD.co.uk,, BlessedCBD.de, and Amazon UK, as well as its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. High Tide was featured in the third annual Report on Business Magazine's ranking of Canada's Top Growing Companies in 2021 and was named as one of the top 10 performing diversified industries stocks in the 2022 TSX Venture 50™. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information about High Tide Inc., please visit www.hightideinc.com, its profile page on SEDAR at www.sedar.com, and its profile page on EDGAR at www.sec.gov.
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. business. 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
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SOURCE High Tide Inc.
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