High Tide Opens First Canna Cabana Store In Kamloops, British Columbia

Rhea-AI Summary

High Tide Inc. (NASDAQ: HITI) has opened its first Canna Cabana store in Kamloops, British Columbia, expanding its total to 151 locations across Canada, including 7 in British Columbia. The store is strategically located near Thompson Rivers University, attracting local students and tourists. This addition aligns with the company’s goal of reaching 8 stores in the province, maximizing foot traffic from a nearby discount retailer and recreational hiking spots.

Positive

• Opened first Canna Cabana in Kamloops, increasing total to 151 locations.
• Strategically located near Thompson Rivers University, potential for high foot traffic.
• Company moving towards maximum allowed stores in British Columbia.

Negative

• None.

CALGARY, Alberta--(BUSINESS WIRE)--

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 1055 Hillside Dr, Kamloops, British Columbia has begun selling recreational cannabis products and consumption accessories for adult use. This brings High Tide’s total number of branded Canna Cabana locations across Canada to 151, including 7 in British Columbia. This new store represents the first Canna Cabana in the city of Kamloops and is a 15-minute walk from Thompson Rivers University, with an on-campus student population of over 13,000 and a scenic 250-acre campus. The store is also at the base of several hiking trails, and it is located in a shopping complex anchored by a major discount grocer and retailer. Finally, this bricks-and-mortar location is a short drive from Aberdeen Mall, a hub of retail activity in Kamloops.

“I am pleased to announce the opening of our first Canna Cabana in Kamloops, the 10th largest city in British Columbia. This beautiful city, nestled in the south-central part of the province, is a stop for many athletes each year as Kamloops plays host to hockey, baseball, curling and other tournaments. I hope we can welcome some of these visitors into our store, expanding our reach and brand recognition with Canadians,” said Raj Grover, President and Chief Executive Officer of High Tide. “Anchored by a major discount retail chain, this location is poised to benefit from high levels of traffic coming into this power centre. This location is our seventh Canna Cabana in the province of British Columbia and moves us closer to our goal of reaching eight stores, the current maximum permitted by any entity in the province,” added Mr. Grover.

Further to the Company's news release dated December 29, 2022, the Company paid an arm’s length finders’ fee of 136,266 common shares of the Company, in relation to the Company’s successful acquisition of Jimmy’s, which was based on 5% of the aggregate consideration and were issued on the basis of a deemed price of C$2.0365 per share.

ABOUT HIGH TIDE

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 non-franchised cannabis retail chain in Canada, with 151 current locations spanning British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. 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 kiosks 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 United Kingdom, as well as its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. High Tide was featured in the Report on Business Magazine’s ranking of Canada’s Top Growing Companies in both 2021 and 2022 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 maximising shareholder value.

For more information about High Tide, please visit www.hightideinc.com and its profile pages on SEDAR at www.sedar.com and EDGAR at www.sec.gov.

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 contains “forward-looking information” within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. 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 information and forward-looking statements contained herein include, but are not limited to, statements regarding: the Company’s business objectives and milestones and the anticipated timing of, and costs in connection with, the execution or achievement of such objectives and milestones (including, without limitation, proposed acquisitions and store openings); the Company’s future growth prospects and intentions to pursue one or more viable business opportunities; the development of the Company’s business and future activities following the date hereof; expectations relating to market size and anticipated growth in the jurisdictions within which the Company may from time to time operate or contemplate future operations; expectations with respect to economic, business, regulatory and/or competitive factors related to the Company or the cannabis industry generally; the market for the Company’s current and proposed product offerings, as well as the Company’s ability to capture market share; the Company’s strategic investments and capital expenditures, and related benefits; the distribution methods expected to be used by the Company to deliver its product offerings; the competitive landscape within which the Company operates and the Company’s market share or reach; the performance of the Company’s business and the operations and activities of the Company; the Company adding the number of additional cannabis retail store locations the Company proposes to add to the Company’s business upon the timelines indicated herein, and the Company remaining on a positive growth trajectory; the Company completing the development of its cannabis retail stores; the Company’s ability to obtain, maintain, and renew or extend, applicable authorizations, including the timing and impact of the receipt thereof; and the Company’s ability to successfully integrate the operations of any business acquired within the Company’s business.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements.A discussion of some of the material risk factors applicable to High Tide can be found in the “Non-Exhaustive List of Risk Factors” section in Schedule A to the Company’s current annual information form, as such factors may be further updated from time to time in its periodic filings, available at www.sedar.com and www.sec.gov.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

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.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230108005055/en/

INFORMATION

Media Inquiries

Omar Khan

Senior Vice President – Corporate and Public Affairs

High Tide Inc.

omar@hightideinc.com

Investor Inquiries

Vahan Ajamian

Capital Markets Advisor

High Tide Inc.

vahan@hightideinc.com

Source: High Tide Inc.

FAQ

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

The new Canna Cabana store in Kamloops expands High Tide's total locations to 151 across Canada, enhancing market presence.

How many Canna Cabana locations does High Tide have in British Columbia?

High Tide now has 7 Canna Cabana locations in British Columbia, with the Kamloops store being the latest addition.

What is High Tide's goal for store openings in British Columbia?

High Tide aims to reach a maximum of 8 Canna Cabana stores in British Columbia.

What are the competitive advantages of High Tide's new store location?

The new store's location near a major discount retailer and Thompson Rivers University is expected to drive high traffic and brand recognition.

What strategic move did High Tide announce in its press release?

High Tide announced the opening of its first Canna Cabana in Kamloops, aiming to capitalize on local and tourist traffic.