High Tide Opens Two New Canna Cabana Stores in North York, Ontario and Winnipeg, Manitoba
High Tide has expanded its retail footprint with the opening of two new Canna Cabana stores in North York and Winnipeg, increasing its total locations to 147 across Canada. The North York store is strategically located near major retailers and York University, while the Winnipeg store is situated in a busy shopping mall. High Tide's retail approach emphasizes high-traffic locations, with per-store sales in Ontario exceeding the provincial average. The company is on track to reach its goal of 150 stores by the end of 2022.
- Opened two new Canna Cabana stores, bringing total locations to 147.
- Strategic locations near high-traffic areas expected to boost sales.
- Average sales in Ontario are more than double the provincial average.
- On track to reach 150 stores by year-end, enhancing market presence.
- None.
CALGARY, AB, Dec. 22, 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 6231 Bathurst Street in North York, Ontario has begun selling recreational cannabis products and consumption accessories for adult use and that its store located at 1225 St. Mary's Rd, Winnipeg, Manitoba is scheduled to open tomorrow. These organic store openings bring the nationwide total of Canna Cabana bricks-and-mortar locations to 147.
Situated near a major Ontario-based grocer and a national pharmacy chain, the North York Canna Cabana is a short drive from York University's Keele Campus, with a student population of approximately 52,000. This location is also located in one of the Greater Toronto Area's most densely populated communities, including multiple high-rise condo buildings.
This Winnipeg store is located within the St. Vitals shopping mall, featuring major international retailers and is a dining and entertainment hub. It is also situated close to a main thoroughfare in Winnipeg, expanding Canna Cabana's reach into thriving shopping centres.
"I am pleased to announce the opening of Canna Cabana stores in North York and Winnipeg. As I have said before, our retail strategy involves finding the best available real estate in high-traffic and high-population density areas, and both of these stores showcase our commitment to this strategy. This selective real estate approach has served us well, as demonstrated by the fact that our average per-store sales in Ontario are more than double the provincial average. We remain on track to announce several additional store openings before the end of this year, which will get us very close to, if not reaching, our goal of 150 stores across Canada by the end of 2022," said Raj Grover, President and Chief Executive Officer of High Tide.
"We applaud Manitoba's recent introduction of legislation that would if passed, eliminate the provincially mandated social responsibility fee. This move will make it easier for Manitoba cannabis retailers to compete with the illicit market, which is important for the continued growth of the legal cannabis sector within the province," 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 non-franchised cannabis retail chain in Canada, with 147 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 maximizing 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.
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SOURCE High Tide Inc.
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