High Tide To Open First Canna Cabana Store in Fort McMurray, Alberta

Rhea-AI Summary

High Tide Inc. announced the opening of its 163rd Canna Cabana retail cannabis store in Canada, marking the first location in the Regional Municipality of Wood Buffalo. The company's CEO, Raj Grover, expressed optimism about the store's success, especially due to the large percentage of highly paid oil sands workers in the area. High Tide also highlighted its innovative discount club model and rapidly growing membership numbers, exceeding 1.2 million as of the third fiscal quarter disclosure.

Insights

Market Research Analyst

The strategic expansion of High Tide Inc. into Fort McMurray represents a calculated move to capitalize on a unique demographic. The location is in close proximity to a high-income workforce within the oil and gas sector, which could potentially translate to higher disposable incomes and increased consumer spending on recreational cannabis products. This could result in higher-than-average sales performance for the new Canna Cabana store compared to other locations.

Furthermore, the company's growth trajectory, indicated by the opening of its 163rd retail location and boasting over 1.2 million membership numbers, suggests a positive reception of its brand and business model. This expansion aligns with the broader trend of cannabis retail consolidation and could position High Tide as a dominant player in the market, potentially impacting its market share and competitive edge within the industry.

Financial Analyst

The announcement of High Tide's new retail location could be a signal to investors about the company's aggressive growth strategy and its potential impact on future revenue streams. With the company's innovative discount club model gaining traction, as evidenced by their rapidly growing membership numbers, there is an implication of sustainable customer loyalty and repeat business, which are key drivers for revenue growth and profitability in the retail sector.

Investors and stakeholders should monitor the performance of this new store closely, as it could serve as a bellwether for the company's ability to perform in demographically favorable markets. If the store achieves the anticipated above-average performance, it could lead to upward revisions in revenue forecasts and positively influence investor sentiment.

Economist

High Tide's decision to establish a presence in Fort McMurray taps into the economic microclimate of a region buoyed by the oil and gas industry. This economic backdrop could provide a resilient customer base even amidst broader economic fluctuations. The presence in a major retail power center also suggests a strategic approach to consumer traffic and accessibility, which are critical factors in retail success.

From an economic perspective, the expansion of legal cannabis retailers like High Tide can contribute to the diversification of the local economy, which is traditionally dependent on natural resources. This diversification could enhance the economic stability of the region and provide additional tax revenues for local governments.

CALGARY, AB, Jan. 26, 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 118 Millennium Drive, Fort McMurray will begin selling recreational cannabis products and consumption accessories for adult use tomorrow, January 27, 2024. This opening will mark High Tide's 163rd Canna Cabana-branded retail cannabis location in Canada, the 79th in the province of Alberta, and the first in the Regional Municipality of Wood Buffalo.

Fort McMurray is considered to be the heart of Alberta's oil and gas production and is the major population centre for the Regional Municipality of Wood Buffalo. It is home to thousands of Canadians from across the country who travel to Fort McMurray to work in Alberta's lucrative oil sands industry. With a population of approximately 100,000, Wood Buffalo is the 6th most populous municipality in the province. This brand-new Canna Cabana is the first location in Fort McMurray. It is located in the Timberlea shopping plaza, a major retail power center on the north side of the Municipality. Situated off two of the main local roadways, this Canna Cabana is surrounded by a mix of high-density, multi-family and single-family residences.

"I am thrilled to announce the opening of our first store in Fort McMurray, which is the beating heart of Alberta's oil and gas industry. We believe that this strategically located, first Canna Cabana store in Fort Mac is poised for great success and should perform above our provincial average, especially given the fact that its population is made up of a large percentage of highly paid oil sands workers," said Raj Grover, Founder and Chief Executive Officer of High Tide.

"Even though we are already the largest cannabis retailer in Alberta, we continue to find new and exciting markets and opportunities to expand within our home province. Our innovative discount club model is quickly becoming a household name for all things cannabis across Canada, as seen through our rapidly growing membership numbers, which exceeded 1.2 million as of our third fiscal quarter disclosure. We look forward to welcoming new ELITE and Cabana Club members in this exciting new market," 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. 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 163 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.

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 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.

CONTACT INFORMATION

Media Inquiries
Omar Khan
Chief Communications and Public Affairs Officer
High Tide Inc.
omar@hightideinc.com
403-770-3080

Investor Inquiries
Vahan Ajamian
Capital Markets Advisor
High Tide Inc.
vahan@hightideinc.com

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SOURCE High Tide Inc.

FAQ

When will High Tide's Canna Cabana retail cannabis store in Fort McMurray begin selling recreational cannabis products and consumption accessories for adult use?

The store will begin selling recreational cannabis products and consumption accessories for adult use on January 27, 2024.

How many Canna Cabana-branded retail cannabis locations does High Tide have in Canada?

High Tide has 163 Canna Cabana-branded retail cannabis locations in Canada.

What is the population of Wood Buffalo, where the new Canna Cabana store is located?

Wood Buffalo has a population of approximately 100,000, making it the 6th most populous municipality in the province of Alberta.

How many members does High Tide's discount club model currently have?

High Tide's discount club model has rapidly growing membership numbers, exceeding 1.2 million as of the third fiscal quarter disclosure.

Who is the CEO of High Tide Inc.?

Raj Grover is the Founder and Chief Executive Officer of High Tide.