High Tide Welcomes Ontario Legislation to Make Private Sector Cannabis Delivery Permanent
On Oct 8, 2021, High Tide welcomed the Ontario Government's proposed Supporting People and Businesses Act, aiming to make cannabis delivery and curbside pick-up services permanent. This legislation follows temporary measures initiated during the pandemic that assisted legal cannabis retailers in maintaining operations amid lockdowns. Raj Grover, CEO of High Tide, emphasized the importance of these services in combating illicit market operators while providing safe access to regulated cannabis products. High Tide operates 101 cannabis retail locations across Canada and continues to expand its e-commerce and retail presence.
- Permanent legalization of cannabis delivery services will bolster retail sales.
- High Tide operates 101 locations, indicating strong market presence.
- The company is positioned to compete effectively against illicit market operators.
- None.
CALGARY, AB, Oct. 8, 2021 /PRNewswire/ - High Tide Inc. ("High Tide" or the "Company") (TSXV: HITI) (Nasdaq: HITI) (FSE: 2LYA), a leading retail-focused cannabis company with bricks and mortar as well as global e-commerce assets, with 30 retail cannabis stores currently operating in Ontario, welcomes the Ontario Government's proposed Supporting People and Businesses Act. The Act, if passed, would permanently enable retail cannabis stores to offer popular delivery and curbside pick-up services. This follows earlier moves by the Ontario government to permanently allow bars and restaurants to offer home delivery options for beverage alcohol purchases.
"Along with many other businesses, legal cannabis retailers have seen their bottom lines impacted by the pandemic. As lockdowns were put in place, the Government of Ontario listened to legal cannabis businesses and allowed us to offer curbside pickup and delivery services to our customers on a temporary basis. This decision helped many smaller cannabis retailers stay afloat and limit layoffs, while providing the sector with an important tool to combat illicit market operators, many of whom began ramping up their unregulated delivery services as the pandemic hit," said Raj Grover, President and Chief Executive Officer of High Tide. "I am pleased that the Ontario government has now decided to make the delivery allowance permanent. Through the pandemic, licensed cannabis retailers have proven that we can operate home delivery in a safe and secure manner that allows adults to have timely access to the regulated and quality-controlled products that they want, while ensuring that unlike illicit market operators, access to youth is strictly forbidden," added Mr. Grover.
About High Tide Inc.
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 101 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan, and was featured in the third annual Report on Business Magazine's ranking of Canada's Top Growing Companies in 2021. High Tide's retail segment features the Canna Cabana, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis banners, with additional locations under development across the country. 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 CBDcity.com and FABCBD.com as well as its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. 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. Key industry investors in High Tide include Tilray Inc. (TSX: TLRY) (Nasdaq: TLRY) and Aurora Cannabis Inc. (TSX: ACB) (Nasdaq: ACB).
Neither the TSXV 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.
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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
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. and KushBar Inc. businesses. 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.
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SOURCE High Tide Inc.
FAQ
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