High Tide Expands Ontario Presence with New Toronto Store

Rhea-AI Summary

High Tide Inc. announced the opening of its 85th retail store, Canna Cabana, in Toronto, Ontario, enhancing its presence in Canada. This location is particularly strategic, benefiting from its proximity to popular restaurants and shopping areas. Despite pandemic-related construction restrictions impacting expansion speed, the company remains focused on growth in Ontario, which is seen as a significant opportunity for increased market share. High Tide operates retail locations across Canada, positioning itself as a leader in the cannabis market.

Positive

• Opening of 85th retail location, enhancing market presence.
• Strategic location in a densely populated area, likely to drive sales.

Negative

• Pandemic-related construction restrictions limiting expansion pace.

CALGARY, April 26^th, 2021 /PRNewswire/ - High Tide Inc. ("High Tide" or the "Company") (TSXV: HITI) (OTCQB: HITIF) (FRA:2LY), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, announced today that the Canna Cabana retail store located at 2318 Keele Street West in Toronto, Ontario, has begun selling recreational cannabis products for adult use. This opening represents High Tide's 85^th branded retail location across Canada, and 18^th in Ontario, selling recreational cannabis products and consumption accessories. Located within walking distance of Toronto's iconic Corsa Italia neighbourhood, the new store is poised to benefit from its location within a densely populated neighbourhood close to popular restaurants and shopping destinations.

"As Canada's largest province, Ontario represents a huge organic growth opportunity for our business," said Raj Grover, President and Chief Executive Officer of High Tide. "Although Ontario's recently imposed pandemic related restrictions on construction are impacting the pace of store buildouts, we remain committed to our expansion strategy so that more and more Ontario customers can take advantage of our well established and differentiated one-stop shopping experience," added Mr. Grover.

About High Tide Inc.

High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The Company is the largest Canadian retailer of recreational cannabis as measured by revenue, with 85 branded retail locations spanning Ontario, Alberta, Manitoba and Saskatchewan. High Tide's retail segment features the Canna Cabana, KushBar, 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 numerous consumption accessory businesses including e-commerce platforms Grasscity.com, Smokecartel.com and CBDcity.com, and 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 Aphria Inc. (TSX:APHA) (NYSE:APHA) and Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB).

Neither the TSX Venture Exchange (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.

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

What is High Tide Inc.'s latest store opening announcement?

High Tide Inc. announced the opening of its 85th retail store, Canna Cabana, in Toronto, Ontario, on April 26, 2021.

How many retail locations does High Tide have in Ontario?

High Tide has 18 retail locations in Ontario as of April 2021.

What is the significance of High Tide's new store location?

The new store is located in a densely populated area of Toronto, close to popular restaurants and shopping, which is expected to boost sales.

What challenges is High Tide facing regarding store expansions?

High Tide is facing pandemic-related construction restrictions that are impacting the pace of its store buildouts.

How does High Tide's market position compare in Canada?

High Tide is the largest Canadian retailer of recreational cannabis by revenue, with a strong presence across several provinces.