High Tide Reports Approximately $775,000 in Retail Sales on 4/20

Rhea-AI Summary

High Tide Inc. reported approximately (CAD) $775,000 in total retail gross revenues on April 20, 2021, marking an 80% increase from the previous week. Sales from the company's Canadian retail stores rose by 51%, while its e-commerce platforms saw a remarkable 201% surge. High Tide operates 84 retail locations across Canada and has developed a strong presence in the consumption accessories market. The company emphasizes its commitment to cannabis culture, celebrating these record-breaking sales despite ongoing pandemic-related restrictions.

Positive

• Total retail gross revenues of CAD $775,000 on April 20, 2021, an 80% increase from the previous Tuesday.
• 51% increase in sales from Canadian retail stores.
• 201% increase in sales across e-commerce platforms.

Negative

• None.

CALGARY, AB, April 23, 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, today announced approximately (CAD) $775,000 in total retail gross revenues ("Total Sales") across all platforms on April 20, 2021 (4/20), representing an 80% increase from the previous Tuesday. The Company's Canadian bricks and mortar stores reported a 51% increase, while sales across its three e-commerce platforms, grasscity.com, smokecartel.com and cbdcity.com reported an increase of 201% percent over the previous Tuesday.

"We at High Tide have never forgotten our humble beginnings and the customers who have helped us grow from one small smoke shop into an international cannabis company operating 84 retail stores across Canada and two of the world's leading e-commerce platforms for consumption accessories," said Raj Grover, President and Chief Executive Officer. "Our commitment to cannabis culture and the cannabis community is deeply rooted in everything we do as a company. I'm thrilled to see that our loyal customers have once again delivered a record breaking 4/20 sales figure despite pandemic related restrictions in many jurisdictions," 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 84 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 were High Tide's retail sales on April 20, 2021?

High Tide reported approximately CAD $775,000 in total retail sales on April 20, 2021.

How much did High Tide's sales increase compared to the previous week?

High Tide's sales increased by 80% compared to the previous Tuesday.

What was the sales increase for High Tide's e-commerce platforms?

Sales across High Tide's e-commerce platforms increased by 201% over the previous Tuesday.

How many retail stores does High Tide operate in Canada?

High Tide operates 84 retail stores across Canada.

What is the significance of April 20 for High Tide?

April 20 is celebrated as a significant day in cannabis culture, and High Tide recorded record-breaking sales on this date.