The Company Will End 2024 Having Opened 29
New Stores Across Canada
CALGARY,
AB, Dec. 18, 2024 /CNW/ - 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 900 Carmichael Lane, in Hinton,
Alberta will begin selling recreational cannabis products
and consumption accessories for adult use tomorrow; and that its
Canna Cabana retail cannabis store located at 1036 Pembroke Street
East, Pembroke, Ontario will begin
selling consumption accessories for adult use December 22nd with recreational
cannabis sales to follow. These openings will mark High Tide's
190th and 191st Canna Cabana branded retail
cannabis locations in Canada, the
84th in the province of Alberta and the 76th in the
province of Ontario.
Hinton Location
Hinton, a new market for Canna
Cabana, is a town in west-central Alberta, along the Yellowhead highway,
approximately an hour's drive from the world-renowned Jasper National Park. Hinton is also the final municipality that has
access to services such as liquor and grocery stores before
entering the park. This new Canna Cabana is situated within the
significant shopping node of Parks West Mall, where the main anchor
tenants include two national grocery chains, and several quick
service restaurants.
Pembroke Location
Located to the north-west of Ottawa with a population of just under 15
thousand, Pembroke also represents
a new market for Canna Cabana. The new store is located along a
main road that is the main north-south artery in town. With few
nearby competitors and the Pembroke Mall down the road, this new
site will be shadow anchored by a national confectionary chain
while sharing a building with a well-known fast-food franchise.
"I am thrilled to announce that by the end of 2024, High Tide
will have successfully opened 29 new stores, achieving our publicly
stated goal of adding 20 to 30 locations across Canada this year. This remarkable growth has
been driven by our strong free cash flow, allowing us to expand
without tapping into our cash reserves. We continue to solidify our
position as Alberta's largest
cannabis retailer, now operating 84 wholly owned locations, and we
see even more opportunities to grow in our home province. In
Ontario, Canada's largest market,
we've reached an impressive milestone of surpassing 75 stores and
are eager to double this number, aiming for the provincial cap of
150 locations," said Raj Grover, Founder and Chief Executive
Officer of High Tide.
"Canada remains a dynamic and
exciting growth market as we advance toward our ambitious goal of
300 locations nationwide within the next few years. Simultaneously,
we are equally energized by our recently launched international
initiatives that will drive our global expansion. I want to take
this opportunity to thank our dedicated team for their unwavering
efforts, especially as we push through December. Their hard work
continues to be the backbone of our success," 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 and is the second-largest cannabis
retailer globally by store count1. 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
cannabis retail chain in Canada,
with 191 current locations spanning British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and growing. In 2021, Canna Cabana
became the first cannabis discount club retailer in the world.
Retail Innovation: Fastendr™ is a unique and fully
automated technology that employs retail kiosks to facilitate a
better buying experience through browsing, ordering and pickup.
Consumption Accessories: High Tide operates a suite of
leading accessory e-commerce platforms across the world, including
Grasscity.com, Smokecartel.com, Dailyhighclub.com, and
Dankstop.com.
Brands: High Tide's industry-leading and consumer-facing
brand roster includes Queen of Bud™, Cabana Cannabis Co™, Daily
High Club™, Vodka Glass™, Puff Puff Pass™, Dopezilla™, Atomik™,
Hue™, Evolution™ and more.
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 by the Globe and Mail's Report on Business in 2024 for
the fourth consecutive year and was named as one of the top 10
performing diversified industries stocks in both 2022 and 2024 TSX
Venture 50. High Tide was also 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.
|
_________________________________
1 As reported by ATB Capital Markets based on store
counts as of February 8, 2024
|
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
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 locations beginning to
sell recreational cannabis products and consumption accessories for
adult use, the expected benefits of the store locations, and our
commitment to opening the number of future stores on the timeline
indicated herein, 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.
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SOURCE High Tide Inc.