Canna Cabana Reaches 180 Total Stores
Canada Wide, Including 65 in the Province of Ontario
CALGARY,
AB, July 31, 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 stores
located at 20 Douglas Woods Dr SE
Calgary, Alberta, 3630 Brentwood Road NW Calgary, Alberta ,1729 Walkley Rd,
Ottawa, Ontario, and 94 Highway 8,
Stoney Creek, Ontario, will
open tomorrow, bringing the number of High Tide's Canna Cabana
branded retail locations Canada-wide to 180, including 65 stores in the
province of Ontario.
Alberta
Douglasdale is a well-established and mature neighbourhood in
southeast Calgary. This new Canna
Cabana will open in a previous retail cannabis store with an
established customer base. Co-tenants include a pharmacy, a liquor
store and a gas station, amongst other businesses. This location is
highly visible from a major roadway through the community and is
steps away from walking paths along the Bow River while boasting
over 40,000 residents within a three-kilometer radius.
Situated in the northwest end of Calgary, Brentwood is a community featuring a mix of
high-density multi-family units and single-family homes. Located in
a major retail shopping plaza beside the University of Calgary, this new Canna Cabana opens
in a retail unit previously leased by FOUR20 Cannabis, which has
filed a notice of intention to make a proposal to their creditors.
Anchor tenants include a major discount retailer, a Canadian
grocery chain, and several quick-service restaurants. This new
store also features excellent street visibility and a population
density of over 56,000 in a three-kilometer radius.
Ontario
The Walkley store opening brings the total number of Canna
Cabana locations in Ottawa,
Canada's capital city, to five. Situated in a large shopping
plaza along a major roadway, this brand-new Canna Cabana is
anchored by a discount grocery chain, a national pharmacy retail
chain, and a major Canadian discount retailer. It is also located
in the densely populated southeast end of Ottawa, with minimal competition and over
180,000 residents within a five-kilometer radius.
Located in the Hamilton suburb
of Stoney Creek, this new Canna
Cabana opens in a major power centre surrounded by internationally
recognized discount retailers, a large provincial grocery store
chain, as well as a national pharmacy chain and the provincial
liquor retailer, amongst many other anchor tenants. It is the first
Canna Cabana in Stoney Creek and
is situated along a significant thoroughfare connecting it to the
surrounding suburban communities, with over 100,000 residents
within a five-kilometer radius.
"I can't think of a better way to end our third fiscal quarter
than by announcing the opening of four new Canna Cabanas, bringing
our ever-expanding store count to 180 across Canada and 65 in Ontario. Many of these new stores are part of
our organic expansion strategy, which includes onboarding proven
locations previously run by competitors through lease takeovers,
resulting in minimal store buildout costs. Since January 1, we have already added 18 new Cabanas
to our retail portfolio and are confident that we will meet or
exceed our previously communicated goal of adding 20 to 30 new
locations this year," said Raj Grover, Founder and Chief Executive
Officer of High Tide.
"Furthermore, I am thrilled that the majority of this growth has
been funded through our strong free cash flow generation from
current operations. This approach will propel our future organic
growth which should help us continue an upward trajectory both in
terms of our store count, but also with respect to overall Canadian
retail market share," added Mr. Grover.
Debt Financing Update
Regarding the debt financing announced by the Company on
June 13, 2024, the Company continues
to work towards resolving all remaining outstanding items and
drawing the initial tranche as early as this week.
Employee Stock Options Grant
In addition, High Tide announces the grant of 204,000 incentive
stock options (the "Options") to various employees, consultants and
management of the Company. Each Option is exercisable at the
closing price of the Company's common shares listed on the TSX
Venture Exchange (the "TSXV") based on the last trading day
immediately prior to this press release, which expires three years
from the date of grant, and vests over a two-year period. Each
Option is exercisable to purchase one common share of the Company
and are being issued pursuant to the terms of the Company's Omnibus
Plan, which became effective on June 2,
2022.
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 180 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 in 2021, 2022 and 2023 by the Globe and Mail's Report on
Business Magazine, 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.
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, our
ability to meet our communicated goals regarding store count and
market share, and the anticipated closing date of our financing.
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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1 As
reported by ATB Capital Markets based on store counts as of
February 8, 2024.
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SOURCE High Tide Inc.